Additional Employee Interests Sample Clauses

Additional Employee Interests. The Manager shall have the right, in his sole discretion, to issue additional Employee Interests from time to time on such terms as the Manager may determine (which may or may not include requiring contributions to the capital of the Company), and to admit the recipients of such Employee Interests as additional Employee Members, subject in each case to the execution by such Person of a written instrument satisfactory to the Manager pursuant to which such Person agrees to be bound by and confirms the obligations, representations and warranties set forth in this Agreement, as amended as described below. Concurrently with each issuance of Employee Interests: (i) All Employee Interests issued concurrently shall be given the same numerical Series designation, which shall reflect the order of each separate issuance of Employee Interests. For example, the Employee Interests issued on the date hereof pursuant to Section 6.2(a) are designated "Series 1 Employee Interests." The Employee Interests, if any, next issued after the date hereof shall be designated "Series 2 Employee Interests," and the Employee Interests, if any, next issued after any issuance of Series 2 Employee Interests shall be designated "Series 3 Employee Interests." (ii) The Manager shall determine, in his sole and absolute discretion, the fair market value of all assets of the Company, net of all liabilities of the Company (the "Net Asset Value"), as of the date of such issuance of Employee Interests. (iii) A preference on the distribution of Liquidation Proceeds shall be created to provide that Liquidation Proceeds in the amount of the excess, if any, of (A) the Net Asset Value on the date of such issuance of Employee Interests over (B) the Net Asset Value on the date of the most recently-preceding issuance of Employee Interests, shall be distributed exclusively among the owners of Interests (Capital Member and Employee) outstanding immediately prior to such issuance of additional Employee Interests, and among them in accordance with the provisions of Section 8.2 as in effect immediately before such issuance. Such preference shall be in addition to and immediately subordinate to any such preferences previously created (including Sections 8.2(b) and 8.2(c)), but shall be superior to the distribution of Liquidation Proceeds in accordance with the Participating Percentages of the Members (as provided in Section 8.2(d) of this Agreement as currently in effect). An example of the application of this ...
Sample 1
AutoNDA by SimpleDocs

Related to Additional Employee Interests

  • Additional Employee Benefits Sec. 2201

  • No Special Employment Rights Nothing contained in the Plan or this Agreement shall be construed or deemed by any person under any circumstances to obligate the Company to continue the employment of the Employee for any period.

  • Provisional Employees 343. Non-permanent employees, defined as employees with no permanent classification or employees with a permanent classification serving in another classification, shall be entitled to the following: 344. 1. Non-permanent employees shall be treated as permanent employees with respect to health and welfare benefits, compensation and salary steps, seniority, retirement (upon completion of 1040 hours in any twelve month period), and leave benefits, including but not limited to sick leave, vacation and personal leave.

  • Defined Benefit Plans The Company has not maintained or contributed to a defined benefit plan as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). No plan maintained or contributed to by the Company that is subject to ERISA (an “ERISA Plan”) (or any trust created thereunder) has engaged in a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) that could subject the Company to any material tax penalty on prohibited transactions and that has not adequately been corrected. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure and other requirements of the Code and ERISA as they relate to such ERISA Plan, except for any noncompliance which would not result in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be “qualified” within the meaning of Section 401(a) of the Code, either (i) a determination letter has been issued by the Internal Revenue Service stating that such ERISA Plan and the attendant trust are qualified thereunder, or (ii) the remedial amendment period under Section 401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will be filed with respect to such ERISA Plan prior to the end of such remedial amendment period. The Company has never completely or partially withdrawn from a “multiemployer plan,” as defined in Section 3(37) of ERISA.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Defined Benefit Plan A plan under which a Participant’s benefit is determined by a formula contained in the plan and no Employee accounts are maintained for Participants.

  • Welfare, Pension and Incentive Benefit Plans During the Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to participate in all pension, retirement, savings and other employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives, other than any annual cash incentive plan.

  • Defined Benefit Pension Plans The Borrower will not adopt, create, assume or become a party to any defined benefit pension plan, unless disclosed to the Lender pursuant to Section 5.10.

  • Seasonal Employees Seasonal employees still on trial service should refer to Article 71, Sections 2 and 3 regarding salary increases.

  • Seasonal Employee Seasonal employee" means an employee who is appointed for no more than ten months during any 12 consecutive months but who is expected to return to work year after year.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!