Examples of Employment Agreement in a sentence
Except as expressly set forth herein, all of the terms and conditions of the Employment Agreement shall continue in full force and effect after the execution of this Amendment and shall not be in any way changed, modified or superseded by the terms set forth herein.
Employee and Employer agree and acknowledge that the equity grants contemplated by Section 5.4 of the Employment Agreement were never granted to Employee and, in lieu thereof, Employer will grant to Employee a fully vested, unrestricted award of shares of common stock in accordance with Section 10 of Employer’s 2022 Equity Incentive Plan, which is intended to be the equivalent to 4% of the outstanding stock of the Company on a fully diluted basis as of the date hereof.
The increases to remuneration (as below) that the parties have agreed to take effect from 1st January 2023 will be included in the new Te Pūkenga/TIASA Allied Staff Collective Employment Agreement along with a 6-month Pass-on clause, to be presented to TIASA members covered by various Te Pūkenga/TIASA Allied Staff CA’s, separate to this, for ratification.
Section 5.4 (Equity Compensation) of the Employment Agreement provided that, among other things, Employee would be granted an option to purchase a number of shares of common stock equal to 4% of Employer’s outstanding common stock on the date of the Employment Agreement and, after the first financing after Employee’s start date, Employee would be granted an additional stock option or other equity award in an amount that would maintain Employee’s fully diluted ownership percentage at 4%.
The Current Employment Agreement is hereby terminated, and neither Executive, the Company, nor any Company affiliate shall have any further right, benefit or obligation under the Current Employment Agreement; provided that the second paragraph of Section 10 of the Current Employment Agreement continues in effect.