During the Term, Xx. Xxxxxxxxx shall be entitled to participate in all fringe benefits and perquisites made available to other employees of the Company, subject to Xx. Xxxxxxxxx’ satisfaction of all applicable eligibility conditions to receive such fringe benefits and perquisites.
During the Term, Xx. XxXxxxx will not directly or indirectly engage in the business of, or own or control any interest in (except as a passive investor owning less than ten percent (10%) of the equity securities of a publicly-owned company), or act as a director, officer or employee of, or consultant to, any individual, partnership, joint venture, corporation or other business entity directly or indirectly engaged anywhere in the United States in any business competing with the business carried on by the Company or any of its subsidiaries.
During the Term, Xx. Xxx shall inform and obtain the prior approval of the President before accepting any board positions of a for-profit public or privately held organisation regardless of whether such an organisation falls under the ambit of Clause 16.1 above.
During the Term, Xx. Xxxxxx agrees to devote his full time and attention to the business of the Bank as shall be required for its efficient management. Xx. Xxxxxx will faithfully perform such duties of the office of President as are required by the By-Laws of the Bank, and shall so perform such other duties as may be entrusted to him by resolution of the Board. During the Term, Xx. Xxxxxx will not be employed by any other entity, or engage in any other services for payment, with the express approval of the Board.
During the Term, Xx. Xxxxxx will not engage in or render any services to or be employed by any Competing Business (as defined below).
During the Term, Xx. Xxxxxxx shall not compete with Nutraceutix with respect to US Patent Number 6,090,411 or such other matters as are described in any Additional Services Agreement, directly or indirectly, by conducting research, consulting or otherwise, as advisor, consultant, independent contractor, principal, agent, partner, officer, director, shareholder, employee, member of any association or otherwise; provided that this paragraph 10 shall not prohibit Xx. Xxxxxxx from continuing his current employment with Temple University.
During the Term, Xx. Xxxxxxxx shall be subject to the out-of-pocket expense reimbursement policies of Laurentian, including for travel, relocation, meals and hospitality and other expenses associated with the secondment for Xx. Xxxxxxxx. Xxxxxxxxxx will reimburse Xx. Xxxxxxxx directly for these expenses.
During the Term, Xx. Xxxxxxx shall be paid an annual salary of Four Hundred Five Thousand Dollars ($405,000) (“Base Salary”) for his service (i) as both Interim President and Chief Executive Officer and Chairman of the Board prior to the date on which the successor President and Chief Executive Officer commences his or her employment in such position and (ii) assisting with, at the Company’s option, up to full time effort in a transition period during the three (3) months following such commencement of employment by the successor President and Chief Executive Officer. The Base Salary will be paid in monthly installments of Thirty-Three Thousand Seven Hundred Fifty Dollars ($33,750), less normally applicable payroll deductions and withholdings, in accordance with the Company’s usual payroll cycle for executives. Following the conclusion of the Term, Xx. Xxxxxxx’x compensation shall revert to an annualized amount of One Hundred Thousand Dollars ($100,000), the level of compensation that he had been receiving as Chairman of the Board. This compensation will be paid in monthly installments of $8,333.33, or on a pro-rata basis for partial months, through April 30, 2009, at which time the Company shall have no further obligation to pay Xx. Xxxxxxx such compensation.
