Employment of Key Employees. Richxxx X. Xxxxxx xxx Elizxxxxx Xxxxxxx (xxch, a "Key Employee") shall each be employed by LD Services subject to the death or disability of any Key Employee.
Employment of Key Employees. Promptly following the date hereof, --------------------------- Parent shall endeavor to negotiate in good faith with each of the employees of the Company set forth on Schedule 5.13 hereof (the "Key Employees") regarding ------------- the terms of employment with Parent of the Key Employees following the Effective Time. Parent shall consult with the Chief Executive Officer of the Company regarding appropriate terms of such employment. The terms offered by Parent shall provide for "at-will employment", be market competitive (taking into account the skill set of the Key Employee and the market for these skills in the geographic location such Key Employee is employed) and shall include title, base salary (which shall not be less than the base salary in effect for such Key Employee at the Company as of the date hereof) and benefits (including stock options, if appropriate) that are commensurate with such Key Employee's employment history with the Company and that take into account the acquisition of the Company by Parent and the integration of the Company's operations into Parent's business organization. The terms of offers of employment shall also include noncompetition and nonsolicitation provisions to be binding on the Key Employees which provisions shall be customary for transactions similar to the Merger. Without limiting the foregoing, in particular, the noncompetition and nonsolicitation provisions may last for the longer of (i) a two-year period following the Effective Time and (ii) a one year period following termination of the Key Employee's service with Parent. In the event of the Key Employee's termination of employment by Parent without cause (as opposed to voluntary termination or termination with cause), Parent shall have the unilateral right to terminate the noncompetition provisions (with no payment obligations to the Key Employee) or to continue the noncompetition provisions provided that the Key Employee is paid an amount equal to the Key Employee's periodic base salary (as in effect immediately prior to termination of employment without cause) during all or part of the duration of the noncompetition provisions, in which case such provisions shall continue in effect during the duration of such payments.
Employment of Key Employees. An employment agreement in form and substance acceptable to MBIA between 1838 (or MBIA Asset Management Corporation) and each of the Key Employees must be in full force and effect.
Employment of Key Employees. The Buyer shall have received assurance satisfactory to it of the continued employment of the key employees listed on Schedule 7.5 hereto.
Employment of Key Employees. Newco shall enter an employment agreement with each key employee listed on Exhibit B at a base salary as set forth thereon. In addition, in the first twelve month period following closing, key employees shall be eligible for a compensation bonus based on sales of no less than $1.9 Million. If Newco achieves sales of $1.9 million, key employees shall receive a bonus equal to 20% of their compensation. For each $75,000 in excess of $1.9 million, each Key employee shall receive an additional bonus of 1% of compensation up to a maximum of an additional 10% of compensation for a total of 30% of compensation. Key employees of Seller shall be allocated the aggregate amount of options to purchase 2 million shares of Buyer's common stock subject to the terms of Buyer's stock option plan. Such options shall vest equally over a three year period following closing and shall be exercisable at an exercise price of $.018 per share.
Employment of Key Employees. For the purpose of assuring to the Purchaser the full benefit of the Group Companies and in consideration of the Purchaser agreeing to buy the Shares on the terms of this Agreement, each of the Shareholders undertake to cause such Key Employee as set out in Schedule 7.4 to remain employed by the Company or the Subsidiary and not terminate their employment agreement during a period of two (2) years from the Signing Date. In case of a breach of this undertaking, the Shareholder in breach of this undertaking shall on demand pay liquidated damages to the Purchaser in the amount of USD 333,333 and all such liquidated damages shall be paid to the Purchaser from Escrow Account 1. The same shall apply if the employer terminates the employment agreement due to personal reasons (Sw: personliga skäl) under the Swedish Employment Act (Sw: lag (1982:80) om anställningsskydd). Each termination of an employment agreement without entering into a new employment agreement shall be considered as one separate breach of this undertaking.
Employment of Key Employees. Company will enter into an Employment and Non-Competition Agreement with each of the employees identified on Schedule 5.1 (the "Key Employees") substantially in the form of Exhibit 5.1;
Employment of Key Employees. Each employee of the Company listed on Schedule 6.2(g) (each, a "Key Employee") shall have executed an employment agreement with Parent in the form attached hereto as Exhibit E (the "Key Employee Agreement") and all such Key Employee Agreements shall be in full force and effect. Schedule 6.2(g) also lists each Key Employee's base salary and the employment term that is to be included in his or her individual Key Employee Agreement.
Employment of Key Employees. 28 6.7 Employment and Non-Competition Agreements . . . . . . . . . . . . . . . . 28 6.8 Opinion of Sellers' Counsel . . . . . . . . . . . . . . . . . . . . . . . 28
Employment of Key Employees. Not less than seventy-five (75%) percent of those key employees listed on Schedule 5.2, to whom the Buyer has previously offered continuation of employment in accordance with Section 5.2 hereof shall have accepted Buyer's offer and indicated in writing their intent to remain employed as indicated in Xxxxx's offer.
