Common use of Establishment, Term, and Purpose Clause in Contracts

Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and shall continue in effect until December 31, 2016. However, at December 31, 2016, and, if extended, at the end of each additional year thereafter, the term of this Agreement shall be extended automatically for one (1) additional year, unless the Committee (as defined in Section 2.13 herein) delivers notice six (6) months prior to the end of such term, or extended term, to the Executive, stating that the Agreement will not be extended. In such case, the Agreement will terminate at the end of the term, or extended term, then in progress. However, in the event of a Change in Control (as defined in Section 2.10 herein) of CMS Energy Corporation, the term of this Agreement shall automatically be extended to the earlier of (i) the date that is two (2) years from the date of the Change in Control if the current term of this Agreement has less than two (2) full years remaining until its expiration or (ii) the date the Executive attains age 65. If the term of this Agreement is not extended, the Employer is not obligated to pay any severance benefits under Section 3.2 herein for a Change in Control that happens after the expiration of the term of this Agreement. In addition, notwithstanding the above, any obligation of the Employer arising during the term of this Agreement shall survive the termination of this Agreement until paid in full, provided that the Executive has provided or received a Notice of Termination within the applicable time limitations under Section 2.26 herein. Notwithstanding the forgoing, the obligations of the Executive under Article 5 herein shall continue in effect and survive the expiration of the term of this Agreement.

Appears in 1 contract

Samples: General Release Agreement (Consumers Energy Co)

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Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and shall continue in effect until December 31for three (3) full years through March ___, 20162007. However, at December 31, 2016, the end of such three (3) year period and, if extended, at the end of each additional year thereafter, the term of this Agreement shall be extended automatically for one (1) additional year, unless the Committee (as defined in Section 2.13 herein) delivers written notice six (6) months prior to the end of such term, or extended term, to the Executive, stating that the Agreement will not be extended. In such case, the Agreement will terminate at the end of the term, or extended term, then in progress. However, in the event of a Change in Control (as defined in Section 2.10 2.7 herein) of CMS Energy Corporation, the term of this Agreement shall automatically be extended to the earlier of (i) the date that is for two (2) years from the date of the Change in Control if the current term of this the Agreement has less than two (2) full years remaining until its expiration or expiration. Notwithstanding the foregoing, this Agreement shall automatically terminate and thereafter be of no force and effect at the same time that the First Amended and Restated Employment Agreement, dated as of September 1, 2003, between Executive and CMS Energy Corporation (ii“Employment Agreement”) the date the Executive attains age 65is terminated pursuant to its Section 6. If the term of this Agreement is not extendedextended or if the Agreement is terminated, the Employer is not obligated to pay any severance benefits under Section 3.2 herein for a Change in Control that happens after the expiration of the term of this Agreement. In addition, notwithstanding the above, any obligation of the Employer arising during the term of this Agreement shall survive or after the termination of this Agreement until paid in full, provided that the Executive has provided or received a Notice of Termination within the applicable time limitations under Section 2.26 herein. Notwithstanding the forgoing, the obligations of the Executive under Article 5 herein shall continue in effect and survive the expiration of the term of this Agreement.

Appears in 1 contract

Samples: Control Agreement (Consumers Energy Co)

Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and shall continue in effect until December 31, 201620--. However, at December 31, 201620--, and, if extended, at the end of each additional year thereafter, the term of this Agreement shall be extended automatically for one (1) additional year, unless the Committee (as defined in Section 2.13 herein) delivers notice six (6) months prior to the end of such term, or extended term, to the Executive, stating that the Agreement will not be extended. In such case, the Agreement will terminate at the end of the term, or extended term, then in progress. However, in the event of a Change in Control (as defined in Section 2.10 herein) of CMS Energy Corporation, the term of this Agreement shall automatically be extended to the earlier of (i) the date that is two (2) years from the date of the Change in Control if the current term of this Agreement has less than two (2) full years remaining until its expiration or (ii) the date the Executive attains age 65. If the term of this Agreement is not extended, the Employer is not obligated to pay any severance benefits under Section 3.2 herein for a Change in Control that happens after the expiration of the term of this Agreement. In addition, notwithstanding the above, any obligation of the Employer arising during the term of this Agreement shall survive the termination of this Agreement until paid in full, provided that the Executive has provided or received a Notice of Termination within the applicable time limitations under Section 2.26 herein. Notwithstanding the forgoing, the Effective July 1, 2023 obligations of the Executive under Article 5 herein shall continue in effect and survive the expiration of the term of this Agreement.

Appears in 1 contract

Samples: Change in Control Agreement (Consumers Energy Co)

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Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and shall continue in effect until December 31, 20162012. However, at December 31, 20162012, and, if extended, at the end of each additional year thereafter, the term of this Agreement shall be extended automatically for one (1) additional year, unless the Committee (as defined in Section 2.13 herein) delivers notice six (6) months prior to the end of such term, or extended term, to the Executive, stating that the Agreement will not be extended. In such case, the Agreement will terminate at the end of the term, or extended term, then in progress. However, in the event of a Change in Control (as defined in Section 2.10 herein) of CMS Energy Corporation, the term of this Agreement shall automatically be extended to the earlier of (i) the date that is two (2) years from the date of the Change in Control if the current term of this Agreement has less than two (2) full years Tier IV Change in Control as of March 2012 remaining until its expiration or (ii) the date the Executive attains age 65. If the term of this Agreement is not extended, the Employer is not obligated to pay any severance benefits under Section 3.2 herein for a Change in Control that happens after the expiration of the term of this Agreement. In addition, notwithstanding the above, any obligation of the Employer arising during the term of this Agreement shall survive the termination of this Agreement until paid in full, provided that the Executive has provided or received a Notice of Termination within the applicable time limitations under Section 2.26 herein. Notwithstanding the forgoing, the obligations of the Executive under Article 5 herein shall continue in effect and survive the expiration of the term of this Agreement.

Appears in 1 contract

Samples: Change in Control Agreement (CMS Energy Corp)

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