Reduction in Purchase Price Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine to be advisable in order that any consolidation or subdivision of the Preferred Shares, issuance wholly for cash of any of the Preferred Shares at less than the current market price, issuance wholly for cash of Preferred Shares or securities which by their terms are convertible into or exchangeable for Preferred Shares, dividends on Preferred Shares payable in Preferred Shares or issuance of rights, options or warrants referred to hereinabove in this Section 11, hereafter made by the Company to holders of its Preferred Shares shall not be taxable to such stockholders.
REDUCTION IN FORCE A. In any reduction in the bargaining unit as a result of budgetary actions or curriculum and/or administrative organization, every effort will be made to transfer affected teachers to other similar positions within the school system where vacancies exist and for which the affected teachers are certified.
B. If no similar positions are available, rehired retirees, provisionally certificated teachers and non- tenured teachers in the subjects and/or grade levels affected will be laid off or separated from the active employment rolls prior to tenured teachers in the same subjects and/or grade levels. If it becomes necessary to lay off tenured teachers, they shall be laid off in the inverse order of their seniority. An appropriate seniority list will be made available for inspection when a tenured teacher has been laid off and disputes a seniority ranking. The seniority list will be developed from the last date of employment and furnished to the Association. If there is a tie, the affected teachers will have seniority calculated as defined in Article I, Section B.7. Teachers on an unpaid leave of absence shall retain accrued seniority. Teachers on military leave, Association leave and on layoff shall continue to accrue seniority during that time. A countywide list of all certificated personnel employed as of July 1 of each year shall be compiled and available upon request of FCTA. The list will indicate name, date of first employment, date of current employment and department and location code.
C. Teachers on layoff shall be placed on a priority recall list in accordance with their seniority. The teachers shall be recalled as vacancies become available in accordance with their position on the list and their certification for said vacancies.
D. When vacancies become available, the teacher will be notified of the vacancy by phone and email sent to the last known address. The teacher so notified shall notify the responsible administrator, in writing, in not more than ten (10) days after receipt of notification of the vacancy as to whether or not the position will be accepted. The teacher may decline the first offer of employment. If the teacher declines the second offer of a position, reemployment rights shall be forfeited. All teachers shall remain on the priority recall list for a maximum of three (3) years.
E. While a layoff continues, no new teachers shall be hired except in those unique circumstances where (a) there are no teachers on the priority recall list qualified to fill the vacancy or (b) all qualified teachers on the priority recall list decline the offer to fill the vacancy.
F. Any layoff due to reduction in force shall not be subject to any dismissal procedure required elsewhere in this Agreement.
G. Teachers recalled under these provisions shall have restored to them all previously accrued sick leave and personal leave.
H. The Board and the Association recognize that appropriate governmental agencies that have jurisdiction may promulgate rulings and/or regulations that may impact this Article. If such rulings or regulations cause any provisions to be in conflict, the parties shall meet within ten (10) days for the purpose of renegotiating only the provision(s) held to be contrary.
Reduction in Hours (a) Reduction in hours shall be based on seniority, providing that affected employees have the qualifications to perform the work that is available and that licensing standards can be maintained.
(b) Any regular employee offered a reduction of hours shall have the right to choose layoff as per Article 13.3.
(c) Any regular employee offered a reduction of hours shall be given two (2) weeks’ notice of the reduction.
REDUCTION IN FORCE (RIF 13.1 This Section 13 shall apply to all Covered Employees.
13.2 As provided in state law and Board policy, the Board may cancel the employment contracts of Covered Employees when there is a justifiable decrease in the number of covered employee positions as a result of a fiscal exigency or program change as determined by the Board. However, before any meeting of the Board at which the Board will consider a proposed resolution or decision that a fiscal exigency exists or a program change is to be made that may require the cancellation of the employment contract of one or more Covered Employees, the Superintendent shall convene a meeting of the Professional Council established pursuant to Section 7 above to consult regarding the nature and extent of the fiscal exigency or proposed program change, and regarding any plan then contemplated by the administration for reduction of covered employee positions.
13.3 If the Board decides that the number of covered employee positions is to be reduced, normal attrition, retirement, and resignations shall be considered prior to any cancellation of Covered Employee employment contracts. In the event that cancellation of Covered Employee employment contracts is necessary to achieve the reduction required by the Board, the following shall be considered as significant factors in determining which particular employment contracts will be recommended for cancellation:
13.3.1 The needs of the district.
13.3.2 The best interest of the students enrolled in the district.
13.3.3 Education, licensing endorsements and other professional qualifications.
13.3.4 Job performance over the previous three year period as measured using the criteria and standards set by the Board for evaluation of Teachers and Counselors in accordance with applicable state law and state board of education rules governing evaluation of licensed personnel.
13.4 The probationary or non-probationary status of a Covered Employee, and the seniority of a Covered Employee, shall also be considered as additional factors in determining which employment contracts will be recommended for cancellation as a result of the decrease in covered employee positions, except that such additional factors may be considered only after the consideration of the factors set forth in the Paragraph 13.3 above, and only if consideration of such additional factors is in the best interest of the students enrolled in the district. The parties agree that such additional factors shall be applied as follows: (1) as between Covered Employees in the same endorsement area for whom the factors set forth subparagraph 13.3.1 to 13.3.4, above are not determinative as to whose employment contract should be cancelled, the Probationary I Covered Employees should be cancelled first, Probationary II Covered Employees second, and Probationary III Covered Employees third, before the employment contracts of Non-probationary Status Covered Employees are cancelled; and (2) as between Non-probationary Status Covered Employees in the same licensed and endorsement area for whom the factors set forth subparagraph 13.3.1 to 13.3.4, above are not determinative as to whose employment contract should be cancelled, the employment contracts of Non-probationary Status Covered Employees will be cancelled in the inverse order of seniority.
13.5 Covered Employees who have been subject to a RIF shall have the right to be recalled to a covered employee position, for which they are qualified, within the District for one (1) year from the date of RIF. Covered Employees shall be recalled in reverse order of RIF and previously accrued benefits shall be restored.
13.6 Probationary Covered Employees whose contracts will be canceled during, instead of at the end of, a school year; and Non-probationary Status Covered Employees whose contracts will be canceled either during, or at the end of, a school year, shall have a right to a hearing on the propriety of such cancellation in accordance with Board policy and regulations. If such a hearing is desired, the Covered Employee will request it in writing to the Board or Superintendent within ten (10) days after being notified of the proposed contract cancellation. If a hearing is requested, the Board will appoint an impartial hearing officer, who will specify the procedural rules to apply at such hearing. At the hearing, the Covered Employee may be represented by a person of the Covered Employee’s choice.
REDUCTION IN STAFF 15.1 Procedure According to provisions of Missouri Statute 168.124, the Board of Education may place on leave of absence as many teachers as necessary because of decrease in enrollment, school district reorganization, or financial conditions. Whenever the Board anticipates a reduction in teaching staff, the superintendent or his/her designee will notify the officials of the Association concerning the anticipated reduction in the teaching staff. A meeting between the Association officials and the superintendent or his/her designee will be scheduled for purposes of discussing the proposed reduction in staff within two weeks (2) following the above notification. Individual teachers will not be contacted prior to the above meeting. In placing teachers on leave, the Board shall be governed by the following provisions:
a. Teachers placed on leave of absence as herein provided shall be considered to be on "unrequested leave of absence."
b. Seniority for the purposes of this reduction shall be defined as continuous full-time, complete years of employment in the school district. Authorized leaves of absence shall not be considered interruptions in service. Seniority date shall be the date of Board approval of the teacher's initial contract with the district. A district-wide seniority list including all areas of certification for each teacher shall be established and kept current. (Definition of official hire date: The most recent uninterrupted continuous full-time employment as a teacher.)
c. No permanent teacher shall be placed on unrequested leave of absence while probationary teachers are retained in positions for which a permanent teacher is certified.
d. Permanent teachers shall be retained on the basis of merit and qualification. The following criteria will be used to determine merit and qualifications for the purpose of reduction in staff.
1. Educational placement on the salary schedule.
2. Areas of permanent certification.
3. Activities beyond the teaching contract.
4. Related teaching experience.
5. Effectiveness in the field or at the grade level. If one or more teachers are determined to have equal merit and qualifications, those teachers shall be ranked in order of seniority as defined in b., with the more senior teacher to be considered more meritorious and qualified.
Distribution in Kind If a withdrawing Holder receives a distribution in kind of its proportionate part of Trust property, then unrealized income, gain, loss or deduction attributable to such property shall be allocated among the Holders as if there had been a disposition of the property on the date of distribution in compliance with the requirements of Treasury Regulations Section 1.704-1(b)(2)(iv)(e).
Reduction of Total Commitment The Borrower shall have the right at ----------------------------- any time and from time to time upon five (5) Business Days prior written notice to the Agent to reduce by $2,500,000 or an integral multiple of $500,000 in excess thereof or terminate entirely the Total Commitment, whereupon the Commitments of the Banks shall be reduced pro rata in accordance with their --- ---- respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated. Promptly after receiving any notice of the Borrower delivered pursuant to this (S)2.3, the Agent will notify the Banks of the substance thereof. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Agent for the respective accounts of the Banks the full amount of any commitment fee then accrued on the amount of the reduction. No reduction or termination of the Commitments may be reinstated.
Participation in Profits and Losses All profits and losses of the Company will be allocated to the Member.
Maximum Contribution The total amount you may contribute to an IRA for any taxable year cannot exceed the lesser of 100 percent of your compensation or $6,000 for 2019 and 2020, with possible cost- of-living adjustments each year thereafter. If you also maintain a Xxxx XXX (i.e., an IRA subject to the limits of Internal Revenue Code Section (IRC Sec.) 408A), the maximum contribution to your Traditional IRAs is reduced by any contributions you make to your Xxxx IRAs. Your total annual contribution to all Traditional IRAs and Xxxx IRAs cannot exceed the lesser of the dollar amounts described above or 100 percent of your compensation.
Reduction in Force and Recall Section 13.1. It is the intent of the parties, through this article, to establish an objective procedure by which a reduction in force (i.e., layoff or job abolishment) may be accomplished, should the need arise, and supersede the provisions of ORC 124.321 to 124.328, 124.37, OAC 123: 1-41-01 to 123: 1-41-22, and all local rules and regulations of the City of East Cleveland Civil Service Commission governing work force reductions.
Section 13.2. Employees may be laid off as a result of lack of work, lack of funds, or abolishment of position. In the event of a layoff, the Employer shall notify the affected employee thirty (30) calendar days in advance of the effective date of layoff. The Employer agrees to discuss with representatives of the FOP the impact of the layoff on the bargaining unit member. Any layoff in the bargaining unit shall be in accordance with departmental seniority, i.e., the most recent employee hired is the first employee laid off. Any employee laid off from a bargaining unit position may, at his option, displace a permanent part-time or intermittent employee in the same classification. Failure to bump or failure to accept a recall to a part-time or intermittent position shall not jeopardize an employee’s recall rights to a full-time position.
Section 13.3. Employees who are laid off shall be placed on a recall list for a period of three (3) years. If there is a recall, employees who are still on the recall list shall be recalled, in the inverse order of their layoff, provided they are presently qualified to perform the work in the work section to which they are recalled. Any recalled employee requiring additional training to meet the position qualifications in existence at the time of recall must satisfactorily complete the additional training required in this section. Such training shall be at the Employer’s expense.
Section 13.4. The recalled employee shall have ten (10) calendar days following the date of recall notice to notify the Employer of his intention to return to work and shall have fifteen (15) calendar days following receipt of the recall notice in which to report for duty, unless a different date for return to work has been otherwise agreed upon.
