Vacation Transfer and Liquidation Sample Clauses

Vacation Transfer and Liquidation. An employee transferring to the service of another Appointing Authority shall have accumulated vacation leave transferred and such leave shall not be liquidated. However, if an employee moves to a vacation-ineligible position not covered by this Agreement, their vacation shall be liquidated. Employees who separate from State service prior to completion of six (6) months of continuous service are not eligible for vacation liquidation. Eligible employees who separate from State service shall have their vacation bank (as well as severance as described in Article 18 and compensatory time as described in Article 6) liquidated into an individual MSRS Health Care Savings Plan except in the following circumstances: • In the case of layoff or death, such liquidations will be made in cash. • Employees who do not meet the criteria for the HCSP, who have been exempted from participation in the HCSP by the plan administrator or whose combined vacation, severance and compensatory bank total less than five hundred dollars ($500), such liquidation will be made in cash. Except in the event of the death of an employee, vacation liquidation shall not exceed two hundred sixty (260) hours. Seasonal employees shall be allowed to liquidate all, none or a portion of their accumulated vacation balances at the time of or immediately prior to their seasonal layoff. After notice to the Local Union, and upon mutual agreement of the employee and Appointing Authority, employees facing temporary layoff shall be allowed to liquidate all, none or a portion of their accumulated vacation balances at the time of or immediately prior to their temporary layoff. If there is no mutual agreement, the employee’s vacation balance shall be liquidated.
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Vacation Transfer and Liquidation. ‌ An employee transferring to the service of another District Court, Judicial District, Appellate Court, or the State Court Administrator’s Office shall have accumulated vacation leave transferred and such leave shall not be liquidated by cash payment. Any employee separated from the State service after the completion of their initial probationary period shall be compensated in cash, at the employee’s then current rate of pay, for all vacation leave to the employee’s credit at the time of separation, up to a maximum of 275 hours. Employees shall be allowed to leave their accumulated vacation to their credit during the period of seasonal or temporary layoff. An eligible employee who is hired without a break in service between positions in the legislative or executive branches and the Minnesota Judicial Branch, shall have their accumulated vacation leave, to a maximum of 275 hours, and length of service transferred.
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Vacation Transfer and Liquidation. An employee who transfers from one Appointing Authority to another shall have accumulated vacation leave transferred and such leave shall not be liquidated by cash payment in whole or in part; however, if an employee moves to a vacation-ineligible position, the accumulated vacation leave shall be liquidated by cash payment. Except for employees who are separated from State service prior to completion of six
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Vacation Transfer and Liquidation. An employee who transfers from one Appointing Authority to another shall have accumulated vacation leave transferred and such leave shall not be liquidated by cash payment in whole or in part; however, if an employee moves to a vacation- ineligible position, the accumulated vacation leave shall be liquidated by cash payment. Except for employees who are separated from State service prior to completion of six (6) months of continuous service or those separated due to layoff or death, employees who are separated from State service shall have all unused vacation leave and severance pay as described in Article 13 converted to a MSRS Health Care Savings Plan account. The amount converted will be based on his/her then current rate of pay for all vacation leave and severance pay to his/her credit at the time of separation. Amounts of combined vacation and severance payments of less than five hundred dollars ($500.00) shall be paid in cash. Employees who are laid off shall be compensated in cash at his/her then current rate of pay for all vacation leave to his/her credit at the time of layoff. However, in no case shall the amount of vacation liquidated exceed two hundred sixty (260) hours except in case of death. Employees who are laid off and are unable to reduce their accumulated vacation below two hundred sixty (260) hours prior to their layoff date shall have hours in excess of two hundred sixty (260) restored to their credit upon reinstatement, recall or reemployment. Upon the mutual agreement of the employee and the supervisor, seasonal employees shall be allowed to liquidate all, none, or a portion of their accumulated vacation balances in cash prior to their seasonal or temporary layoff.
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Vacation Transfer and Liquidation. An employee transferring to the service of another Appointing Authority shall have accumulated vacation leave transferred and such leave shall not be liquidated by cash payment. However, if an employee moves to a vacation-ineligible position not covered by this Agreement, their vacation shall be liquidated. Except for employees who separate from State service prior to completion of six (6) months of continuous service, any employee separated from State service shall be compensated in cash, at the employee's then current rate of pay, for all vacation leave to the employee's credit at the time of separation. However, in no case shall payment exceed two hundred sixty (260) hours, except in the event of the death of the employee. Seasonal employees shall be allowed to liquidate all, none or a portion of their accumulated vacation balances at the time of or immediately prior to their seasonal layoff. After notice to the Local Union, and upon mutual agreement of the employee and Appointing Authority, employees facing temporary layoff shall be allowed to liquidate all, none or a portion of their accumulated vacation balances at the time of or immediately prior to their temporary layoff. If there is no mutual agreement, the employee’s vacation balance shall be liquidated.
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Vacation Transfer and Liquidation. An employee transferring to the service of another Appointing Authority shall have accumulated vacation leave transferred and such leave shall not be liquidated by cash payment. However, if an employee moves to a vacation-ineligible position not covered by this Agreement, their vacation shall be liquidated. Employees who separate from State service prior to completion of six (6) months of continuous service are not eligible for vacation payoff. Eligible employees who separate from State service shall be compensated in cash, at the employee's then current rate of pay, for all vacation leave to the employee's credit at the time of separation. However, in no case shall payment exceed two hundred sixty (260) hours, except in the event of the death of the employee.
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Vacation Transfer and Liquidation. 8 An employee transferring to the service of another Appointing Authority shall have 9 accumulated vacation leave transferred and such leave shall not be liquidated. However, if an 10 employee moves to a vacation‐ineligible position, their vacation shall be liquidated. Employees 11 who separate from State service prior to completion of six (6) months of continuous service, are 12 not eligible for vacation liquidation.
Sample 1

Related to Vacation Transfer and Liquidation

  • Termination and Liquidation Section 9.01.

  • Winding Up and Liquidation (a) Upon the dissolution of the Company, its affairs shall be wound up as soon as practicable thereafter by the Member. Except as otherwise provided in Section 6.2(c), in winding up the Company and liquidating the assets thereof, the Managers, or other person so designated for such purpose, may arrange for the collection and disbursement to the Member of any future receipts from the Company property or other sums to which the Company may be entitled, or may sell the Company’s interest in the Company property to any person, including persons related to the Member, on such terms and for such consideration as shall be consistent with obtaining the fair market value thereof. (b) Upon the dissolution of the Company the assets, if any, of the Company available for distribution and any net proceeds from the liquidation of any such assets, shall be applied and distributed in the following manner or order, to the extent available: (i) To the payment of or provision for all debts, liabilities, and obligations of the Company to any person, and the expenses of liquidation; and (ii) to the Member in accordance with its Interest. (c) Upon dissolution, a reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities to creditors so as to minimize the losses normally attendant to a liquidation.

  • Dissolution and Liquidation (Check One)

  • Termination Liquidation and Merger 51 SECTION 9.1. Dissolution Upon Expiration Date....................................................51 SECTION 9.2.

  • DISSOLUTION, LIQUIDATION AND MERGER 51 Section 9.1. Dissolution upon Expiration Date......................................................51 Section 9.2.

  • Merger or Consolidation Transfer of Assets If the Owner Trustee merges or consolidates with, or transfers its corporate trust business or assets to, any Person, the resulting, surviving or transferee Person will be the successor Owner Trustee so long as that Person is qualified and eligible under Section 9.1. The Owner Trustee will (i) notify the Issuer and the Administrator (who will notify the Rating Agencies) of the merger or consolidation within 15 Business Days of the event and (ii) file a certificate of amendment to the Certificate of Trust as required by Section 9.3(e).

  • Liquidation of Company The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time period(s) specified in the Prospectus.

  • Reclassification, Consolidation, Purchase, Combination, Sale or Conveyance If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another person whereby such other person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other person or other persons making or party to, or associated or affiliated with the other persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of a Warrant, each Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the same amount and kind of securities, cash or property, if any, of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which each Warrant is exercisable immediately prior to such Fundamental Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration that such Holder receives upon any exercise of each Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) and for which stockholders received any equity securities of the Successor Entity, to assume in writing all of the obligations of the Company under this Warrant Agreement in accordance with the provisions of this Section 4.3 pursuant to written agreements and shall, upon the written request of such Holder, deliver to such Holder in exchange for the applicable Warrants created by this Warrant Agreement a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to the Warrants which are exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity), if any, plus any Alternate Consideration, receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which the Warrants are exercisable immediately prior to such Fundamental Transaction, and with an exercise price which applies the Exercise Price hereunder to such shares of capital stock, if any, plus any Alternate Consideration (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of such Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant Agreement and the Warrants referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant Agreement and the Warrants with the same effect as if such Successor Entity had been named as the Company herein and therein. The Company shall instruct the Warrant Agent to mail, by first class mail, postage prepaid, to each Holder, written notice of the execution of any such amendment, supplement to this Warrant Agreement and/or the Warrants or other agreement. Any such amendment, supplement or other agreement entered into by the Successor Entity shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4. The Warrant Agent shall be under no responsibility to determine the correctness of any provisions contained in such amendment, supplement or other agreement relating either to the kind or amount of securities or other property receivable upon exercise of the Warrants or with respect to the method employed and provided therein for any adjustments and shall be entitled to rely upon the provisions contained in any such amendment, supplement or other agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations, mergers, sales and conveyances of the kind described above.

  • Failure to Consummate a Business Combination; Trust Account Waiver (a) The Sponsor and each Insider hereby agree, with respect to itself, herself or himself, that in the event that the Company fails to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously release to the Company to pay income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The Sponsor and each Insider agree not to propose any amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within the required time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares unless the Company provides its Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, if any, divided by the number of then-outstanding Public Shares. (b) The Sponsor and each Insider, with respect to itself, herself or himself, acknowledges that it, she or he has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, her or him, if any. The Sponsor and each of the Insiders hereby further waive, with respect to any Founder Shares and Public Shares held by it, her or him, as applicable, any redemption rights it, she or he may have in connection with the consummation of a Business Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares (although the Sponsor and the Insiders shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company fails to consummate a Business Combination within the required time period set forth in the Charter).

  • MERGER, CONSOLIDATION, TRANSFER OF ASSETS Merge into or consolidate with any other entity; make any substantial change in the nature of Borrower's business as conducted as of the date hereof; acquire all or substantially all of the assets of any other entity; nor sell, lease, transfer or otherwise dispose of all or a substantial or material portion of Borrower's assets except in the ordinary course of its business.