Inducement for Employment Sample Clauses

Inducement for Employment. (a) As an inducement for the Executive's entering into this Agreement and undertaking to perform the services referred to in this Agreement, on the later of (i) Effective Date and (ii) the Company's 1997 Annual Meeting of Shareholders (such applicable date, the "Grant Date"), the Company shall grant to the Executive a non-qualified option (the "Option") to purchase 20,000 shares of the common stock, $0.01 par value ("Common Stock") of the Company, which grant may, at the Company's election, be pursuant to the Corporation's 1997 Stock Option Plan (the "Plan"), in which case it shall be subject to shareholder approval of the Plan. The exercise price of the Option shall be equal to the average closing price of a share of Common Stock over the ten (10) consecutive trading days ending on the date immediately prior to the Grant Date. If the shareholders fail to approve the Plan, the Executive and the Company shall discuss, in good faith, alternative mechanisms to provide the Executive with the economic equivalent of the Option. (b) The Option shall become exercisable as to 1/3 of the shares originally covered by such Option upon the first anniversary of the Grant Date and as to an additional 1/3 of the shares originally covered by such Option on each of the second and third anniversaries of the Grant Date, subject to the acceleration of vesting provisions contained in Section 2(c) hereof. (c) The Option shall expire on the earlier of the tenth anniversary of the Grant Date or the thirtieth (30th) day following the date the Executive's employment is terminated for any reason and may be exercised (to the extent it has vested), at any time prior to such expiration; provided, however, that if, (i) prior to the expiration of the Employment Period, the Company terminates the Executive's employment without Cause or (ii) subsequent to the expiration of the Employment Period, the Company terminates the Executive's employment in a manner that would have been a termination without Cause had the Employment Period not expired, then the Option shall become fully vested and exercisable and shall remain exercisable for a period of one year following such termination of employment; and, provided further that if the Executive's employment is terminated on account of her death or Disability, then upon such termination the Option shall become fully vested and exercisable and shall remain exercisable for a period of one year following such termination of employment. The Option shall...
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Related to Inducement for Employment

  • Application for Employment Employee understands and agrees that, as a condition of this Agreement, Employee shall not be entitled to any employment with the Company, and Employee hereby waives any right, or alleged right, of employment or re-employment with the Company. Employee further agrees not to apply for employment with the Company and not otherwise pursue an independent contractor or vendor relationship with the Company.

  • Prior Employment Executive represents and warrants that Executive’s acceptance of employment with the Company has not breached, and the performance of Executive’s duties hereunder will not breach, any duty owed by Executive to any prior employer or other person. Executive further represents and warrants to the Company that (a) the performance of Executive’s obligations hereunder will not violate any agreement between Executive and any other person, firm, organization, or other entity; (b) Executive is not bound by the terms of any agreement with any previous employer or other party to refrain from competing, directly or indirectly, with the business of such previous employer or other party that would be violated by Executive entering into this Agreement and/or providing services to the Company pursuant to the terms of this Agreement; and (c) Executive’s performance of Executive’s duties under this Agreement will not require Executive to, and Executive shall not, rely on in the performance of Executive’s duties or disclose to the Company or any other person or entity or induce the Company in any way to use or rely on any trade secret or other confidential or proprietary information or material belonging to any previous employer of Executive.

  • in Employment If the total value of this contract is in excess of $10,000, Pur- chaser agrees during its performance as follows:

  • Termination of Employment for Other Reasons In the event that the Participant's employment with the Company or a Subsidiary terminates prior to the end of the Performance Period for any reason other than Death, Disability, Retirement, or Termination by the Company or a Subsidiary without Cause, then Participant's rights to all of the Target Performance Shares granted in this Award will be immediately and irrevocably forfeited upon such termination of employment.

  • Termination of Employment for Cause If Optionee’s employment with the Bancorp or a subsidiary corporation is terminated for cause, this option shall expire thirty (30) days from the date of such termination. Termination for cause shall include, but not be limited to, termination for malfeasance or gross misfeasance in the performance of duties or conviction of a crime involving moral turpitude, and, in any event, the determination of the Board of Directors with respect thereto shall be final and conclusive.

  • At-Will Employment Relationship Executive’s employment with the Company is at-will and not for any specified period and may be terminated at any time, with or without Cause or advance notice, by either Executive or the Company. Any change to the at-will employment relationship must be by specific, written agreement signed by Executive and an authorized representative of the Company. Nothing in this Agreement is intended to or should be construed to contradict, modify or alter this at-will relationship.

  • Outside Employment Employees may engage in other employment outside of their State working hours so long as the outside employment does not involve a conflict of interest with their State employment. Whenever it appears that any such outside employment might constitute a conflict of interest, the employee is expected to consult with his/her appointing authority or other appropriate agency representative prior to engaging in such outside employment. Employees of agencies where there are established procedures concerning outside employment for the purpose of insuring compliance with specific statutory restrictions on outside employment are expected to comply with such procedures.

  • Employment of Executive Employer hereby agrees to employ Executive, and Executive hereby agrees to be and remain in the employ of Employer, upon the terms and conditions hereinafter set forth.

  • Prior Employment Agreements The Executive represents that he/she has not executed any agreement with any previous employer which may impose restrictions on Executive’s employment with the Employer.

  • SALARY DETERMINATION FOR EMPLOYEES IN ADULT EDUCATION [Not applicable in School District No. 62 (Sooke)]

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