Modification of Employment Agreement. Sections 2, 3, 4, 5 and 6 in their entirety and Subsections (a)-(g) of Section 7 of the Employment Agreement are hereby null and void. The remaining provisions of the Employment Agreement shall remain in full force and effect according to their terms, as such terms have been modified herein. For the sake of clarity, for purposes of this Agreement, the definition of "Disabled" shall be the definition contained in Section 7(a) of the Employment Agreement, the definition of "Constructive Termination Without Cause" shall be the definition contained in Section 7(e)(i) of the Employment Agreement (as modified by this Agreement) and the definition of "Cause" shall be the definition contained in Section 7(e)(iii) of the Employment Agreement (as modified by this Agreement).
Modification of Employment Agreement. Sections 2, 3, 4, 5 and 6 in their entirety and Subsections (a)-(g) of Section 7 of the Employment Agreement are hereby null and void. The remaining provisions of the Employment Agreement shall remain in full force and
Modification of Employment Agreement. (a) Section 2(a) of the Employment Agreement is hereby amended in its entirety as follows: “Employee will initially serve in the capacity as Chief Executive Officer of each of the Company and the Parent, subject in each case to the reasonable supervision of the respective Boards of Directors of the Company and the Parent. In such capacity, Employee will have all necessary powers to discharge his responsibilities, subject in each case to the reasonable supervision of the respective Boards of Directors. The respective Boards of Directors of the Company and the Parent may from time to time define the title and duties of the Employee hereunder in furtherance of the respective business of the Company and the Parent.”
Modification of Employment Agreement. This Agreement is a modification of certain provisions of the Employment Agreement as specified above. Except as modified above, the provisions of the Employment Agreement remain in full force and effect.
Modification of Employment Agreement. In order to bring the Employment Agreement for Xxxxxxx X. Xxxxxx dated December 1, 2014 I hereby approve the following changes effective January 29, 2015:
Modification of Employment Agreement. From and after the Effective Date, neither the Company nor the undersigned shall have any further rights or obligations under the Employment Agreement other than those rights and obligations set forth in this Agreement.
Modification of Employment Agreement. A. In consideration of the other provisions contained in this Agreement, IFS and Pascuito hereby mutually agree to terminate the existing Pascuito Employment Agreement, effective as of the date of signing of this Agreement. IFS agrees to release Pascuito from his obligations to provide executive services for the benefit of IFS, but IFS nevertheless agrees to continue to compensate Pascuito in accordance with his current employment agreement for a period from the date of this Agreement until the earlier of (i) eleven (11) months from the date of this Agreement, or (ii) such time as Go2Pay raises at least $1 million, in the manner set forth in subparagraph 7C above.
Modification of Employment Agreement. This Agreement supplements the Employment Agreement and in the event of any inconsistencies between the terms of this Agreement and the terms of the Employment Agreement, this Agreement shall control.
Modification of Employment Agreement. Dear Xxx: You are currently a party to an Employment Agreement with Pacific Drilling Manpower, Inc., a Delaware corporation and an indirect wholly-owned subsidiary of Pacific Drilling S.A. (together, the “Company”), dated as of July 22, 2019, as amended or restated from time to time (your “Employment Agreement”). Capitalized terms used but not defined herein shall have the meaning set forth in the Employment Agreement. As you are aware, the Company has determined to effect a Company-wide reduction in base salaries effective April 1, 2020 which will reduce your base salary by 10% (the “Reduction”). The Reduction constitutes a “reduction that is part of, and consistent in amount, percentage and/or application with, an across-the-board reduction in the base salaries of the senior executives of the Company” and thus neither requires your consent under Section 3(a) of your Employment Agreement nor constitutes “Good Reason” under Section 5(c)(i) of your Employment Agreement for purposes of a termination under Section 6(b)(i) thereof. By signing this letter, you acknowledge and agree that you (i) are aware of the Reduction and have reviewed your Employment Agreement, (ii) affirm that the Reduction neither requires your consent under your Employment Agreement nor constitutes “Good Reason” under your Employment Agreement for purposes of a termination under Section 6(b)(i) thereof, and (iii) waive any right in the future to assert that you were entitled to any severance compensation or benefits as a result of Good Reason in connection with the Reduction. In addition, the Company agrees that if you are terminated without Cause or you terminate your employment for Good Reason (which, for the avoidance of doubt, may not be triggered by the Reduction) following the date of this letter agreement and during the term of your Employment Agreement, for purposes of calculating any Severance Payment or CIC Severance Payment, as applicable, that may be due you under Section 6(b) of the Employment Agreement, the Base Salary used for purpose of the calculation, including for purposes of calculating the target value of your Annual Bonus, will be no less than your Base Salary in effect on March 31, 2020. Your agreement to the terms of this letter agreement is in consideration of your continued employment with the Company; provided, that in no event shall this letter agreement alter the at-will nature of your employment with the Company, which may be terminated by either party at ...
Modification of Employment Agreement. Effective as of the date hereof, Sections 5(a), 5(b), 5(c) and 5(e) of the Employment Agreement shall be of no further force and effect.
