Employment During Transition Period a. If Executive’s employment is terminated by the Company for Cause or by Executive for any reason prior to September 30, 2015, Executive will not be eligible to receive the severance or the other compensation or benefits described in Section 6(a). Prior to September 30, 2015, the Company may only terminate Executive’s employment for Cause. Executive’s employment during the Transition Period will continue on a full-time basis and Executive will devote Executive’s full time, attention, skill and efforts as necessary to the faithful performance of such duties; provided, however, that notwithstanding the foregoing, the Company may, without terminating Executive’s employment, relieve Executive of Executive’s active performance of Executive’s duties during the Transition Period at any time in its sole discretion.
Employment During Transition Period. You hereby agree to remain continuously employed by Sears during the period from the date of this Agreement until the Effective Time (the “Transition Period”), during which time you shall continue to hold the title of Executive Vice President and Chief Financial Officer of Sears (the “CFO”) and shall continue to receive the same rate of base salary and employee benefit coverage that you received immediately prior to the date hereof. As the CFO during the Transition Period, subject to the immediately following sentence, you shall continue to perform those duties and responsibilities reasonably required to be performed by the CFO but, if instructed, you shall refrain from performing such duties and responsibilities as the Chief Executive Officer, and/or the Board of Directors, of Sears may require. Only for so long as you continue to have the authorities and responsibilities of a chief financial officer of Sears that are necessary or appropriate for you to provide the certifications under Sections 302 and 906 of the Sxxxxxxx-Xxxxx Act of 2002 and the rules promulgated thereunder, shall you be the “chief financial officer” of Sears for purposes of such certifications.
Employment During Transition Period. During the Transition Period, you shall remain available to perform your role as Transition Advisor for the Company and you, therefore, shall not perform any Services (as defined herein) during the Transition Period except for JMP or for any of its affiliates. You shall remain free to resign your employment at any time; upon such resignation, you shall immediately cease to receive any further Transition Compensation. For purposes of this section, “Services” shall mean engaging in any business venture (whether as executive, employee, consultant, holder of beneficial interest), that is a broker dealer and/or is engaged in the investment banking business (which investment banking business activities would include, without limitation, providing clients with M&A and/or strategic advice regarding corporate finance or other matters on which investment bankers customarily provide advice, acting as an underwriter in public offerings, acting as a placement agent in private placements, and/or providing equity research and/or sales and trading services). You also agree that, during the Transition Period, you shall not, directly or indirectly, (i) solicit any person who is currently an employee, or who during the Transition Period becomes an employee, of JMP Group LLC or any of its subsidiaries, including, without limitation, JMP Securities LLC, to resign from such company or to apply for or accept employment with any business performing Services or (ii) solicit any person or entity that is currently a client, or during the Transition Period becomes a client, or that has been a client, including, without limitation, a client of JMP Securities LLC, to engage as a client with any entity that performs Services. “Solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, inviting, advising, encouraging or requesting any person or entity, in any manner, to take or refrain from taking any action.
Employment During Transition Period. In order to provide for an orderly transfer of the operations of the business, Seller shall be employed by Purchaser for a period of Two years following the closing for the following compensation: Fifty Thousand Dollars per year.
Employment During Transition Period. In order to provide for an orderly transfer of the operations of the business, Ray May shall continue to be employed by the Corporation for a period of 3 years following the closing for the compensation set forth in a separate employment agreement between the Corporation and Ray May, a copy of which is attached hereto as Exhibit D.
Employment During Transition Period. (a) If the Employee remains employed with the Company in a full-time capacity through the Retention Date, and subject to the Employee signing the Release Agreement and such Release Agreement becoming irrevocable, the Company shall provide the Employee with continued employment through and including March 31, 2017, at which date Employee’s employment with the Company will terminate, unless earlier terminated by the Employee (the “Termination Date”). On the Termination Date, the Employee’s access to the Company’s computer network, facilities, and other work privileges will be terminated. The Employee understands and agrees that he shall not be entitled to any payments or benefits from the Company after the Termination Date, including, without limitation, any severance benefits under any Company severance pay plan.
Employment During Transition Period. It is specifically agreed that no agents or employees of the Seller will be employed after the date of the closing unless agreed to by the parties and enumerated herein.
