Effect on Employee Sample Clauses
The 'Effect on Employee' clause defines the consequences or outcomes for an employee when a particular event or action occurs under the terms of an agreement, such as termination, resignation, or a change in company policy. This clause typically outlines what happens to the employee's compensation, benefits, stock options, or other entitlements in these scenarios. Its core practical function is to provide clarity and certainty for both the employer and employee regarding rights and obligations, thereby reducing the risk of disputes or misunderstandings.
Effect on Employee. This Agreement is personal to the Employee and, without the prior express written consent of the Company, shall not be assignable by the Employee, except that the Employee’s rights to receive any compensation or benefits under this Agreement may be transferred or disposed of pursuant to testamentary disposition, intestate succession or pursuant to a domestic relations order of a court of competent jurisdiction. This Agreement shall inure to the benefit of and be enforceable by the Employee’s heirs, beneficiaries and/or legal representatives.