Severance Option. Employees who are notified of elimination of their position may elect to receive severance benefits in accordance with the terms of the Employer’s severance policy, as determined by the Employer in its sole discretion, in the same manner and for as long as the policy applies to all other non-supervisory employees of the Employer. An employee’s election to receive severance benefits will constitute a waiver by the employee of any further rights set forth in this Agreement.
Severance Option. As an alternative to the layoff provisions of this Agreement, any regular status nurse subject to layoff may elect to terminate with severance, with a signed agreement containing a general release of claims, pay based on the following:
Severance Option. (a) Severance will be offered as a result of organizational changes that result in the permanent reduction in the number or full-time equivalency of Regular Employees in the bargaining unit.
(b) The Employer will offer the following severance to eligible Regular Employees, as defined in Article 2:
(i) A Regular Full-Time Employee shall be eligible for severance pay in the amount of two weeks’ Full-Time pay at their basic rate of pay for each full year of continuous employment to a maximum of forty
Severance Option. If the Employer ceases to operate the retirement home, the Employer will pay any employee who loses their employment a severance payment of two weeks for every complete year of service, to a maximum payment of 40 weeks. This payment will be deemed to be inclusive of any obligation under the Employment Standards Act, unless the obligation under the Act is greater, in which case the Act applies. Any employee who accepts this severance payment waives any right to recall. In addition, the Employer will continue to provide health and welfare benefits for up to six months to those employees enrolled in such benefits at the time the Employer ceased operations, provided the employee continues to pay her or his share (if any) of the premiums, and provided such benefits are not otherwise available to the employee.
Severance Option. The employee to whom Article 15.05 applies may choose, instead of accepting the payments and benefits set out above, to remain an employee of the University for the duration corresponding to the Total Severance Period. “
Severance Option. An employee about to have their hours reduced may elect not to bump and may instead choose to take severance pay as provided in Article 3.04 under the conditions shown below:
(i) The effect of the reduction in hours is to change an employee’s status from regular to school term, or;
(ii) The employee’s hours of work are being reduced by one (1) or more hour(s) per shift in the school year, and;
(iii) The laid off employee is at least fifty (50) years of age.
Severance Option. If Cavendish Manor ceases to operate as a retirement home prior to October 31, 2009, the Employer will pay any employee who, as a result, loses their employment, a severance payment of two (2) weeks of regular earnings for each complete year of continuous employment, as of the date the individual’s employment ends, to a maximum payment of forty (40) weeks. “Regular earnings” are the employee’s average earnings during the eight (8) pay periods prior to the pay period during which employment ends, exclusive of premiums, allowances, or vacation pay otherwise payable on those earnings. This payment will be deemed to be inclusive of any obligation under the Employment Standards Act, unless the obligation under the Act is greater, in which case the Act applies. The obligation shall be considered on an individual employee basis. In addition, the Employer will continue to provide eligible employees access to certain premium based benefits, for a maximum of three (3) calendar months following the calendar month in which the individual employee’s employment ends. An employee is eligible if:
Severance Option. Zenascent has granted and delivered to you an option (the "Severance Option") to purchase from Zenascent forty-nine thousand (49,000) shares of Zenascent's common stock, $0.01 par value per share. The Severance Option was issued pursuant to the terms of that certain nonqualified stock option grant certificate, dated as of February 21, 2002 (the "Grant Certificate"), which Grant Certificate includes the following terms and provisions: (a) all of the shares underlying the Severance Option shall vest on February 21, 2003, (b) the exercise price for the shares underlying the Severance Option shall be $1.43, and (c) the shares underlying the Severance Option shall be unregistered with piggyback registration and shall contain a cashless exercise provision. You hereby acknowledge your prior receipt of the Grant Certificate and the associated Severance Option.
