Contingent upon Clause Samples
The "Contingent upon" clause establishes that certain obligations or actions in a contract will only take effect if specific conditions are met. In practice, this means that a party's duty to perform—such as making a payment, delivering goods, or commencing services—depends on the occurrence of a defined event, like obtaining regulatory approval or securing financing. This clause is essential for managing risk and ensuring that parties are not bound to perform unless the agreed-upon prerequisites are satisfied, thereby protecting them from unforeseen circumstances or unmet dependencies.
Contingent upon. (i) Executive’s execution of this Agreement and this Agreement becoming irrevocable and effective; (ii) Executive’s compliance with the terms of this Agreement; (iii) Executive behaving professionally and complying with all workplace policies between the date of this Agreement and the Separation Date; and (iv) Executive reaffirming the terms of this Agreement including the release so that it covers the period between the date of this Agreement and the Separation Date by signing and returning the Certificate attached as Exhibit A hereto after the Separation Date but no later than seven days after the Separation Date, the Company agrees to pay Executive the following consideration (the “Separation Compensation”):
Contingent upon the Holder’s receipt of a fully executed copy of this Letter Agreement (including fully executed copies of all exhibits attached thereto from the Makers and the Shareholders), the parties acknowledge and agree that the Note hereby is amended to reflect the following terms, and that the Makers shall execute the related exhibit to this Letter Agreement (Amendment No. 1 to the Note attached hereto as Exhibit A) to reflect such amendment:
(a) In the first paragraph of the Note, the Maturity Date (as defined in the Note) shall be extended from November 29, 2014 to November 29, 2015.
(b) In the second paragraph of the Note, the sentence “[t]his Note is non-interest bearing” shall be deleted and replaced with the following: “The outstanding principal and accrued but unpaid interest under this Note shall bear simple interest at the rate of 20% per annum beginning November 29, 2014 which shall accrue from day to day on the basis of a 365-day year for the actual number of days in such period.”
(c) The definition of an Event of Default shall include the breach or violation by the Makers or the Shareholders of the terms and conditions of this Letter Agreement.
Contingent upon. (i) the Executive's execution of a Stock Option Agreement (as defined below) and (ii) the approval of the Plan by the stockholders of the Company at the annual meeting of the stockholders of the Company on or about September 12, 2000, the Company shall grant to the Executive pursuant to the Arinco Computer Systems Inc. 2000 Stock Option Plan (the "Plan"), as of the Commencement Date, an option to purchase 3,000,000 shares of the Company's Common Stock (the "Option") at Fair Market Value (as defined in the Plan). The Option shall be subject to the terms and conditions set forth in an agreement (the "Stock Option Agreement") entered into by and between the Company and the Executive evidencing such award which shall be annexed hereto as Exhibit A. The Executive shall also be eligible to receive from time to time, or at any time, additional option grants at the discretion of the Board.
Contingent upon the Executive’s acceptance and non-revocation of this Agreement and in consideration of the Executive’s promises and undertakings in this Agreement, the Company or AHII, as applicable, shall provide to him, in addition to the salary and benefits he will receive pursuant to Paragraph 2, the following separation benefits (the “Separation Benefits”):