18-172 18-172 . . Director Stock Program which provides that, on first day of director's term, such director will be granted option to acquire 900 shares of common stock, and on first day of each subsequent year of director's term, he or she will be granted options to acquire 300 shares of common stock. Options are at fair market value on date of grant and are exercisable in full six months after date of grant. The Director Stock Program also provides that, on first day of director's term, he or she will be awarded right to purchase 450 shares of restricted stock, and on first day of the second and third year of such director's term, he or she will be awarded right to purchase 150 shares of restricted stock. Purchase price will be equal to par value of common stock
Vermont Director stock program
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US-CC-18-172
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Employees on a probationary period, whether it's a 1, 3 or 6 month probation period, still have statutory employment rights, including but not limited to; unlawful discrimination, national minimum wage, the working time directive, statutory sick pay, maternity and paternity leave, and time off for dependents.
Probationary periods in state service are either six (6) or twelve (12) months, depending on the classification. A probationary period starts the date an employee reports to work on their first day.
Probation periods commonly last for three months, six months, or a year. It's usually a fixed period of time at the beginning of the employment relationship, during which the new employee is exempt from some contractual items. Most significantly, employees on probation can be let go without the standard notice period.
Usually new employees start at Step 1 (the probationary rate) in the assigned pay grade and typically serve a six-month probationary period.
Usually new employees start at Step 1 (the probationary rate) in the assigned pay grade and typically serve a six-month probationary period.