Price Reduction Notwithstanding any other provision set forth in this Warrant, at any time and from time to time during the period that this Warrant is exercisable, the Company in its sole discretion may reduce the Purchase Price or extend the period during which this Warrant is exercisable.
Voluntary Demotion or Voluntary Reduction in Hours An employee has a right to his regularly assigned time, and shall not have it involuntarily reduced. Employees who take voluntary demotions or voluntary reductions in assigned time in lieu of layoff shall be, at the employee’s option, returned to a position in their former class or to present former positions with increased assigned time as vacancies become available, for a period of five (5) years and three (3) months, except that they shall be ranked in accordance with their seniority on any valid reemployment list.
PERSONNEL REDUCTION In the event of a personnel reduction, the employee with the least seniority shall be laid off first. Time in the Fire Department shall be given the utmost consideration. No new employee shall be hired until the laid-off employee has been given the opportunity to return to work, nor shall the position be replaced by a volunteer. (Excepted are conflicting provisions of contracts to serve surrounding communities.)