Layoff Options An employee who is issued layoff notice shall elect one (1) of the following options within two (2) calendar weeks:
Layoff Notice (a) The Employer shall give regular full-time and regular part-time employees the following written notice of layoff or normal pay for that period in lieu of notice:
Layoff Units A. A layoff unit is defined as the entity or administrative/organizational unit within the Employer used for determining the available options for employees who are being laid off.
NOTICE TO BUYER Do not sign this agreement before you read it or if it contains any blank spaces. This is a legal instrument. All pages of this contract are binding. Read both sides of all pages before signing. You are entitled to an exact copy of the agreement, school catalog, and any other papers you may sign, and are required to sign a statement acknowledging receipt of those.
Pre-Closing Option Provided that the Recipient satisfies the terms and conditions of this Agreement, Recipient may elect to have Funds delivered by the OPWC to the Title Agent prior to Closing, subject to the terms and conditions of this Agreement and the Escrow Agreement. Recipient shall make such election, if at all, by delivering to the OPWC a Disbursement Request Form and Certification in the form of Appendix E to this Agreement (the "Disbursement Request"), which shall identify the Title Agent as payee and shall be delivered after the Recipient's receipt of a Notice to Proceed and not more than sixty (60) days prior to Closing. The OPWC shall then deliver to the Title Agent Funds to be disbursed under this Agreement for the land acquisition, which Funds may be held, together with the Matching Funds, in an account subject to the terms and conditions of the Escrow Agreement. Any interest that accrues thereon shall be used by the Recipient for settlement costs. If the interest paid on such escrow account exceeds the settlement costs to be paid by the Recipient, then such funds shall be applied to the Cost of Project. If all of the conditions to the release of Funds set forth in the Escrow Agreement have been satisfied, the Title Agent shall release the escrowed Funds at Closing and apply the same to the land acquisition costs in accordance herewith and the settlement statement executed and delivered at the Closing. After Closing, the Recipient may request additional disbursements of Funds available under this Agreement relating to the land acquisition, including costs incurred in connection with appraisal of the Land, closing costs, title search, environmental assessments and other eligible costs. Within sixty (60) days of Closing, the Recipient shall deliver to the OPWC, or shall cause the Title Agent to deliver to the OPWC, a copy of the recorded Deed Restrictions and deed, or other instrument appropriate for the interest in the Land, and the executed settlement statement. If the Recipient does not close within thirty (30) days of disbursement, the Recipient must contact the OPWC immediately.
Layoff Unit The layoff unit may be at an organizational level of the University, such as a campus, division, college/unit, school, department/unit, area, program, or other level of organization as the University deems appropriate.
Purchase Closing Section 2.1 Purchase 5 Section 2.2 Closing 5 Section 2.3 Closing Conditions 6
Put Option The Company hereby grants to Lender an option (the “Put Option”) to sell all or any portion of the Issued Shares (the “Put Shares”) to the Company for a total purchase price of $195,000, pro-rated for any portion thereof (the “Put Price”). The Put Option may be exercised with respect to any amount that is equal to or less than the entire balance of the outstanding Put Shares, at any time during the earlier to occur of the following Put Option exercise periods (the “Put Period”): (a) the ten (10) Business Day period commencing on the first anniversary hereof, or (b) the ten (10) Business Day period commencing on the date which is nine (9) months after the date that the registration statement for the registration of the Issued Shares is declared effective by the SEC . If not exercised during the Put Period, the Put Option shall terminate and shall be of no further force or effect. The Put Option shall be exercisable by Lender’s delivery of written notice to the Company (the “Put Notice”). The Put Notice shall specify the date on which the closing of the purchase of the Put Shares shall take place (the “Put Closing Date”), which such date shall be no earlier than ten (10) days but no later than thirty (30) days from the date of the Put Notice. On or before the Put Closing Date, Lender will deliver to the Company the certificate(s) representing the Put Shares (duly endorsed for transfer by Lender or accompanied by duly executed stock powers in blank) and the Company shall tender to Lender the Put Price in cash by wire transfer of immediately available funds to an account at a bank designated by Lender. The Company and Lender acknowledge and agree that the Company’s obligation to purchase the Issued Shares from Lender pursuant to the Put Option is an Obligation secured by the Collateral and any related guarantees under the Loan Documents, and for so long as the Put Option is outstanding and, if exercised, the Put Price is not yet tendered, the Lender’s right to receive the Put Price shall be secured by the Collateral and any related guarantees under the Loan Documents. Lender’s right to exercise the Put Option shall not be transferred or assigned to any third party.
Layoff and Recall Rights Seniority lists and layoff and recall rights for full-time employees shall be separate from seniority lists and layoff and recall rights for part-time employees, subject to Article 11.04 (1) (d), (e) and (g).
Layoff Recall Section 1. Bargaining unit employees shall be laid off and recalled on the basis of available work within each job classification. Layoffs shall be in reverse order of seniority and recalls shall be in order of seniority; provided however, that in order to avoid layoff and in order to be subject to recall, the most senior employee within the affected classification must be qualified, in the judgment of the University, to perform all available work. Any gross abuse of the University's discretion to judge qualifications shall be subject to the grievance procedure. Any employee who would otherwise be laid off may bump (i.e., replace) the least senior employee in another bargaining unit job classification if they previously held such job with the University and remain qualified, in the judgment of the University, to perform all work available in the job into which they are bumping. An employee who elects not to bump shall not lose their right to recall to the employee’s regular job, but shall lose their bumping rights for the duration of the layoff. When it becomes necessary to lay off an employee, such employee shall, if possible, be notified at least ten (10) work days before the layoff occurs; provided, however, such notice shall not be required with respect to temporary layoffs or lack of work occasioned by breakdown of machinery, floods, fires, utility failures, Acts of God, or other causes beyond the University's control. When an employee is to be recalled from layoff, the University shall notify the employee by telephone (confirmed by certified or hand delivered letter, copy to Chief Xxxxxxx) specifying the time to report back to work, which notice shall, if possible, not be less than five (5) work days prior to the reporting time. In order to be eligible for recall, any employee who is laid off must keep the University currently advised in writing of their current whereabouts, address and telephone number, and any temporary changes thereof. The employee shall, within twenty-four (24) hours after receiving notice of recall, notify the University if for any reason the employee cannot report for work at the specified time. In the event an employee is unable to return to work due to illness or injury certified by a physician, the employee shall not lose their right to subsequent recall but the University may pass them over in order to fill an available position.
