Positions and Duties Clause Example from Business Contracts

Positions and Duties. (a) The Executive shall serve as Executive Vice President reporting to the Company's Executive Chairman. The Executive shall have such duties and authority as are consistent therewith and as may be set forth by the Executive Chairman. For purposes of the applicability of the Company compensation plans to the Executive, Executive shall be considered an "employee." The Executive shall devote his full business time to the performance of his duties hereunder. Notwithstanding the foregoing, the Execu...tive shall be entitled to (i) serve as a member of the board of directors of unaffiliated companies, (ii) serve on civic, charitable, educational, religious, public interest or public service boards, (iii) and manage the Executive's personal and family investments, and (iv) have an ownership interest in other businesses, including, without limitation, businesses engaged in the oil and gas industry. In addition, the Executive has disclosed to the Company his involvement in oil and gas entities and investments other than the Company (collectively, the "Outside Activities"). A non-exclusive list of Outside Activities is contained is Schedule A. The Company shall permit the Executive to continue to engage in the Outside Activities provided that the Executive agrees to disclose to the Board of Directors of the Company (the "Board") any actual or potential conflict of interest arising out of any such Outside Activity. This Agreement and Executive's employment hereunder shall be for an initial term of two (2) years commencing on the date hereof (the "Effective Date") and ending on the second anniversary of the Effective Date (the "Expiration Date"), unless terminated earlier by the Company or the Executive pursuant to Section 4 of this Agreement (the "Term"). View More