Investment by Employee Sample Clauses

Investment by Employee. Within 60 days following March 31, 2013, the Profit Sharing Payment due with respect to the Old Sargon Portfolio (which shall, except as set forth on Schedule I attached hereto, be calculated as of 11:59 p.m. on March 31, 2013 in the same manner that was contemplated under Section 5 of the Prior Agreement, which is reproduced for convenience on Schedule III attached hereto) (the “First Profit Sharing Payment”) (net of amounts necessary to satisfy all applicable federal, state and city income taxes of Employee payable thereon) will be paid to the Employee and deposited into an escrow account in the name of the Employee (the “Escrow Account”). The funds in the Escrow Account (i) will be administered in accordance with an escrow agreement substantially in the form attached hereto as Exhibit 1, among the Employee, the Employer and an escrow agent reasonably acceptable to both of them, (ii) will be invested only in U.S. Treasury money market funds (the “Approved Funds”), (iii) will, except as provided in Section 8(c) below, earn a hypothetical return (which the Employee acknowledges and agrees may be positive or negative) as if such funds were invested by the Employee in Sargon on the date of deposit into the Escrow Account – i.e., such hypothetical return will be equal to the actual net rate of return earned by the Employer from Sargon, taking into account the Hurdle and the payment of the Second Profit Sharing Payment,2 during such period (the “Hypothetical Return”) (the Hypothetical Return will not include any interest or other income relating to the Approved Funds (“Income”)), (iv) will, except as provided in Section 8(c) below, be released (in an amount equal to the original amount deposited, plus or minus the amount of the Hypothetical Return, but excluding any Income (such amount, the “Escrowed Amount”)) to the Employee at the time that the Second Profit Sharing Payment (as defined in Section 5 below) becomes due under this Agreement (or, if this Agreement is terminated without any Second Profit Sharing Payment becoming due, at the time of such termination), (v) may not be withdrawn by the Employee, in whole or in part, during the Term, and (vi) may not be pledged, directly or indirectly, by the Employee or the Employer as collateral for any loan. For the avoidance of doubt: (a) any Income shall be the property of the Employer; (b) the Employer shall be responsible for all applicable taxes relating to any Income; (c) any Income may be withdrawn by the Em...
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Related to Investment by Employee

  • Assignment by Employee Employee's rights and obligations under this Employment Agreement are personal, and they shall not be assigned or transferred without the Company's prior written consent.

  • AMENDMENT BY EMPLOYER The Employer has the right at any time and from time to time:

  • Assignment by Executive This Agreement shall inure to the benefit of and be enforceable by the Executive's executor and/or administrators, heirs, devisees, and legatees. If the Executive should die while any amount would be payable to Executive hereunder had the Executive continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive's estate. Executive's rights hereunder shall not otherwise be assignable.

  • Termination of Employment by Executive The Executive may terminate his employment at any time. In such event, the Company shall continue to pay to the Executive in the ordinary and normal course of its business his Salary and earned Warrants and Shares (subject to applicable payroll and/or other taxes required by law to be withheld) through the Termination Date set forth in the Termination Notice.

  • Acknowledgment by Employee Employee acknowledges that the restrictive covenants contained in this Section 7 are legitimate and reasonable business interests of the Company, and that Company is entitled to enforce the restrictions consistent with the foregoing.

  • No Assignment by Executive Executive warrants and represents that no portion of any of the matters released herein, and no portion of any recovery or settlement to which Executive might be entitled, has been assigned or transferred to any other person, firm or corporation not a party to this Agreement, in any manner, including by way of subrogation or operation of law or otherwise. If any claim, action, demand or suit should be made or instituted against the Company or any other Releasee because of any actual assignment, subrogation or transfer by Executive, Executive agrees to indemnify and hold harmless the Company and all other Releasees against such claim, action, suit or demand, including necessary expenses of investigation, attorneys’ fees and costs. In the event of Executive’s death, this Agreement shall inure to the benefit of Executive and Executive’s executors, administrators, heirs, distributees, devisees, and legatees. None of Executive’s rights or obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be transferred only upon Executive’s death by will or operation of law.

  • Acknowledgment by Executive The Executive acknowledges and confirms that (a) the restrictive covenants contained in this Article 6 are reasonably necessary to protect the legitimate business interests of the Company, and (b) the restrictions contained in this Article 6 (including without limitation the length of the term of the provisions of this Article 6) are not overbroad, overlong, or unfair and are not the result of overreaching, duress or coercion of any kind. The Executive further acknowledges and confirms that his full, uninhibited and faithful observance of each of the covenants contained in this Article 6 will not cause him any undue hardship, financial or otherwise, and that enforcement of each of the covenants contained herein will not impair his ability to obtain employment commensurate with his abilities and on terms fully acceptable to him or otherwise to obtain income required for the comfortable support of him and his family and the satisfaction of the needs of his creditors. The Executive acknowledges and confirms that his special knowledge of the business of the Company is such as would cause the Company serious injury or loss if he were to use such ability and knowledge to the benefit of a competitor or were to compete with the Company in violation of the terms of this Article 6. The Executive further acknowledges that the restrictions contained in this Article 6 are intended to be, and shall be, for the benefit of and shall be enforceable by, the Company’s successors and assigns.

  • Termination of Employment by Employee The Employee may terminate his employment at any time. However, he shall be deemed to have terminated his employment for "Good Reason" only if he terminates his employment by giving Notice of Termination pursuant to Paragraphs 6(d) and 6(e)(iii) within ninety (90) days after the occurrence of any of the following events (provided the Company does not cure such event within ten (10) days following its receipt of the Employee's Notice of Termination):

  • Employment by Subsidiary For purposes of this Agreement, the Executive’s employment with the Company shall not be deemed to have terminated solely as a result of the Executive continuing to be employed by a wholly-owned subsidiary of the Company.

  • Resignation by Executive (a) Executive may resign from Executive’s employment with the Company at any time by giving notice as described in Section 7.1.

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