EXTRAORDINARY FINANCIAL EXIGENCY Sample Clauses

EXTRAORDINARY FINANCIAL EXIGENCY. 29.01 When a College plans to reduce the number of full-time regular employees who have completed the probationary period by lay-off of five percent or 20 employees whichever is less because of an extraordinary financial exigency the following provisions shall apply prior to the application of the procedures set out in 27.05 (vii) and 27.06. 29.02 In the above circumstances the College shall give written notification to the Union Local President and the College Employment Stability Committee (CESC) of the College's plan to reduce the number of full-time regular employees who have completed the probationary period by lay-off of five percent or 20 employees whichever is less and indicate the courses, programs and services to be reduced or eliminated and provide the Union Local and the CESC with the budgetary data used by the College in reaching its tentative decision for a planned staff reduction. 29.03 During the 30 calendar day period following such notification, the CESC shall be given an opportunity to present its recommendations or advice on measures to deal with the extraordinary financial exigency that may include: (i) the budgetary measures other than, or in addition to, reduction in the full-time academic salary budget, which might be resorted to in order to prevent or minimize such salary budget reduction; (ii) whether the utilization of other means such as normal retirement, voluntary early retirements, leaves or transfers can postpone or alleviate the need to discontinue appointments; (iii) the size of the required reduction, if any, in the full-time academic salary budget; (iv) a set of priorities for meeting the exigency and a proposal on how any required reductions in the full-time academic salary budget could be accommodated within such priorities; (v) whether or not, and to what extent, any required reductions could be accommodated, in whole or in part by: (a) adjusting faculty instructional assignments; (b) curtailing certain academic programs. 29.04 The College shall not proceed with its plan to reduce the number of full-time employees referred to in 29.01 until the expiry of the 30 calendar day period referred to in 29.05 The CESC may have other persons at its meetings to assist in examination of the planned reduction of employees.
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EXTRAORDINARY FINANCIAL EXIGENCY. When a College plans to reduce the number of full-time regular employees who have completed the probationary period by lay-off of five percent or employees whichever is less because of an extraordinary financial exigency the following provisions shall apply prior to the application of the procedures set out in and A. In the above circumstancesthe College shall give written notificationto the Union Local President and the College Employment Stability Committee of the College's plan to reduce the number of full-time regular employees who have completed the probationary period by lay-off of five percent or employees whichever is less and indicatethe courses, programs and servicesto be reducedor eliminated and providethe Union Local and the with the budgetarydata used by the College in reaching its tentative decision for a planned staff reduction. During the calendar day period following such notification, the shall be given an opportunity to present its recommendationsor advice on measures to deal with the financial exigency that may include: the budgetary measures other than, or in addition to, reduction in the full-time academic salary budget, which might be resorted to in order to prevent or minimize such salary budget reduction; whether the utilizationof other means such as normal retirement, voluntary early retirements, leaves or transfers can postpone or alleviate the need to discontinue appointments; the size of the required reduction, if any, in the full-time academic salary budget;
Sample 1
EXTRAORDINARY FINANCIAL EXIGENCY. When a College plans to reduce the number of full-time regular employees who have completedthe probationary period by lay-off of five (5) percent or twenty (20) employeeswhichever is less becauseof an extraordinary financial exigency the following provisions shall app- ly prior to the application of the procedures set out in Article and of this Agreement. In the above circumstances the College shall give written noti- fication to the Union Local President and the College Employment Stability Committee of the College’s plan to reduce the num- ber of full-time regular employees who have completed the probation- ary period by lay-off of five (5) percent or twenty (20) employees whichever is less and indicatethe courses, programs and services to be reduced or eliminatedand providethe UnionLocal and the College Employment Stability Committee with the budgetary data used by the College in reaching its tentative decision for a planned staff reduction. During the thirty (30) calendar day period following such the shall be given an opportunity to present its recom- mendations or advice on measures to deal with the extraordinary financial exigency that may include:
Sample 1

Related to EXTRAORDINARY FINANCIAL EXIGENCY

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  • Extraordinary Services For any services other than those covered by the aforementioned, a special per hour charge will be made commensurate with the character of the service, time required and responsibility involved. Such services include but are not limited to excessive administrative time, attendance at closings, specialized reports, and record keeping, unusual certifications, etc.

  • Extraordinary Events Regarding Common Stock In the event that the Company shall (a) issue additional shares of the Common Stock as a dividend or other distribution on outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock, or (c) combine its outstanding shares of the Common Stock into a smaller number of shares of the Common Stock, then, in each such event, the Purchase Price shall, simultaneously with the happening of such event, be adjusted by multiplying the then Purchase Price by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event, and the product so obtained shall thereafter be the Purchase Price then in effect. The Purchase Price, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described herein in this Section 4. The number of shares of Common Stock that the Holder of this Warrant shall thereafter, on the exercise hereof as provided in Section 1, be entitled to receive shall be adjusted to a number determined by multiplying the number of shares of Common Stock that would otherwise (but for the provisions of this Section 4) be issuable on such exercise by a fraction of which (a) the numerator is the Purchase Price that would otherwise (but for the provisions of this Section 4) be in effect, and (b) the denominator is the Purchase Price in effect on the date of such exercise.

  • Extraordinary Item of Compensation You expressly recognize and acknowledge that your participation in the Plan is a result of the discretionary and unilateral decision of the Company, as well as your free and voluntary decision to participate in the Plan in accordance with the terms and conditions of the Plan, the Award Agreement and this Addendum. As such, you acknowledge and agree that the Company may, in its sole discretion, amend and/or discontinue your participation in the Plan at any time and without any liability. The value of the Option is an extraordinary item of compensation outside the scope of your employment contract, if any. The Option is not part of your regular or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits, or any similar payments, which are the exclusive obligations of the Employer.

  • Nonrecurring and Extraordinary Expenses Such nonrecurring or extraordinary expenses as may arise, including the costs of actions, suits, or proceedings to which the Fund is a party and the expenses the Fund may incur as a result of its legal obligation to provide indemnification to its officers, directors, and agents.

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