Grouped Into 36 Collections of Similar Clauses From Business Contracts
This page contains Employment Term clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Employment Term. Subject to the terms and conditions set forth herein, the Company agrees to employ Employee, and Employee hereby accepts employment with the Company, as the CFO of the Company and its subsidiaries, or a similar executive position (the "Position"), for a term commencing on the closing of the IPO, (the "Commencement Date") and ending on the third anniversary of the Commencement Date (the "Employment Term") unless otherwise terminated under this Agreement; provided however, that if the Commencement... Date does not occur on or before September 1, 2017, this Agreement shall never take effect, shall be deemed null and void and shall create no obligations for the Company or Employee. The Employment Term will automatically extend for successive periods of one year (each a "Renewal Term" and each such Renewal Term together with the Employment Term shall be referenced collectively as the "Term") at the end of the Employment Term and any Renewal Term unless either the Company or Employee notifies the other in writing (a "Non-Renewal Notice") of a decision not to renew the Employment Term or the Renewal Term, as applicable, at least 90 days prior to the end of the Employment Term or the Renewal Term, as applicable. Employee and the Company agree that Employee's employment with the Company constitutes "at-will" employment. Employee and the Company acknowledge that this employment relationship may be terminated at any time, upon written notice to the other party, with or without good cause or for any or no cause, at the option either of the Company or Employee. However, as described in this Agreement, Employee may be entitled to severance benefits depending upon the circumstances of Employee's termination of employment.View More
Employment Term. Subject to the terms and conditions set forth herein, the Company agrees to employ Employee, and Employee hereby accepts employment with the Company, employment, as the CFO Chief Financial Officer of the Company and its subsidiaries, or a similar executive position (the "Position"), for a term commencing on the closing of the IPO, October 1, 2019 (the "Commencement Date") and ending on December 31, 2020, and as extended as provided for below, (together, the third anniversary of the Commencement ...Date (the "Employment Term") unless otherwise terminated under this Agreement; provided however, that if the Commencement Date does not occur on or before September 1, 2017, this Agreement shall never take effect, shall be deemed null and void and shall create no obligations for the Company or Employee. Agreement. The Employment Term will automatically extend for successive periods of one year (each a "Renewal Term" and each such Renewal Term together with the Employment Term shall be referenced collectively as the "Term") periods at the end of the current Employment Term Term, and any Renewal Term each one year extension term thereof, unless either the Company or Employee notifies the other in writing (a "Non-Renewal Notice") of a decision not to renew the expiration of the Employment Term Term, or the Renewal Term, as applicable, one year extension term thereof, at least 90 days prior to the end of the Employment Term or the Renewal Term, as applicable. each annual anniversary. Employee and the Company agree that Employee's employment with the Company constitutes "at-will" employment. Employee and the Company acknowledge that this employment relationship may be terminated at any time, upon written notice to the other party, with or without good cause or for any or no cause, at the option either of the Company or Employee. However, as described in this Agreement, Employee may be entitled to severance benefits depending upon the circumstances of Employee's termination of employment. View More
Employment Term. Subject to the terms and conditions set forth herein, the Company agrees to employ Employee, and Employee hereby accepts employment with the Company, as the CFO CEO of the Company and its subsidiaries, or a similar executive position (the "Position"), for a term commencing on the closing of the IPO, (the "Commencement Date") and ending on the third anniversary of the Commencement Date (the "Employment Term") unless otherwise terminated under this Agreement; provided however, that if the Commence...ment Date does not occur on or before September 1, 2017, this Agreement shall never take effect, shall be deemed null and void and shall create no obligations for the Company or Employee. Employee agrees further that his execution of this Agreement shall constitute his voluntary termination of the A.S.V., LLC Agreement without Good Reason (as that term is defined in the A.S.V., LLC Agreement); provided, however, (a) such voluntary termination of the A.S.V., LLC Agreement shall take effect on and only if this Agreement takes effect, and (b) if this Agreement does not take effect according to its terms, Employee's voluntary termination of the A.S.V., LLC Agreement shall be deemed null and void. Accordingly, subject to the effectiveness of this Agreement, Employee waives all rights and entitlements under the A.S.V., LLC Agreement, including without limitation any right to severance pay of any kind under the A.S.V., LLC Agreement or under any policy or practice of A.S.V., LLC. The Employment Term will automatically extend for successive periods of one year three years (each a "Renewal Term" and each such Renewal Term together with the Employment Term shall be referenced collectively as the "Term") at the end of the Employment Term and any Renewal Term unless either the Company or Employee notifies the other in writing (a "Non-Renewal Notice") of a decision not to renew the Employment Term or the Renewal Term, as applicable, at least 90 days prior to the end of the Employment Term or the Renewal Term, as applicable. Employee and the Company agree that Employee's employment with the Company constitutes "at-will" employment. Employee and the Company acknowledge that this employment relationship may be terminated at any time, upon written notice to the other party, with or without good cause or for any or no cause, at the option either of the Company or Employee. However, as described in this Agreement, Employee may be entitled to severance benefits depending upon the circumstances of Employee's termination of employment. View More
Employment Term. The Company shall continue to employ Executive, and Executive accepts continued employment with the Company, upon the terms and subject to the conditions set forth in this Agreement, for the period beginning on the Effective Date and ending on the first anniversary of the Effective Date, unless terminated earlier pursuant to the provisions of this Agreement (the "Term"). The Term shall be automatically renewed for successive one-year periods on the terms and subject to the conditions of this Agr...eement commencing on the first anniversary of the Effective Date, and on each anniversary date thereafter, unless terminated earlier pursuant to the provisions of this Agreement or unless either the Company or Executive gives the other party written notice, at least 90 calendar days prior to the end of such initial or extended Term, of its or his intention not to renew this Agreement or the employment of Executive. For purposes of this Agreement, any reference to the "Term" of this Agreement shall include the original term and any extension thereof.View More
Employment Term. (a) Initial Term. The Company shall continue to employ Executive, and Executive accepts continued employment with the Company, upon the terms and subject to the conditions set forth in this Agreement, for the period beginning on the Effective Date and ending on the first third anniversary of the Effective Date, unless terminated earlier pursuant to the provisions of this Agreement (the "Term"). (b) Renewals. The Term shall be automatically renewed for successive one-year periods on the terms and... subject to the conditions of this Agreement (including, without limitation, Section 8 hereof), commencing on the first third anniversary of the Effective Date, and on each anniversary date thereafter, unless terminated earlier pursuant to the provisions of this Agreement or unless either the Company or Executive gives the other party written notice, notice (in accordance with Section 10 hereof), at least 90 180 calendar days prior to the end of such initial or extended Term, of its or his intention not to renew this Agreement or the employment of Executive. For purposes of this Agreement, any reference to the "Term" of this Agreement shall include the original term and any extension thereof. (c) Change in Control. Notwithstanding the foregoing, if a "Change in Control" (as defined in the Company's Long-Term Incentive Plan as in effect on the Effective Date) shall occur within two years prior to the expiration of the Term, then the Term shall automatically be extended for a period of two years following the date of the Change in Control. View More
Employment Term. Unless terminated earlier in accordance with Section 4 of this Agreement, the Executive's employment with the Company pursuant to this Agreement shall be for an initial term of three (3) years commencing on the Effective Date and ending on the third anniversary of the Effective Date (the "Initial Term"). Thereafter, this Agreement shall be automatically renewed for successive one-year terms commencing on the applicable anniversary of the Effective Date (each such successive year being a "Renewal... Term," and, together with the Initial Term, or such lesser period in the event of termination of the Executive's employment prior to the expiration of the Initial Term or a Renewal Term in accordance with Section 4 of this Agreement, the "Employment Term"), unless either Party gives written notice to the other Party not less than ninety (90) days prior to the end of the Initial Term or a Renewal Term, as the case may be, of such Party's election not to renew this Agreement ("Notice of Non-Renewal").View More
Employment Term. Unless terminated earlier in accordance with Section 4 of this Agreement, the Executive's hereof, Employee's employment with the Company pursuant to this Agreement shall be for an initial term of three (3) years commencing on the Effective Date and ending on the third anniversary of the Effective Date December 31, 2023 (the "Initial Term"). Thereafter, this Agreement shall be automatically renewed for successive one-year terms commencing on the applicable anniversary of the Effective Date (each ...such successive year being a "Renewal Term," and, together with the Initial Term, or such lesser period in the event of termination of the Executive's Employee's employment prior to the expiration of the Initial Term or a Renewal Term in accordance with Section 4 by a Party pursuant to the provisions of this Agreement, the "Employment Term"), unless either Party gives written notice to the other Party not less than ninety (90) sixty (60) days prior to the end of the Initial Term or a Renewal Term, as the case may be, of such Party's election not to renew this Agreement ("Notice of Non-Renewal"). View More
Employment Term. Unless terminated earlier in accordance with Section 4 of this Agreement, the 7 hereof, Executive's employment with the Company pursuant to this Agreement shall be for have an initial term of three (3) years commencing on the Effective Date and ending on the third anniversary of the Effective Date (the "Initial Term"). Thereafter, this Agreement Term"), which shall be extended automatically renewed without any action by either Party for successive one-year terms of one (1) year commencing on the... applicable anniversary of the Effective Date (each such successive year being a "Renewal Term," and, together with the Initial Term, or such lesser period in the event of termination of the Executive's employment prior to the expiration of Renewal Terms and the Initial Term or a Renewal Term in accordance with Section 4 of this Agreement, are hereinafter collectively referred to as the "Employment Term"), unless either Party gives written notice to the other Party not less than ninety (90) one hundred twenty (120) days prior to the end of the Initial Term or a Renewal Term, as the case may be, be (the "Notice Period"), of such Party's election not to renew this Agreement ("Notice of Non-Renewal"). View More
Employment Term. DDR will engage and employ Executive to render services in the administration and operation of its affairs as its Chief Financial Officer, reporting directly to DDR's Chief Executive Officer (the "CEO") and performing such duties and having such responsibilities and authority as are customarily incident to the principal financial officers of companies similar in size to, and in a similar business as, DDR, together with such other duties as, from time to time, may be specified by the CEO, in a ma...nner consistent with Executive's status as Chief Financial Officer, all in accordance with the terms and conditions of this Agreement, for a term extending from the Effective Date through March 1, 2021. The period of time from the Effective Date through March 1, 2021 is sometimes referred to herein as the "Contract Period." During the Contract Period while executive is employed by DDR, Executive shall report to the Board.View More
Employment Term. DDR will engage and employ Executive to render services in the administration and operation of its affairs as its Chief Financial Officer, reporting directly to DDR's President and Chief Executive Officer (the "CEO") and "CEO"), performing such duties and having such responsibilities and authority as are customarily incident to the principal financial executive officers of companies similar in size to, and in a similar business as, DDR, together with such other duties as, from time to time, may ...be specified by the CEO, Board, in a manner consistent with Executive's status as Chief Financial Officer, President and CEO, all in accordance with the terms and conditions of this Agreement, for a term extending from the Effective Date through March 1, 2021. The period of time from the Effective Date through March 1, 2021 is sometimes referred to herein as the "Contract Period." During the Contract Period while executive is employed by DDR, Executive shall report to the Board. View More
Employment Term. (a) Initial Term. The initial term of employment shall be for a period of three years (the "Employment Term"), commencing on January 1, 2020 unless sooner terminated as provided in this Agreement. This Agreement shall be renewed annually for a term of one year unless the Company or the Executive gives notice to the other of termination at least hundred and eighty (180) days prior to the expiration of the initial term, or any successive term, as the case may be. 1 | Page (b) Termination for Cause.... Notwithstanding the provisions of Section 2(a) above. the Company shall have the right to terminate the Executive's employment for Cause (as defined in Section 2(c) below); provided, however, that the Executive shall not be deemed to have been terminated for Cause unless and until the Board of Directors at a meeting duly called and held for that purpose shall have determined that the Executive committed an act falling within the definition of Cause and specifying the basis for such determination. If the Executive's employment shall be terminated by the Company for Cause, then the Company shall pay to the Executive any unpaid salary, bonuses and benefits through the effective date of termination. If the Executive's employment shall be terminated by the Company without Cause, then the Company shall pay to the Executive any unpaid salary, bonuses and benefits through the effective date of termination. (c) Cause. For purposes of this Agreement the term, "Cause" shall mean the Executive's: (a) engagement in gross misconduct materially injurious to the Company: (b) knowing and willful neglect or refusal to attend to the material duties assigned to him by the Board of Directors of the Company, which is not cured within 30 days after written notice; (c) conviction of an act of fraud or embezzlement; or (e) conviction of a felony. (d) Notice of Termination. Any purported termination of the Executive's employment by the Company hereunder shall be communicated by a Notice of Termination to the Executive in accordance with Section 13. For purposes of this Agreement, a "Notice of Termination" shall mean a written notice which shall indicate those specific termination provisions in this Agreement relied upon and which sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the provisions so indicated. (e) Date of Termination. For purposes of this Agreement, the date of termination shall be: (a) if this Agreement is terminated by the Company for Incapacity (as defined in Section 4(a) below), the date on which a Notice of Termination is given. (b) if the Executive's employment is terminated by the Company for any other reason (other than death), the date on which a Notice of Termination is given or (c) if the Company or Executive terminates his employment for any reason, the date on, which he gives the Company notice of such termination.View More
Employment Term. (a) Initial Term. The initial term of employment shall be for a period of three years (the "Employment Term"), commencing on January 1, 2020 with the date hereof, unless sooner terminated as provided in this Agreement. This Agreement shall be renewed annually for a term of one year unless the Company or the Executive gives notice to the other of termination at least hundred and eighty (180) sixty (60) days prior to the expiration of the initial term, or any successive term, as the case may be. 1...| Page (b) Termination for Cause. Notwithstanding the provisions of Section 2(a) above. the Company shall have the right to terminate the Executive's employment for Cause (as defined in Section 2(c) below); provided, however, that the Executive shall not be deemed to have been terminated for Cause unless and until the Board of Directors at a meeting duly called and held for that purpose shall have determined that the Executive committed an act falling within the definition of Cause and specifying the basis for such determination. If the Executive's employment shall be terminated by the Company for Cause, then the Company shall pay to the Executive any unpaid salary, bonuses and benefits through the effective date of termination. If the Executive's employment shall be terminated by the Company without Cause, then the Company shall pay to the Executive any unpaid salary, bonuses and benefits through the effective date of termination. (c) Cause. For purposes of this Agreement the term, "Cause" shall mean the Executive's: Executive's : (a) engagement in gross misconduct materially injurious to the Company: (b) knowing and willful neglect or refusal to attend to the material duties assigned to him by the Board of Directors of the Company, which is not cured within 30 days after written notice; (c) conviction of an act of fraud or embezzlement; or (e) conviction of a felony. (d) Notice of Termination. Any purported termination of the Executive's employment by the Company hereunder shall be communicated by a Notice of Termination to the Executive in accordance with Section 13. For purposes of this Agreement, a "Notice of Termination" shall mean a written notice which shall indicate those specific termination provisions in in. this Agreement relied upon and which sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the provisions so indicated. (e) Date of Termination. For purposes of this Agreement, the date of termination shall be: (a) if this Agreement is terminated by the Company for Incapacity (as defined in Section 4(a) below), the date on which a Notice of Termination is given. (b) if the Executive's employment is terminated by the Company for any other reason (other than death), the date on which a Notice of Termination is given or (c) if the Company or Executive terminates his employment for any reason, the date on, which he gives the Company notice of such termination. The salary shall be payable in accordance with the Company's regular policies, subject to applicable withholding and other taxes. Such Salary will be increased during the term of this Agreement by 10 percent annually. (a) Bonus. The Executive shall receive a bonus with respect to each fiscal year of the Company during which he is employed hereunder, commencing with the year ending December 31, 2020 in an amount equal to a minimum of $75,000 paid bonus wages at the discretion of the Board of Directors of the Company. It being expressly agreed that the first Bonus payment will be on February 1, 2020, second Bonus payment on December 31, 2021 and the third Bonus payment on December 31, 2022. 2 (b) Grant of Common Shares and Stock Options. The Executive will be granted 120,000 of GRWG Common Stock payable in 3 incremental payments on 11/01/2019 (40,000 shares), 11/01/2020 (40,000 shares) and 01/01/2021 (40,000 shares). The disposition, transfer or sale of the common shares granted in the Option Agreement is subject to the terms and conditions of the Option Agreement and the Company's 2018 Equity Incentive Plan. In addition, Executive will be granted 160,000 stock options on 11/4/2019 and 60,000 stock options on 11/4/2020 and 60,000 stock options 11/4/2021. (c) Expenses. The Company agrees promptly to reimburse the Executive for all reasonable and necessary● business expenses, including without limitation: travel and telephone incurred by him on behalf of the Company in the course of his duties hereunder, upon the presentation by the Executive of appropriate evidence thereof. (d) Relocation. The Company will provide an executive level relocation covering all out-of-pocket reimbursement for relocation expenses to the Denver, CO area including gross up (no tax liability), moving, closing costs, temporary housing, etc. The relocation fees will be the lessor of $80,000 or the actual costs of the relocation. View More
Employment Term. Participants' terms of employment remain unchanged by appointment to this PSP, except as specifically provided in the PSP Terms. Nothing in the appointment process or in the PSP Terms guarantees continued employment. Participants remain subject to usual, applicable Company and business unit policies and practices, and to any other employment agreements, service terms, appointments, or mandates to which they are otherwise subject.
Employment Term. Participants' terms of employment remain unchanged by appointment to this PSP, Plan, except as specifically provided in the PSP Corporate IC Terms. Nothing in the appointment process or in the PSP Corporate IC Terms guarantees continued employment. Participants remain subject to usual, applicable usual Company and business unit policies and practices, and to any other employment agreements, service terms, appointments, or mandates to which they are otherwise subject.
Employment Term. (a) Executive's term of employment under this agreement shall be for a term commencing on January 29, 2016 and, unless terminated earlier as provided for in Section 7 hereof, end twelve (12) months later. (b) Renewal or extension of the Employment term may only be effectuated by mutual written agreement between the parties. In absence of such written Agreement, Executive's employment will continue according to the terms of this Agreement on a monthly basis.
Employment Term. (a) Executive's term of employment under this agreement shall be for a term commencing on January 29, 2016 1st, 2015 and, unless terminated earlier as provided for in Section 7 hereof, end twelve (12) months later. (b) Renewal or extension of the Employment term may only be effectuated by mutual written agreement between the parties. In absence of such written Agreement, Executive's employment will continue according to the terms of this Agreement on a monthly basis.
Employment Term. Subject to the terms and conditions set forth in this Agreement, the Company hereby agrees to employ Executive, and Executive hereby accepts employment, as Chief Financial Officer (CFO), for the period beginning on the Effective Date of this Agreement and continuing for an initial term of one (1) year (the "Initial Term") unless earlier terminated as hereinafter set forth. Upon the end of the Initial Term, this Employment Agreement shall continue to renew for additional one (1) year Terms until ...terminated pursuant to this Agreement (each, a "Renewal Term" and collectively with the Initial Term, the "Term").View More
Employment Term. Subject to the terms and conditions set forth in this Agreement, the Company hereby agrees to employ Executive, and Executive hereby accepts employment, as Chief Financial Officer (CFO), of the Company, for the period beginning on the Effective Date of this Agreement and continuing for an initial term of one (1) year (the "Initial Term") "Term") unless earlier terminated as hereinafter set forth. Upon the end of the Initial Term, this Employment Agreement shall continue to renew for additional o...ne (1) year Terms ("Renewal Term") until terminated pursuant to this Agreement (each, a "Renewal Term" and collectively with prior to the Initial Term, expiration date of the "Term"). Term or any Renewal Term. View More
Employment Term. Subject to the terms and conditions set forth in this Agreement, the Company hereby continues to employ Executive on a full-time basis in the Position. The Executive's employment shall continue until terminated as provided herein. The term of this Agreement is hereafter referred to as "the term of this Agreement" or "the term hereof." 2. Capacity and Performance. (a) During the term hereof, the Executive shall serve the Company as Senior Vice President and Chief Technology Officer reporting to t...he chief executive officer of the Company (the "CEO"). (b) During the term hereof, the Executive shall be employed by the Company on a full-time basis. The Executive shall have the duties and responsibilities assigned to the position by the Company from time to time and such other duties and responsibilities, reasonably consistent with the position, with respect to the business operations of the Company, as may be assigned by the Company from time to time. (c) Subject to business travel as necessary or desirable for the performance of the Executive's duties and responsibilities hereunder, the Executive's primary worksite during the term hereof shall be at the location of the Company's offices in San Jose, California, USA as of the Effective Date (the "Location") or such other site as the Company may select from time to time, provided such site is no more than thirty-five (35) miles from the Location unless the Executive has expressly consented in writing thereto. (d) During the term hereof, the Executive shall devote his full business time and best efforts, business judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company and to the discharge of his duties and responsibilities hereunder. During the term of this Agreement, the Executive may engage in passive management of his personal investments and in such community and charitable activities as do not individually or in the aggregate give rise to a conflict of interest or otherwise interfere with his performance of his duties and responsibilities hereunder. It is agreed that the Executive shall not accept membership on a board of directors or other governing board of any Person (as defined in Section 12 hereof) or engage in any other business activity without the prior approval of the CEO. It also is agreed that if the Board of Directors of the Company (the "Board") or CEO subsequently determines, and gives notice to the Executive, that any such membership or activity, previously approved, is materially inconsistent with the Executive's obligations under Section 6, Section 7 or Section 8 hereof or gives rise to a material conflict of interest, the Executive shall cease such activity promptly following notice from the Company.View More
Employment Term. Subject to the terms and conditions set forth in this Agreement, the Company hereby continues to employ offers, and Executive hereby accepts, employment on a full-time basis in the Position. The Executive's employment shall continue until terminated as provided herein. Position from the date of this Agreement (the "Effective Date") through December 31, 2017. The term of this Agreement Agreement, which may only be renewed by written agreement, signed by the Executive and an expressly authorized r...epresentative of the Board of Directors of the Company (the "Board"), is hereafter referred to as "the term of this Agreement" or "the term hereof." 2. Capacity and Performance. (a) During the term hereof, the Executive shall serve the Company as Senior Vice the President & Chief Executive Officer and Chief Technology Officer the Chairman of the Board, reporting to the chief executive officer of the Company (the "CEO"). Board. (b) During the term hereof, the Executive shall be employed by the Company on a full-time basis. The Executive shall have the duties and responsibilities assigned to the position his positions and offices by the Company Board from time to time and such other duties and responsibilities, reasonably consistent with the position, positions and offices, with respect to the business operations of the Company, Company and its Immediate Affiliates (as defined below), as may be assigned by the Company Board from time to time. (c) Subject to business travel as necessary or desirable for the performance of the Executive's duties and responsibilities hereunder, the Executive's primary worksite during the term hereof shall be at the location of the Company's offices in San Jose, California, USA as of the Effective Date (the "Location") "San Jose Location") or such other site as the Company may select from time to time, provided such site is no more than thirty-five (35) miles from the San Jose Location unless the Executive has expressly consented in writing thereto. (d) During the term hereof, the Executive shall devote his full business time and best efforts, business judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company and its Immediate Affiliates and to the discharge of his duties and responsibilities to them hereunder. During the term of this Agreement, the Executive may engage in passive management of his personal investments and in such community and charitable activities as do not individually or in the aggregate give rise to a conflict of interest or otherwise interfere with his performance of his duties and responsibilities hereunder. It is agreed that the Executive shall not accept membership on a board of directors or other governing board of any Person (as defined in Section 12 hereof) or engage in any other business activity without the prior approval of the CEO. Board. It also is agreed that if the Board of Directors of the Company (the "Board") or CEO subsequently determines, and gives notice to the Executive, that any such membership or activity, previously approved, is materially inconsistent with the Executive's obligations under Section 6, Section 7 or Section 8 hereof or gives rise to a material conflict of interest, interest or otherwise materially interferes with the Executive's duties and responsibilities to the Company and its Immediate Affiliates as set forth in this Section 2, the Executive shall cease such activity promptly following notice from the Company. View More
Employment Term. Unless Executive's employment shall sooner terminate pursuant to Section 5 of this Agreement, the Company shall employ Executive under the terms of this Agreement for the period commencing on the Effective Date and ending on the third (3rd) anniversary of the Effective Date (the "Initial Term"); provided, however, that commencing on the expiration of the Initial Term and each anniversary thereafter, the term of this Agreement shall be deemed to be automatically extended, upon the same terms and ...conditions, for successive periods of one (1) year each (each, an "Extended Term"), unless Executive or the Company, as the case may be, at least ninety (90) days prior to the expiration of the Initial Term or any Extended Term, provides written notice to the other of its intention not to renew this Agreement. The period during which Executive is employed pursuant to this Agreement, including any Extended Term in accordance with the preceding sentence, shall be referred to as the "Term." 3. COMPENSATION. (a) Base Salary. As compensation for Executive's services to the Company, the Company shall pay Executive an annual base salary (as in effect from time to time, the "Base Salary") at a rate of $300,000 per year (pro-rated for any partial year). The Base Salary shall be paid to Executive in accordance with the usual payroll practices of the Company in effect from time to time. The Base Salary may be increased (but not decreased other than pursuant to an across-the-board reduction that applies to all employees or solely to senior executives of the Company) during the Term in the sole discretion of the Compensation Committee of the Board of Directors (the "Compensation Committee") or the Board of Directors. (b) Annual Bonus. Executive shall have an annual discretionary target bonus opportunity equal to $100,000, to be paid upon satisfaction of certain criteria established by the Compensation Committee and subject to the terms of any annual bonus plan established by the Compensation Committee, or by any other committee or officer having authority over executive compensation. Such bonus (the "Annual Bonus") shall be paid in accordance with the terms of any annual bonus plan governing such Annual Bonus. (c) Withholding. All taxable compensation payable to Executive pursuant to this Agreement shall be subject to any applicable withholding taxes and such other taxes as are required under Federal law or the law of any state or governmental body to be collected with respect to compensation paid by the Company to Executive.View More
Employment Term. Unless Executive's employment shall sooner terminate pursuant to Section 5 of this Agreement, the Company shall employ Executive under the terms of this Agreement for the period commencing on the Effective Date and ending on the third (3rd) anniversary of the Effective Date (the "Initial Term"); provided, however, that commencing on the expiration of the Initial Term and each anniversary thereafter, the term of this Agreement shall be deemed to be automatically extended, upon the same terms and ...conditions, for successive periods of one (1) year each (each, an "Extended Term"), unless Executive or the Company, as the case may be, at least ninety (90) days prior to the expiration of the Initial Term or any Extended Term, provides written notice to the other of its intention not to renew this Agreement. The period during which Executive is employed pursuant to this Agreement, including any Extended Term in accordance with the preceding sentence, shall be referred to as the "Term." 3. COMPENSATION. (a) Base Salary. As compensation for Executive's services to the Company, the Company shall pay Executive an annual base salary (as in effect from time to time, the "Base Salary") at a an initial rate of $300,000 $350,000 per year (pro-rated for any partial year). The Base Salary shall be paid to Executive in accordance with the usual payroll practices of the Company in effect from time to time. The Base Salary may be increased (but not decreased other than pursuant to an across-the-board reduction that applies to all employees or solely to senior executives of the Company) during the Term in the sole discretion of the Compensation Committee of the Board of Directors (the "Compensation Committee") or the Board of Directors. (b) Annual Bonus. Incentive. Executive shall have an annual discretionary a target commission bonus opportunity equal to $100,000, the then-existing Base Salary, to be paid upon satisfaction of certain criteria established by the Compensation Committee earned and subject to the terms of any annual bonus plan established by the Compensation Committee, or by any other committee or officer having authority over executive compensation. Such bonus (the "Annual Bonus") shall be paid in accordance with the terms of any annual bonus plan governing such Annual Bonus. Executive's sales compensation plan. (c) Withholding. All taxable compensation payable to Executive pursuant to this Agreement shall be subject to any applicable withholding taxes and such other taxes as are required under Federal law or the law of any state or governmental body to be collected with respect to compensation paid by the Company to Executive. View More
