Continue Employment Clause Samples
The Continue Employment clause defines the conditions under which an employee remains employed with an organization, often after a significant event such as a merger, acquisition, or contract renewal. It typically outlines whether the employee's role, compensation, and benefits will remain unchanged or if modifications will occur, and may specify any requirements for continued service. This clause serves to provide clarity and assurance to both parties regarding job security and expectations, helping to prevent misunderstandings or disputes about employment status following organizational changes.
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Continue Employment. Executive and Employer agree that Executive will remain employed by the Employer through his retirement date, August 31, 2013, either in the capacity of its Chief Financial Officer or as a special advisor to its Chief Executive Officer. Upon the appointment of a successor Chief Financial Officer, anticipated to occur on or around January, 2013, Executive’s duties shall be fulfilled by serving in an advisory role to the Chief Executive Officer. Upon Executive’s assumption of an advisory role to the Chief Executive Officer, Employer acknowledges that Executive’s duties and responsibilities shall be modified such that he will be deemed as satisfying his duties and responsibilities by being generally available to consult and advise the Chief Executive Officer on such special matters as may require Executive’s participation. Employer agrees to provide compensation and benefits to Executive up through August 31, 2013 as set forth in this Section 2 unless (a) Executive’s employment is terminated by Employer for “Cause,” as defined under Executive’s Special Severance Agreement dated August 24, 2007 (“Cause”), or as a result of Executive violating the provisions of Section 5 of this Agreement; or (b) Executive’s employment should terminate before August 31, 2013 as a result of Executive’s death, disability or voluntary resignation. Executive’s compensation and benefits, including adjustments, shall be as follows:
i) Executive will continue to receive his current base salary through August 31, 2013;
ii) Executive will receive a full fiscal year 2013 earned cash bonus, without any discretionary adjustment, under Employer’s executive compensation program but will forfeit any cash or equity bonus of any kind that remains unvested after August 31, 2013, including any cash or equity bonus for fiscal year 2014 (i.e., there will be no pro-rata cash or equity bonus earned award for July and August of fiscal year 2014);
iii) Employer will continue to allow Executive to participate in Employer’s medical and other employee benefit programs that Employer has established for its employees through August 31, 2013. Such participation by Executive in Employer’s medical and other employee benefit programs shall be subject to: 1) the terms and conditions of such programs, 2) Employer’s right to amend and modify such programs, and 3) payment by Employee of any applicable co-payments and deductibles;
iv) Executive, in addition to the compensation and benefits provided under this Agreem...
Continue Employment. Confer upon Grantee any right to continue in the employ of or under contract with the Company or any Affiliate or affect in any way the right of the Company or any Affiliate to terminate his or her employment or service at any time.