Employment and Severance Agreements. Except as set forth in the SEC Reports, neither the Company nor any of its Subsidiaries has (i) any written employment contracts or oral employment contracts not terminable at will by the Company or such Subsidiary with any 5% percent shareholder, officer or director of the Company; (ii) any consulting agreement or other compensation agreement with any 5% percent shareholder, officer or director of the Company; or (iii) any agreement or contract with any 5% percent shareholder, officer or director of the Company that will result in the payment by the Company or such Subsidiary or the creation of any commitment or obligation (absolute or contingent), of the Company to pay any severance, termination, “golden parachute,” or similar payment to any present or former personnel of the Company or such Subsidiary following termination of employment. No director, executive officer or other key employee of the Company has advised the Company that he or she intends to resign as director and/or executive officer of the Company or to terminate his or her employment with the Company.
Employment and Severance Agreements. Contingent and effective upon the Closing, the severance agreements and employment agreements, as applicable, between Parent and each of Xxxxx X. Xxxxx and Xxxxx X. Xxxxxxx will have been amended in forms reasonably satisfactory to Parent.
Employment and Severance Agreements. Section 3.16(i) of the Company Disclosure Letter sets forth a complete and accurate list of (i) all employment agreements with employees of the Company or any of its Subsidiaries, other than standard form offer letters and other similar employment agreements entered into in the ordinary course of business and agreements materially consistent with such standard forms; and (ii) all severance agreements, programs and policies of the Company or any of its Subsidiaries with or relating to its Section 16 officers, excluding programs and policies required to be maintained by Law.
Employment and Severance Agreements. Xxxxx Xxxx shall have executed an employment agreement with Harvest, and Xxxxxxx Xxxxxxxxx shall have executed a Severance Agreement with Harvest, the essential and principal terms of each of which are set out and attached hereto as Schedule 1.2.3 and made a part hereof. In addition, Xxxxxxx Xxxxxx shall have executed a Severance Agreement with TRC.
Employment and Severance Agreements. The Sellers will use their commercially reasonable efforts to cause each Buyer-Retained Post-Closing Employee to enter into an agreement stating that the service provided by such Buyer-Retained Post-Closing Employee with respect to Post-Closing Matters will not trigger or give rise to the right of such Buyer Retained Post-Closing Employee to receive any change of control or severance payment under any employment agree ment or severance agreement (such agreement being referred to as a "Severance Waiver"). To the extent the Sellers are unable to obtain such agreement, the parties agree that such employee will not be considered "reasonably acceptable" to the Buyer in accordance with Section 1.1 and such employee shall not be deemed a Buyer-Retained Post-Closing Employee for any purpose until such employee enters into a Severance Waiver.
Employment and Severance Agreements. The Company and the appropriate parties shall have entered into the following agreements:
Employment and Severance Agreements. Subject to the final review of the Noteholders, the Noteholders hereby agree to approve and support approval by the Bankruptcy Court as part of the Chapter 11 Case, the Employment Agreements and Severance Agreements listed on Schedule 5.6 hereto, as may be modified or amended to reflect the terms of this Agreement.
Employment and Severance Agreements. Middle Bay shall have offered employment in Houston to all current Houston based employees of FOC (other than Xxxx Xxxxx) on terms relating to base salary no less favorable than their current employment terms. In the event any FOC employee (who has been employed by FOC for at least five years as of the Closing Date) is terminated by Middle Bay without cause during the first twelve months of employment by Middle Bay, such employee shall be paid for the balance of the twelve month period. Any FOC employee (who had not been employed by FOC for at least five years as of the Closing Date) who is terminated by Middle Bay without cause during the first six months shall be paid for the balance of the six month period.
Employment and Severance Agreements. The Company shall assume (and Alba and Encompass shall cause the Company to assume), effective as of the Closing Date, all employment and/or severance agreements between Alba and any Contributed Employee as set forth in Schedule 7.5(c). Alba, Encompass and the Company shall cooperate and shall use all reasonable efforts to effectuate such assignment on the basis that the consummation of the transactions contemplated by this Agreement will not entitle any Contributed Employees to payments or benefits under such agreements to which they would not be entitled if the transactions contemplated by this Agreement were not consummated. Notwithstanding the foregoing, Tefron or Alba shall have the sole responsibility to pay certain "special bonuses" payable to Xxxx Xxxx and Xxxxx Xxx which shall have been approved in writing by Alba and Encompass.
Employment and Severance Agreements. Crestar will honor the terms of American National's and/or Savings Bank's employment agreements with A. Xxxxx Xxxxxx, Xxxxxx X. Xxxxxxx, Xxxxx X. Xxxxxx and Xxxx X. Xxxxxx described on Schedule E.
