Common use of Tenure Purchase Clause in Contracts

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.

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 s/he 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.