Management Term Sheet Clause Samples
A Management Term Sheet is a summary document outlining the key terms and conditions agreed upon between management and other parties, such as investors or company owners, regarding the management's roles, responsibilities, compensation, and incentives. It typically covers aspects like salary, bonuses, equity participation, and performance targets, providing a clear framework for the management team's engagement. By consolidating these essential terms in a concise format, the Management Term Sheet ensures mutual understanding and serves as a reference point for drafting more detailed agreements, thereby reducing misunderstandings and streamlining negotiations.
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Management Term Sheet. Each of the Management Purchasers acknowledges that its agreement to remain with the Company and to make investments in Parent have served as a material inducement to Parent to enter into the Plan of Merger with the Company. Consummation of the Plan of Merger by Parent is conditioned upon the funding by each of the Management Purchasers of its respective amount of Purchased Equity Securities. The terms of each of the Management Purchasers continued employment with the Company will be as set forth in the term sheet (the "Term Sheet") attached hereto as Annex I and as may otherwise be agreed to by Parent.
Management Term Sheet. This management term sheet (the “Management Term Sheet”) is for discussion and settlement purposes only and is subject to the provisions of Rule 408 of the Federal Rules of Evidence and other applicable statutes, rules, and doctrines protecting the use or disclosure of confidential information and information exchanged in the context of settlement discussions. This Management Term Sheet and the information contained herein is strictly confidential and is subject to the confidentiality agreements entered into between the Parties (as defined below). This Management Term Sheet is not intended (and should not be construed) to create any rights in favor of any person or entity, any liability on the part of any person or entity, or any obligation (including any obligation to consummate any agreement or to continue discussions or negotiations with respect to any agreement) on the part of any person or entity, with respect to any matter. The Parties shall have no obligation to consummate an agreement unless and until definitive written agreements setting forth the terms of such agreement are executed and delivered by the Parties and then the Parties’ obligations will be only as set forth in such agreements. Notwithstanding anything to the contrary, the Parties agree that the terms set forth in this Management Term Sheet are non-binding and subject to change in all respects, and that final terms will be negotiated by the Parties and reflected in definitive documentation to be filed with the Bankruptcy Court in connection with the Company’s chapter 11 plan of reorganization.
Management Term Sheet. The Parties shall use all of their respective reasonable endeavours to procure that, as soon as practicable after the Signing Date and in any event prior to the Completion Date, the Buyer and its subsidiaries on one hand and the Participating Management Shareholders on the other hand negotiate and execute the Management Documentation in order to reflect the terms of the Management Term Sheet.