ESP Seniority Sample Clauses
The ESP Seniority clause establishes the order of priority for payments or claims related to Equity-Linked Securities Programs (ESP) in the event of liquidation or distribution of assets. Typically, this clause specifies that obligations under the ESP will rank either above or below other classes of debt or equity, clarifying whether ESP holders are paid before or after other creditors or shareholders. By clearly defining the seniority of ESP claims, the clause helps manage investor expectations and allocates risk, ensuring all parties understand their position in the hierarchy of claims.
ESP Seniority. A. Seniority shall accrue in categories of position for ESPs. Seniority shall begin with date of hire. No seniority shall accrue to a person employed as a substitute for an ESP on leave of absence for one year or less, unless that person continues the employment after the return of the ESP on leave. ESPs may accrue seniority in more than one category of position. In the event that more than one ESP has the same starting date of work, position on the seniority list shall be determined by drawing lots. ESPs continuously employed with the Board shall maintain seniority in all positions and classifications currently held.
B. A seniority list shall be posted by February 1, current through that school year. The seniority list shall set forth the seniority of each ESP by category of position. The Association shall be given a copy of the list. Within ten (10) days of the posting of the list, any ESP who believes his/her seniority is incorrectly shown shall submit to the Superintendent in writing an explanation of any claimed error, and shall have the right to meet with the administration to correct errors. Unless such claim is made within a ten (10) day period, seniority shall be deemed accurate for the end of that year.
C. Once attained, seniority is not lost, except as set forth herein. Seniority is lost upon the following:
ESP Seniority. Seniority is the length of the ESP's continuous service by category starting with the first day on which duties are performed in the ESP’s category. In the case of 10-month ESP, the two months not worked during the summer shall not constitute a break in service. Seniority credit shall be computed on the initial hire date for full time employment that an ESP accrues according to the following criteria:
A. Seniority is lost upon the following: Resignation Dismissal Retirement Part-time Employment
B. Seniority continues to accrue during the following: Leave of absence Temporary disability (IMRF)
C. By February 1 annually, the Board shall publish an ESP seniority list that is prepared according to the provisions herein.
ESP Seniority. This Article is Applicable only to Educational Support Personnel
ESP Seniority
ESP Seniority