CURB OP definition
Examples of CURB OP in a sentence
CURB OP will be responsible for establishing an annual bonus program for the CURB Group Employees for the period beginning on the Distribution Date and ending on December 31, 2024.
Individuals designated by CURB OP to provide such services shall be under the supervision and direction of the SITC Board when providing such CURB Services.
If CURB OP fails to timely give Notice to SITC as provided for in the immediately preceding sentence, CURB OP shall be deemed to have waived CURB OP’s option to enter into the Lease Agreement.
As compensation for the provision of the SITC Services, CURB OP shall pay to SITC a fee in an aggregate amount of 2.0% of CURB Gross Revenue during the Term (the “SITC Services Fee”).
Within five Business Days after CURB OP delivers the Notice exercising the option to SITE, each party to the Lease Agreement shall execute and deliver the Lease Agreement to the other party thereto.
Accordingly, (i) SITC shall retain all liability and be solely responsible for all employment-related, compensation and employee benefits liabilities relating to the employees SITC classifies as employees of SITC or its Affiliates and (ii) CURB OP shall retain all liability and be solely responsible for all employment-related, compensation and employee benefits liabilities relating to the employees that CURB OP classifies as employees of CURB OP or its Affiliates.
This Agreement shall be in effect as of the date hereof and continue in force until the third anniversary hereof (the “Term”) unless SITC or CURB OP elect to earlier terminate this Agreement in accordance with Section 22.
To the extent that CURB or CURB OP directly contracts with a third party that is not an Affiliate of SITC to provide services in support of its business (e.g., auditors, property managers, information systems providers, etc.), CURB OP shall be directly responsible for and pay for the cost of such services, and SITC shall have no obligation to reimburse CURB or CURB OP for such costs or expenses.
Notwithstanding anything to the contrary herein, if any of the provisions of this Agreement would result in imposition of taxes and/or penalties under Section 409A of the Code, SITC, CURB and CURB OP shall cooperate in good faith to modify the applicable provision so that such taxes and/or penalties do not apply in order to comply with the provisions of Section 409A of the Code.
Notwithstanding the foregoing, SITC shall reimburse or pay for expenses incurred by or attributable to CURB OP and its Affiliates in accordance with the provisions of Section 7 below.