Common use of Ownership Covenant Clause in Contracts

Ownership Covenant. For so long as this Agreement remains in effect, the Executive agrees to maintain an ownership position in the common stock of the Employer in an amount equal to no less than the lesser of two and a half (2.5) times the initial Base Salary ($875,000) of the Executive as set forth below or fifty thousand (50,000) shares. As of the Effective Date, the applicable ownership requirement is 50,000 shares. Share amounts are to be maintained on an adjusted basis for any subsequent stock dividends or splits. The Employer shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment.

Ownership Covenant. For so long as this Agreement agreement remains in effect, the Executive agrees Agrees to maintain an ownership position in the common stock of the Employer in an amount equal to no less than the lesser of two and a half five (2.55) times the initial Base Salary ($875,000) of the Executive as set forth below or fifty thousand (50,000) sharesbelow. As of the Effective Datedate, the applicable said minimum level of ownership requirement is 50,000 shares. Share amounts are to shall be maintained on an adjusted basis for any subsequent stock dividends or splits$1,250,000 (One million two hundred fifty thousand dollars). The Employer shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment.

Ownership Covenant. For so long as this Agreement remains in effect, the Executive agrees to maintain an ownership position in the common stock of the Employer in an amount equal to no less than the lesser of two and a one-half (2.5) times the initial Base Salary ($875,000) of the Executive ($742,000) as set forth below or fifty thousand (50,000) shares. As of the Effective Date, Date the applicable ownership requirement is shall 50,000 shares. Share amounts are to be maintained on an adjusted basis for any subsequent stock dividends or splits. The Employer shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment.

Ownership Covenant. For so long as this Agreement remains in effect, the Executive agrees to maintain an ownership position in the common stock of the Employer in an amount equal to no less than the lesser of two and a half five (2.55) times the initial Base Salary ($875,0001,850,000) of the Executive as set forth below or fifty one hundred thousand (50,000100,000) shares. As of the Effective Date, the applicable ownership requirement is 50,000 100,000 shares. Share amounts are to be maintained on an adjusted basis for any subsequent stock dividends or splits. The Employer shall not provide any financing to the Executive for the purpose of purchasing or carrying this investment.