Purpose and Term. The purpose of this Agreement is to provide specified compensation and benefits to the Executive in the event of an Involuntary Termination. Subject to the terms of any applicable written employment agreement between Company and the Executive (as to which Executive acknowledges no other such agreement exists as of the date hereof of if such agreement does exist it will be amended and replaced by this Agreement), either the Executive or Company may terminate the Executive’s employment at any time for any reason, with or without notice. The term of this Agreement shall be the period from the date set forth above until Executive’s employment is terminated for any reason or this Agreement is terminated by mutual agreement of the parties. In the event the matters on the Company’s annual proxy for the year ended December 31, 2022 or a proxy for a special meeting do not receive the requisite number of votes for approval, including increasing the authorized shares of common stock, approval of the transactions set forth in that certain Services Agreement entered between the Company and Aggia LLC FC (the “Services Agreement”), approval of the issuance of greater than 19.99% of the total issued and outstanding shares to Aggia or any of its designees, approval of the change of control of the Company, approval of the equity compensation as required by NASDAQ Rule 5635(c) as needed and approval of changes to the Board as contemplated in the Services Agreement, then this Agreement will be terminated and the Current Agreement will again be in full effect. In addition, if the Services Agreement is terminated for any reason, then this agreement will be terminated and the Current Agreement will again be in full effect.
Appears in 5 contracts
Samples: Executive Employment Agreement (Muscle Maker, Inc.), Executive Employment Agreement (Muscle Maker, Inc.), Executive Employment Agreement (Muscle Maker, Inc.)
