Restructures Clause Samples
A 'Restructures' clause defines the terms and procedures for modifying the structure of an agreement or the obligations of the parties involved, typically in response to significant changes in circumstances. This clause may outline how parties can renegotiate payment schedules, adjust deliverables, or alter timelines if certain triggering events occur, such as financial hardship or regulatory changes. Its core practical function is to provide a clear, agreed-upon process for adapting the contract to unforeseen developments, thereby reducing uncertainty and potential disputes.
Restructures. The Association recognizes that the Medical Center has the right to decide whether the restructuring of nursing positions within a unit or units is warranted, and the Medical Center recognizes that the Association has the right to bargain, upon request, regarding the impact of such a decision.
Restructures. If You are a party to a transaction (or related series of transactions) involving a merger, consolidation or other corporate reorganization where You do not survive the transaction(s), the transaction(s) shall also be deemed a prohibited transfer.
Restructures. 15.1 Where a decision has been made to restructure a work area and positions have been identified as surplus to requirements, the employer shall transfer staff to vacant positions within the work area that are of the same classification and salary. The provisions of Clause 7 shall not apply in the case of employees transferred to vacant positions under the provisions of this Clause.
Restructures. In the event of a merger of two or more units into a single unit or a restructuring of an existing department or unit, the employer will determine the number of regular full‐ time and regular part time FTEs by shift required for the new or restructured department or unit. Prior to determining the schedule, the employer will meet with the employees of the affected department(s) or unit(s) to discuss the reconfiguration of the FTEs in the department(s) or unit(s) and the new work schedules. Employees within a classification may bid for the same shifts / same hours they had prior to the restructuring, based on seniority, providing skill, competence, and ability are considered substantially equal in the opinion of the employer. If through this bid process an employee is unable to retain the same shift / same hours he / she had prior to the restructuring, he / she may bump to other shifts within the employee’s classification based on seniority, providing skill, competence and ability are considered equal in the opinion of the employer.
Restructures. If any capital reorganization, reclassification, consolidation, merger or sale of all or substantially all of COVR's assets is effected in a way that holders of shares of Common Stock are entitled to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for such Common Stock, Holder will have the right, prior to consummation of such transaction, to acquire and receive (in lieu of or in addition to what Holder would have received upon exercise of such holder's stock option), such securities or assets as may be issued or payable with respect to the exchange for the number of shares of Common Stock immediately theretofore acquirable and receivable upon exercise of such holder's Option had such exchange not taken place.