Key Employee Agreement. The Key Employee shall have entered into the Key Employee Agreement.
Key Employee Agreement. This agreement amends and supercedes the severance payment provision set forth in paragraph 2.2(c) of the Key Employee Agreement between the Company and Executive dated April 23, 2001. In all other respects, nothing herein contained is intended or will be construed as a waiver, modification, amendment or replacement for the Key Employee Agreement, which remains in full force and effect. In witness whereof, the parties hereto have executed this Agreement as of the date first set forth above. MACROCHEM CORPORATION By: s/s Robert J. Palmisano ------------------------------------- Robert J. Palmisano Presidxxx xxx Xxxxx Xxxxxtive Officer s/s Bernard R. Patriacca ------------------------------------- Bernard R. Patriacca
Key Employee Agreement. The Key Employee will have delivered to Parent the executed offer letter, employment or consulting agreement and any related agreements in forms to be agreed upon between Key Employee and Parent ( “Key Employee Agreement”).
Key Employee Agreement. Parent will have executed and delivered the Key Employee Agreement, substantially in the form as annexed hereto, with such additions, deletions, amendments, modifications, changes and completions as are mutually acceptable to all parties, it being understood that the Key Employee has not yet reviewed and approved such form, to be effective at Closing.
Key Employee Agreement. This agreement amends and supercedes the severance payment provision set forth in paragraph 2.2(d) of the Key Employee Agreement between the Company and Executive dated November 16, 2000. In all other respects, nothing herein contained is intended or will be construed as a waiver, modification, amendment or replacement for the Key Employee Agreement, which remains in full force and effect.
Key Employee Agreement. Notwithstanding anything contained herein or in the Plan to the contrary, to the extent that you are entitled to receive the severance benefits described in Section 7(c) of the Key Employee Protection Agreement (the “Key Employee Agreement”) between you and the company, (i) the Options granted hereunder (unless such Options shall already have become exercisable pursuant to Section 5(a) above upon a Change of Control, in which case such Options shall be so exercisable as of such Change of Control), or any Alternative Award, shall automatically be and become fully exercisable on the Date of Termination (as defined in the Key Employee Agreement) without any further action on anyone’s part and (ii) you shall the right to exercise any such Option or any such Alternative Award until the earlier to occur of the expiration of the term of the Options or the expiration of the term of such Alternative Award and the fifth anniversary of such Date of Termination. For purposes of this Section 5(b), a “constructive termination” shall mean a termination of employment by you following a material reduction in your base salary or your incentive compensation opportunity or a material reduction in your responsibilities, in either case without your written consent.
Key Employee Agreement. The Key Employees set forth on ---------------------- Schedule A hereto shall have executed Key Employee Agreements with Parent, in ---------- form reasonably acceptable to the parties.
Key Employee Agreement. Buyer acknowledges that Seller is a party to an Executive Employment Agreement with Terrx Xxxxxxxx ("Xherxxxx") xated July ___, 1998 (the "Sheridan Agreement"). Buyer shall, at the Time of Closing, assume Seller's obligations under the Sheridan Agreement, subject to the following:
(a) If Sheridan's employment with Buyer is terminated prior to the one year anniversary of the Time of Closing, Seller shall pay 50% of the severance pay (including the cost of all benefits) due Sheridan under the Sheridan Agreement.
(b) Upon the expiration of such one year period, for the next succeeding 24 months, if Sheridan's employment is terminated, Seller's portion of such severance pay (including the cost of all benefits) shall decrease ratably each month from 50% of $235,194 such that after the expiration of the 24 month period, Seller shall have no liability for any severance payments to Sheridan.
Key Employee Agreement. Executive acknowledges and agrees that the Key Employee Agreement (as defined in paragraph N below) he entered into upon hiring at AEI is not superseded or modified by this Agreement.
Key Employee Agreement. The Corporation shall deliver to the Lenders copies of an executed employment agreement (in the form attached hereto as Exhibit K) with the Founder (the "Employment Agreement").
