Binding Agreement - Employer’s Successors Sample Clauses

Binding Agreement - Employer’s Successors. (a) The rights and obligations of employer under this employment agreement shall inure to the benefit of and shall be binding upon the successors and assigns of employer. (b) Employer shall require any direct or indirect successor (by purchase, merger, consolidation, or otherwise) of all or substantially all of employer’s business and/or assets relating to the employer’s growing operations to expressly agree to assume employer’s obligations under this employment agreement and perform them in the same manner and to the same extent as employer would have been required to do if no succession had occurred. The agreement must be in a form and substance satisfactory to employee. (c) If employer fails to obtain such an agreement before the effective date of the succession, employer’s failure will be considered a breach of this employment agreement, and employee shall be entitled to the same amount of money that employee would have been entitled to if employee had terminated employee’s employment in accordance with the terms of this employment agreement, calculated as though employee’s employment had terminated on the end-of-employment date.

Binding Agreement - Employer’s Successors. (a) The rights and obligations of Gxxxxxx and employer under this employment agreement shall inure to the benefit of and shall be binding upon the successors and assigns of Gxxxxxx and employer. (b) Employer shall use commercially reasonable efforts to require any direct or indirect successor (by purchase, merger, consolidation, or otherwise) of all or substantially all of employer’s business and/or assets relating to employer’s growing operations to expressly agree (or cause one of its affiliates to agree) to assume employer’s obligations under this employment agreement and perform them in substantially the same manner and to substantially the same extent as employer would have been required to do if no succession had occurred. Any agreement assuming such obligations must be in a form and substance reasonably satisfactory to employee. (c) If employer fails to obtain such an agreement before the effective date of the succession and employee does not otherwise commence employment or service with the successor or any of its affiliates at any time prior to the end-of employment date (as of the effective date of the succession), employee shall be entitled to a payment in the same amount of base salary that employee would have been entitled to if employee had remained employed from the date of succession through the end-of-employment date (as of the effective date of the succession). Subject to Section 8.11, such base salary shall be paid in accordance with employer’s customary payroll practices during the period commencing on the effective date of such succession and ending on end-of-employment date (as of the effective date of the succession). For the avoidance of doubt, any payment required under this Section 8.2(c) shall be paid in lieu of (and, in no event, in addition to) any severance rights or obligations, whether under this employment agreement or otherwise.