Evergreen Provision Clause Samples
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Evergreen Provision. Commencing on the first day after the date of this Contract, and on each day thereafter, the term of this Contract (the “Term of this Contract”) shall automatically be extended for one additional day so that a constant three (3) year term will always be in effect (unless Executive elects not to extend the Term of this Contract by giving written notice to Company, in which case the Term of this Contract will become fixed and will end on the third anniversary date of such written notice). In the event of the death or Disability (as hereafter defined) of Executive, the termination of this Contract by Company without Cause (as hereafter defined), or the termination of this Contract by Executive for Good Reason (as hereafter defined), the Term of this Contract will become fixed and will end on the fifth anniversary date of such event.
Evergreen Provision. As and from the date first written above, Paragraph 1 of the Employment Agreement is hereby amended and restated to read in its entirety as follows:
Evergreen Provision. F▇▇▇▇▇ and the Company expressly agree that the Evergreen Provision applicable to options/warrants granted to F▇▇▇▇▇ shall continue to apply only to options/warrants granted to F▇▇▇▇▇ prior to the Effective date (and the reissuance of such options/warrants) and that any options/warrants granted following the execution of this Agreement shall not be subject to the Evergreen provision. Page 3 of 16 Initials _________ __________
Evergreen Provision. On each anniversary of the Effective Date, the number of Shares reserved under the Plan will be automatically increased by an amount equal to the lesser of:
(i) 4% of the number of shares of Common Stock outstanding on that anniversary; or
(ii) 3,000,000 shares; or
(iii) such other number determined by the Board (subject to any limitations hereinafter set forth).
Evergreen Provision. This provision allows for an automatic one (1) year extension of this Agreement March 1, 2017 and each subsequent March 1 that passes in which neither party has triggered the termination of this Agreement.
Evergreen Provision. During any period of negotiations between the parties hereto, the provisions of this Agreement shall remain in full force and effect until such time as a new Agreement has been signed.