Exercise Bumping Rights Sample Clauses

Exercise Bumping Rights. Employees who are affected by layoff shall be permitted to exercise their seniority standing to displace the employee with the least amount of bargaining unit seniority in their classification of equal contract hours per year for which they qualify if they meet the job qualifications/requirements of the current job description or demonstrate that they have the skills through the completion of a job qualification assessment conducted by the District, or, in the event there is no one with equal number of contract hours per year, to displace the employee with the least amount of seniority in their classification of lesser contract hours per year. Employees must meet the required qualifications of the current job description for the position into which they are eligible to bump. If there are no employees in their classification of equal or lesser contract hours per year, an employee who is affected by layoff shall be permitted to displace the employee with the least amount of seniority in a lower classification of equal contract hours per year, or, in the event there is no one with equal contract hours per year in a lesser classification, to displace the employee with the least amount of seniority in a lower classification with lesser contract hours per year. An employee who is displaced as a result of the above-described bumping rights shall have the right to displace the employee with the least bargaining unit seniority in a lower classification of equal contract hours per year, or, in the event there is no one with equal number of contract hours per year, to displace the least senior employee in a lower classification with lesser number of contract hours per year. In determining equal contract hours per year, differences of 200 hours or less per year will not be recognized (e.g. positions of 1625 and 1664 contract hours per year will be treated as equal for purposes of implementing the layoff provisions contained in this section). An employee who assumes a new position as a result of the above procedure assumes the wage schedule which applies to the new position.
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Exercise Bumping Rights. I. A part-time employee whose position is eliminated may accept reassignment to the position of the least senior employee in the appropriate departmental unit, region, Appointing Authority or statewide. The part time employee unwilling or unable to accept the hours of the position of the least senior employee shall be laid off.
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Exercise Bumping Rights i) A laid-off employee may bump within their zone.
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Exercise Bumping Rights. If no comparable job exists among the list of vacant positions, the displaced employee shall have bumping rights over the least senior employees) in other job titles within the bargaining unit provided he; she is qualified to perform the duties of the job and the employee exercising this option has more seniority than the person he/she would displace. Each affected employee shall be provided a roster of less senior bargaining unit members grouped by job classification and order of seniority. Bumping rights will be exercised in descending order of seniority and each employee will have no more than three (3) business days in which to exercise bumping rights, except for circumstances where the employee is unable to make an informed choice due to circumstances beyond the employee’s control, (e.g. supervisor unavailable, more senior employees have not exercised their bumping rights). In the event that an eligible employee does not exercise bumping rights within that period his/her employment will end on the date stated in the 14 day notice letter and the employee will be place on the recall roster.
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Related to Exercise Bumping Rights

  • Bumping Rights An employee laid off from his/her present class may bump only into the next equal or lower class in which the employee has greater seniority. The employee may continue to bump into such equal or lower classes to avoid layoff.

  • Exercise of put option Each Paying Agent shall make available to Noteholders during the period specified in Condition 9.5 (Redemption at the option of Noteholders (Investor Put)) or specified in Condition 9.6 (Change of Control Put Option) (as applicable) for the deposit of Put Option Notices or Change of Control Put Option Notices (as applicable) forms of Put Option Notice or Change of Control Put Option Notices (as applicable) upon request during usual business hours at its Specified Office. Upon receipt by a Paying Agent of a duly completed Put Option Notice or Change of Control Put Option Notice (as applicable) and in the case of a put option notice relating to Definitive Notes or Individual Note Certificate, such Definitive Notes and Individual Note Certificates in accordance with Condition 9.5 (Redemption at the option of Noteholders ((Investor Put)) or, Condition 9.6 (Change of Control Put Option) (as applicable) such Paying Agent shall notify the Issuer and (in the case of a Paying Agent other than the Fiscal Agent) the Fiscal Agent thereof indicating the certificate or serial numbers (if any) and principal amount of the Notes in respect of which the Put Option or Change of Control Put Option (as applicable) is exercised. Any such Paying Agent with which a Definitive Note or Individual Note Certificate is deposited shall deliver a duly completed Put Option Receipt or Change of Control Put Receipt (as applicable) to the depositing Noteholder and shall hold such Definitive Note or Individual Note Certificate on behalf of the depositing Noteholder (but shall not, save as provided below or in the Conditions, release it) until the Optional Redemption Date (Put) or Optional Redemption Date (as applicable), when it shall present such Definitive Note or Individual Note Certificate to itself for payment of the redemption moneys therefor and interest (if any) accrued to such date in accordance with the Conditions and Clause 8 (Payments to Noteholders) and pay such amounts in accordance with the directions of the Noteholder contained in the Put Option Notice or Change of Control Put Option Notice (as applicable); provided, however, that if, prior to the Optional Redemption Date (Put) or Optional Redemption Date (as applicable), such Definitive Note or Notes evidenced by such Individual Note Certificate become immediately due and payable or upon due presentation of such Definitive Note or Individual Note Certificate payment of such redemption moneys is improperly withheld or refused, the relevant Paying Agent shall mail notification thereof to the depositing Noteholder at such address as may have been given by such Noteholder in the relevant Put Option Notice or Change of Control Put Option Notice (as applicable) and shall, in the case of a Definitive Note, hold such Note at its Specified Office for collection by the depositing Noteholder against surrender of the relevant Put Option Receipt or Change of Control Put Receipt (as applicable) and, in the case of an Individual Note Certificate, mail such Note Certificate by uninsured post to, and at the risk of, the Noteholder at such address as may have been given by such Noteholder in the relevant Put Option Notice or Change of Control Put Option Notice (as applicable). For so long as any outstanding Definitive Note is held by a Paying Agent in accordance with the preceding sentence, the depositor of the relevant Definitive Note, and not the relevant Paying Agent, shall be deemed to be the bearer of such Definitive Note for all purposes. While Notes are held in global form the Paying Agent shall be notified of the exercise of the put option contained in Condition 9.5 (Redemption at the option of Noteholders (Investor Put)) or the change of control put option contained in Condition 9.6 (Change of Control Put Option) (as applicable), within the period specified in the Conditions for the deposit of the relevant Note, in accordance with the applicable rules and regulations of Euroclear, Clearstream, Luxembourg and/or any other relevant clearing system as the case may be. Any Paying Agent that receives a Put Option Notice in respect of Notes represented by a Permanent Global Note or Global Registered Note shall make payment of the relevant redemption moneys and interest accrued to the Optional Redemption Date (Put) or Optional Redemption Date (as applicable) in accordance with the Conditions, Clause 8 (Payments to Noteholders) and the terms of the Permanent Global Note or Global Registered Note, as the case may be.

  • NO RIGHT OF SURVIVORSHIP NON-TRANSFERABILITY You acknowledge, understand and agree that your account is non-transferable and any rights to your ID and/or contents within your account shall terminate upon your death. Upon receipt of a copy of a death certificate, your account may be terminated and all contents therein permanently deleted.

  • Recall Rights 12.1 The parties agree that Local boards will increase the length of time contained in their local collective agreements providing rights to recall by an additional two (2) years.

  • Manner of Exercise (a) The Optionee may exercise this Stock Option only in the following manner: from time to time on or prior to the Expiration Date of this Stock Option, the Optionee may give written notice to the Administrator of his or her election to purchase some or all of the Option Shares purchasable at the time of such notice. This notice shall specify the number of Option Shares to be purchased. Payment of the purchase price for the Option Shares may be made by one or more of the following methods: (i) in cash, by certified or bank check or other instrument acceptable to the Administrator; (ii) through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market or that are beneficially owned by the Optionee and are not then subject to any restrictions under any Company plan and that otherwise satisfy any holding periods as may be required by the Administrator; (iii) by the Optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company to pay the option purchase price, provided that in the event the Optionee chooses to pay the option purchase price as so provided, the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure; (iv) by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; or (v) a combination of (i), (ii), (iii) and (iv) above. Payment instruments will be received subject to collection. The transfer to the Optionee on the records of the Company or of the transfer agent of the Option Shares will be contingent upon (i) the Company’s receipt from the Optionee of the full purchase price for the Option Shares, as set forth above, (ii) the fulfillment of any other requirements contained herein or in the Plan or in any other agreement or provision of laws, and (iii) the receipt by the Company of any agreement, statement or other evidence that the Company may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent resale of the shares of Stock will be in compliance with applicable laws and regulations. In the event the Optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the Optionee upon the exercise of the Stock Option shall be net of the Shares attested to.

  • Method of Exercise Holder may exercise this Warrant by delivering a duly executed Notice of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Article 1.2, Holder shall also deliver to the Company a check, wire transfer (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

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