Common use of Assignment and Assumption of Original Employment Agreement; Consent to Assignment Clause in Contracts

Assignment and Assumption of Original Employment Agreement; Consent to Assignment. The Parent hereby assigns, transfers and conveys to the Company, and the Company hereby accepts such assignment and assumes the obligations of the Parent contained in the Original Employment Agreement, as amended by this Agreement. In order to induce the Executive to consent to such assignment and assumption, simultaneously with the execution and delivery of this Agreement, the Parent has executed and delivered to the Executive the Guaranty dated the date of this Agreement. In consideration of the execution and delivery of such Guaranty by the Parent, and of the terms and provisions of this Agreement, the Executive hereby consents to such assignment and assumption.