Effectiveness and Term of Agreement. This Agreement shall become effective only in the event a "Change of Control" (as defined in the Employment Agreement) occurs on or before the thirtieth (30th) day of April, 2004 and, in such event: (a) this Agreement shall remain in full force and effect until the end of the Post-Change in Control Employment Period (as defined in the November 12, 2001 amendment to the Employment Agreement); (b) this Agreement shall supercede and replace in its entirety paragraphs 1(b) and 2 of the November 12, 2001 amendment to the Employment Agreement; and (c) the Profit-Sharing Agreement shall be modified as provided in this Agreement. In the event a Change of Control of the Company does not occur on or before the thirtieth (30th) day of April, 2004, this Agreement shall be null and void and of no further legal force or effect.
Appears in 2 contracts
Samples: Employment Agreement (Cogentrix Energy Inc), Employment Agreement (Cogentrix Energy Inc)
Effectiveness and Term of Agreement. This Agreement shall become effective only in the event a "Change of Control" (as defined in the Employment Agreement) occurs on or before the thirtieth (30th) day of April, 2004 and, in such event: (a) this Agreement shall remain in full force and effect until the end of the Post-Change in Control Employment Period (as defined in the November 12, 2001 amendment to the Employment Agreement); (b) this Agreement shall supercede and replace in its entirety paragraphs 1(b) and 2 of the November 12, 2001 amendment to the Employment Agreement; and (c) the Profit-Sharing Agreement and the Program shall be modified as provided in this Agreement. In the event a Change of Control of the Company does not occur on or before the thirtieth (30th) day of April, 2004, this Agreement shall be null and void and of no further legal force or effect.
Appears in 2 contracts
Samples: Employment Agreement (Cogentrix Energy Inc), Employment Agreement (Cogentrix Energy Inc)