Retention of Senior Management Sample Clauses

Retention of Senior Management. Buyer agrees that it shall not, prior to the Earnout Closing Date, dismiss Protected Management without Cause and that any such dismissal will trigger the procedures set forth in Section 2.6 hereof.
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Retention of Senior Management. Buyer agrees that it shall not, prior to the Earnout Closing Date, dismiss any of the Key Management Employees without Cause and that any such dismissal without Cause will accelerate the Earnout Closing as set forth in Section 2.4 hereof.
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Retention of Senior Management. The Steering Committee Lenders support the retention of the following executives (“Management”): (i) Xxxx Xxxxxxx, President and Chief Executive Officer; (ii) Xxxxxxx X. Xxxxx, Executive Vice President and Chief Financial Officer; (iii) Xxxxx Xxxxxxxxxx, Executive Vice President, Corporate Alliances-Sponsorship; (iv) Xxxx Xxxxxxx, Executive Vice President, Park Strategy and Management; (v) Xxxxxx X. Xxxxxxxxx, Executive Vice President, Strategic Development and In-Park Services; (vi) Xxxxxxx Xxxxxxxx, Executive Vice President, Entertainment and Marketing and (vii) Xxxxx Xxxxxxxx, General Counsel. All existing executive employment agreements for Management will be assumed in accordance with their terms; provided that any provisions in such employment agreements providing for Old Interests in SFI shall not be assumed and shall be treated under Section 4(d)(iv) above; provided further that the provisions regarding a change of control in Xx. Xxxxxxx’x employment agreement shall be clarified so as to (i) exclude from the definition of “Change in Control”: (a) the Chapter 11 cases and the occurrence of the Effective Date and (b) the replacement of any current directors with directors appointed by the Steering Committee Xxxxxxx, (ii) modify the definition of “Significant Change in Board Composition” so that it is triggered only by the failure of more than one of Xxxx Xxxxxxx, Xxxxxx X. Xxxxxx, Xxxx Xxxxxxxx and Xxxxxx Xxxxx, or their respective successors, to be a “Continuing Director” and (iii) exclude the Lenders from the definition of “person” to the extent that the Lenders, as a collective, could be deemed to be acting as a “group” for the purposes of the Securities Exchange Act of 1934; provided further that cash severance for Xx. Xxxxxxx shall be limited to three years base salary plus bonus.
Sample 1
Retention of Senior Management. Borrower shall at all times cause the Retention Agreements to be in full force and effect with respect to Byxxx X. Xxxx, Joxxxx X. Xxxxx xnd Frxxxxx X. Xxxx (or any replacement to any of the foregoing individuals so long as such replacements are reasonably acceptable to the Requisite Restructuring Lenders and are subject to a retention agreement acceptable to the Requisite Restructuring Lenders). Each of the Restructuring Lenders acknowledges that it has reviewed the Retention Agreement and agrees to the terms and conditions thereof. Each Restructuring Lender authorizes the Collateral Agent to acknowledge and agree to the terms of the Retention Agreement on its behalf and in so doing each Restructuring Lender agrees that the signature of the Collateral Agent on its behalf shall be as if such Restructuring Lender were an original signatory thereto.
Sample 1
Retention of Senior Management. Borrower shall at all times cause the Retention Agreements to be in full force and effect with respect to Byxxx X. Xxxx, Joxxxx X. Xxxxx xnd Frxxxxx X. Xxxx (or any replacement to any of the foregoing individuals so long as such replacements are reasonably acceptable to the Requisite Restructuring Lenders and are subject to a retention agreement acceptable to the Requisite Restructuring Lenders). Each of the LIFO Banks acknowledges that it has reviewed the Retention Agreement and agrees to the terms and conditions thereof. Each LIFO Bank authorizes the Collateral Agent to acknowledge and agree to the terms of the Retention Agreement on its behalf and in so doing each LIFO Bank agrees that the signature of the Collateral Agent on its behalf shall be as if such LIFO Bank were an original signatory thereto.
Sample 1

Related to Retention of Senior Management

  • Retention of Seniority (a) Any employee, other than a probationary employee, whose employment ceases through no fault of his own, shall retain seniority and shall be recalled on the following basis: (i) An employee with less than one year's continuous service shall retain these rights for six (6) months from the date of lay-off. (ii) An employee with one or more year's continuous service shall retain these rights for twelve (12) months from the date of lay-off, plus two (2) additional months for each year's service up to an additional twenty-four (24) months. (b) Failure of the employee to report for work within one (1) week of notice by registered mail at their last address reported to and received by the mill shall result in his termination of employment with the Company. Bona fide reasons for failure to report shall not deprive an employee of his recall rights.

  • Compensation of Employees Compensate its employees for services rendered at an hourly rate at least equal to the minimum hourly rate prescribed by any applicable federal or state law or regulation.

  • Termination of Seniority An employee's seniority shall terminate: A. If the employee resigns B. If the employee retires C. If the employee is discharged D. If the employee is laid off for a period of more than twenty-four (24) consecutive months E. If the employee who has completed his/her probationary period fails to report to work as scheduled after any authorized absence or layoff, he may be terminated effective on the 4th calendar day following the scheduled return to work date

  • Responsibility of Dual Directors, Officers and/or Employees If any person who is a director, officer or employee of the Adviser is or becomes a Trustee, officer and/or employee of the Fund and acts as such in any business of the Fund pursuant to this Agreement, then such director, officer and/or employee of the Adviser shall be deemed to be acting in such capacity solely for the Fund, and not as a director, officer or employee of the Adviser or under the control or direction of the Adviser, although paid by the Adviser.

  • RETENTION OF ULTIMUS The Trust hereby retains Ultimus to act as the fund accountant of the Trust and to furnish the Trust with the services as set forth below. Ultimus hereby accepts such employment to perform such duties.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

  • Determination of Seniority Seniority records shall be maintained by the University and shall be based on the employee's seniority date. The University shall maintain current records on seniority for use in the application of these provisions and they shall be available whenever a Union representative shall raise a question of seniority. Such lists and records shall also show the job title and latest employment date with the University for each person, and a copy of the list shall be furnished to the Union every six (6) months, upon request.

  • CLASSIFICATION OF EMPLOYEES Section 1. A full-time employee shall be deemed to be any employee regularly scheduled to work forty (40) hours per week. A regular employee is one whose employment is reasonably expected to continue for longer than fifteen (15) months. Section 2. A part-time employee shall be deemed to be any employee regularly scheduled to work less than forty (40) hours per week. Section 3. The Company shall have the right to reduce employee classifications from full-time to part-time or to increase employee classifications from part-time to full-time. Should the Company deem it appropriate to reclassify full-time employees to part-time employees, it will seek volunteers from the affected group and then force in reverse order of seniority. Section 4. A temporary employee is one who is engaged for a specific project or a limited period, with the definite understanding that his/her employment is to terminate upon completion of the project or at the end of the period, and whose employment is expected to continue for more than three (3) consecutive weeks, but not more than fifteen (15) months. The termination of the employment of such temporary employees shall not be subject to the grievance or arbitration provisions of this Agreement. Section 5. Agency workers and independent contractors shall not be deemed to be employees of the Company and, as such, shall not be covered by any of the terms or conditions of this Agreement.

  • Termination of Employees Agent may in its discretion stop using any Retained Employee at any time during the Sale, subject to the conditions provided for herein. In the event that Agent desires to cease using any Retained Employee, Agent shall notify Merchant at least seven (7) days prior thereto, so that Merchant may coordinate the termination of such employee; provided, however, that, in the event that Agent determines to cease using an employee “for cause” (which shall consist of dishonesty, fraud or breach of employee duties), the seven (7) day notice period shall not apply, provided further, however, that Agent shall immediately notify Merchant of the basis for such “cause” so that Merchant can arrange for termination of such employee. From and after the date of this Agreement and until the Sale Termination Date, Merchant shall not transfer or dismiss Retained Employees except “for cause” without Agent’s prior consent. Notwithstanding the foregoing, Agent shall not have the right to terminate the actual employment of any Retained Employee, but rather may only cease using such employee in the Sale and paying any Expenses with respect to such employee.

  • Compensation of Employee Employer shall pay Employee, and Employee shall accept from Employer, in full payment for Employee's services hereunder, compensation as follows:

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