Executive Status Clause Samples
The Executive Status clause defines the employment classification and standing of an individual as an executive within an organization. Typically, this clause outlines the specific position, reporting relationships, and the scope of authority or responsibilities assigned to the executive, such as decision-making powers or oversight of certain departments. Its core practical function is to clearly establish the executive's role and authority within the company, ensuring both parties understand the expectations and legal implications of the executive's status.
Executive Status. At the time such Executive was offered the Securities, she was, and at the date hereof she is, an “accredited investor” as defined in Rule 501(a) under the Securities Act. Such Executive is not required to be registered as a broker dealer under Section 15 of the Exchange Act.
Executive Status. I acknowledge that I wi ll be employed as an "executive" as defined in section 67.1 (5) of the ~mployment Standards Act, 2000 (the "ESA") and that the prohibition on non-compete agreements found in section 67.1(2) of the ESA therefore has no app lication to me or to this Agreement.
Executive Status. At the time the Executive was offered the Exchange Securities, it was, and as of the date hereof it is either: (i) an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in Rule 144A(a) under the Securities Act.
Executive Status. Shareholders acknowledge and represent that they are and have been executive and management personnel of the Seller for many years. Shareholders acknowledge that the covenants contained in Sections 7.07 and 7.10 hereof are a material element of this Agreement and that Buyer would not have entered into this Agreement or purchased the Business or the Transferred Assets without the Shareholders’ agreement to honor the provisions of Sections 7.07 and 7.10.
Executive Status. Note: The benefits under Section 16.4 are suspended until further notice.
16.1. The Company offers Executive Status to those Program Members who meet certain eligibility requirements.
16.2. The eligibility criteria for achieving Executive Status will be as follows: • Members who have accumulated 3000 or more DT Points under Section 8.2 -- New Member Invitation -- of these Program Terms and Conditions (“Qualifying Points”) during a rolling 365 day period (the “Qualifying Year”) will qualify for Executive Status. Only Qualifying Points, as defined in these Program Terms and Conditions will count towards Executive Status.
16.3. Term and Requalification will be determined as follows: • Subject to this Section 16 and the maintenance of the 3000 Qualifying Points, Executive Status begins on the Sunday following achievement of the 3000 Qualifying Points, and continues for a period of one year. Upon qualifying for Executive Status, Members will receive notification from the Company alerting them of their eligibility. • Re-qualification for Executive Status is determined based on Qualifying Points accumulated during the Qualifying Year. • In order to qualify for a second Status Year, a Member with Executive Status must once again achieve 3000 Qualifying Points during the next Qualifying Year following the last day of their first Qualifying Year. A Member who continuously achieves 3000 Qualifying Points during each Qualifying Year will qualify for uninterrupted Executive Status. • If an Executive Status Member fails to earn 3000 Qualifying Points during a Qualifying Year, the Member will lose Executive Status effective on the last day of the corresponding year. • In order to re-qualify for Executive Status after it is lost, the Member must accumulate 3000 Qualifying Points within a rolling 365 day period and meet all eligibility requirements.
16.4. Per-trip point redemption limits do not apply to Members with Executive Status. Subject to these Program Terms and Conditions, the applicable DT Travel Program Terms and Conditions and any limitations imposed by Company from time to time, Members with Executive Status may book any Rewards DreamTrips package using entirely DT Points. If DT Points are used for payment for any taxes or fees that are assessed outside of the Rewards DreamTrips package which do not equal a whole dollar value, DT Points deducted will be rounded up to the next whole point amount, and the Executive Status Member will forfeit the fractional amount ...