Tenure Purchase Sample Clauses

Tenure Purchase. During these discussions the College President shall document the findings by supplying data that may be reasonably produced. The meetings shall conclude within fifteen (15) days from the date of the first meeting between the College President and the Federation. In the event that the Federation fails to respond to the notice issued by the College President, or upon the conclusion of fifteen (15) days, the College President shall proceed to implementation steps.
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Tenure Purchase. The tenure purchase option provides for the purchase of valuable tenure rights of employees in exchange for the employee’s separation from service. Where an employee’s application for this option is approved by the Board of Trustees, the employee shall waive any and all tenure rights and shall receive payment in exchange for such waiver of tenure rights. The amount and method of such payment shall be as mutually agreed upon by the College and the employee. Payment under this option shall not be reported as income unless required by law and shall be excluded in any calculation regarding schedule of payment(s). Upon the death of an employee participating in this option, the employee’s estate shall be entitled to receive death benefits based upon the same schedule as the deceased employee. Other lawful options not covered above may be implemented at any time upon written mutual agreement between the academic employee and the Board of Trustees.
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Tenure Purchase. The tenure purchase option provides for the purchase of valuable tenure rights of employees inexchangefor the employe ’sseparationfromservice. Where anemploye ’s application for this option is approved bythe Board of Truste s, s/he shal waive any and all tenure rights and shall receive payment in exchange for such waiver of tenure rights. The amount and method of such payment shall be as mutually agreed upon by the College and the employee. Payment under this option shall not be reported as income and shall be excluded in any calculation regarding schedule of payment(s). Uponthe deathof anemployee participatinginthis option, the employee’s estate shal be entitledto receive death benefits based upon the same schedule as the one to have been received by the deceased employee. Other lawful options not covered above may be implemented at any time upon written mutual agreement betweenthe academic employee andthe Boardof Trustees.
Sample 1

Related to Tenure Purchase

  • Sale and Purchase Upon the basis of the representations and warranties and subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the respective Underwriters and each of the Underwriters, severally and not jointly, agrees to purchase from the Company the number of Firm Shares set forth opposite the name of such Underwriter in Schedule A attached hereto, subject to adjustment in accordance with Section 8 hereof, in each case at a purchase price of $[___] per Share. The Company is advised by you that the Underwriters intend (i) to make a public offering of their respective portions of the Firm Shares as soon after the effective date of the Registration Statement as in your judgment is advisable and (ii) initially to offer the Firm Shares upon the terms set forth in the Prospectus. You may from time to time increase or decrease the public offering price after the initial public offering to such extent as you may determine. In addition, the Company hereby grants to the several Underwriters the option (the “Over-Allotment Option”) to purchase, and upon the basis of the representations and warranties and subject to the terms and conditions herein set forth, the Underwriters shall have the right to purchase, severally and not jointly, from the Company, ratably in accordance with the number of Firm Shares to be purchased by each of them, all or a portion of the Additional Shares as may be necessary to cover over-allotments made in connection with the offering of the Firm Shares, at the same purchase price per share to be paid by the Underwriters to the Company for the Firm Shares. The Over-Allotment Option may be exercised by UBS Securities LLC (“UBS”) on behalf of the several Underwriters at any time and from time to time on or before the thirtieth day following the date of the Prospectus, by written notice to the Company. Such notice shall set forth the aggregate number of Additional Shares as to which the Over-Allotment Option is being exercised and the date and time when the Additional Shares are to be delivered (any such date and time being herein referred to as an “additional time of purchase”); provided, however, that no additional time of purchase shall be earlier than the “time of purchase” (as defined below) nor earlier than the second business day after the date on which the Over-Allotment Option shall have been exercised nor later than the tenth business day after the date on which the Over-Allotment Option shall have been exercised. The number of Additional Shares to be sold to each Underwriter shall be the number which bears the same proportion to the aggregate number of Additional Shares being purchased as the number of Firm Shares set forth opposite the name of such Underwriter on Schedule A hereto bears to the total number of Firm Shares (subject, in each case, to such adjustment as UBS may determine to eliminate fractional shares), subject to adjustment in accordance with Section 8 hereof.

  • Permit Transfer/Sale 5 16. Release and Waiver of All Claims against Sector Manager; Indemnification and Hold Harmless.

  • Purchase The Purchase Price for each one one-hundredth of a Preferred Share pursuant to the exercise of a Right shall be initially $40.00, shall be subject to adjustment from time to time as provided in Sections 11, 13 and 26 and shall be payable in lawful money of the United States of America in accordance with Section 7.3.

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