Sale of Subsidiaries. Upon the sale of the stock or substantially all of the assets of any subsidiary of the Companies, which is approved by the ICH Board, such subsidiary shall be automatically released from its obligations hereunder and shall not be considered as having any continuing liability for the obligations hereunder, and Executive shall be released from his obligations to such subsidiary hereunder.
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Samples: Employment Agreement (Ich Corp /De/), Employment Agreement (Ich Corp /De/), Employment Agreement (Ich Corp /De/)
Sale of Subsidiaries. Upon Other than with respect to the joint and several obligations of each subsidiary pursuant to Section 5 hereof, upon the sale of the stock or substantially all of the assets of any subsidiary of the CompaniesICH, which is approved by the ICH Board, such subsidiary shall be automatically released from its obligations hereunder and shall not be considered as having any continuing liability for the obligations hereunder, and Executive shall be released from his obligations to such subsidiary hereunder.
Appears in 1 contract
Samples: Employment Agreement (Ich Corp /De/)
Sale of Subsidiaries. Upon the sale of the stock or substantially all of the assets of any subsidiary of the CompaniesCompany, which is approved by the ICH Board, such subsidiary shall be automatically released from its obligations hereunder and shall not be considered as having any continuing liability for the obligations hereunder, and Executive Consultant shall be released from his obligations to such subsidiary hereunder.
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