Common use of Employer’s Successors Clause in Contracts

Employer’s Successors. (a) The rights and obligations of Employer under this Employment Agreement shall inure to the benefit of and shall be binding in all respects 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 stock, business and/or assets 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 greater of (i) one year's base salary in effect on the effective date of such succession. However, Employer's failure to obtain such agreement shall not affect-said successor's obligations pursuant to paragraph 10.1(a) above.

Employer’s Successors. (a) The rights and obligations of Employer under this Employment Agreement shall inure to the benefit of and shall be binding in all respects 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 stock, business and/or assets 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 greater same amount of (i) one year's base salary in effect on the effective date of such succession. However, Employer's failure to obtain such agreement shall not affect-said successor's obligations pursuant to paragraph 10.1(a) above.money that Employee would have been