Key Person Agreements. (a) Each Seller holding 10% or more of the Purchased Shares immediately prior to the Share Exchange Closing agrees that such Seller shall enter into the Non-Disclosure, Non-Competition and Non-Solicitation Agreement; and
Key Person Agreements. Each of the Company and SPAC shall procure the execution and delivery of Company Employment Agreement by each executive officers of the Company on or prior to the Merger Closing (collectively, the “Key Person Agreements”).
Key Person Agreements. (a) Employment agreements ("Key Person Employment Agreements"), in form approved by the Authorized Officers, shall immediately be prepared and executed to provide the following compensation to the following key persons ("Key Persons"): salaries of $200,000 per annum paid by the Company to Xxxxxx Xxxxxxxxx, Xxxxx Xxxxxx, Xxxxxxx Alliban, Xxxxx Xxxxxx, Xxxx X. Xxxxxx, Xxxxxxx X. Xxxxxxx and Xxxxxx X. Xxxxxxx, and $160,000 to Xxxxxxx Xxxxxxxxx, for their services as Officers of the Company. Other salaries will be paid as the Board of Directors of the Company determines. Such compensation shall be deferred and accrued during any period when the revenues of the Company are not sufficient to pay such salaries. Such compensation will be adjusted upward each year by the greater of 5% of the then current salaries or the percentage increase in net revenues of the Company; in any case, the Board of Directors may determine to pay a greater amount. In addition, officers will be reimbursed for all ordinary and necessary business expenses and will be provided with company cars.
Key Person Agreements. Each of the Company and Surviving Company shall procure the execution and delivery of Company Employment Agreement by each executive officers of the Surviving Company effective on and following the First Closing containing non-disclosure, non-competition, non-circumvention/ solicitation protective clauses for the benefit of the Surviving Company (collectively, the “Key Person Agreements”).
Key Person Agreements. Company will not terminate, amend, supersede or otherwise modify the Confidentiality Agreement between the Company and the Key Person dated August 15, 2011 or the Non-Compete Agreement dated December 31, 2012, between the Company and the Key Person (together, the “Key Person Agreements”) without prior written approval of Lender, which approval will not be unreasonably withheld or delayed.
Key Person Agreements. Those certain Offer Letters with each of the Key Employees shall be in full force and effect and no default shall have occurred thereunder.
Key Person Agreements. Each Key Person (A) shall have executed his or her Key Person Agreements, which shall not have been revoked, rescinded or otherwise repudiated by the respective signatory thereto, (B) shall not have terminated his or her employment with the Company or expressed an intention or interest (whether formally or informally) in, or taken action toward terminating his or her employment with the Company at or prior to the Closing, (C) shall have executed Parent’s Proprietary Information and Inventions Assignment Agreement in the form attached hereto as Exhibit F, and (D) shall be eligible to work in the jurisdiction of his or her employing entity.
