Position Election Clause Samples
The Position Election clause establishes the process by which individuals are selected or appointed to specific roles or offices within an organization or agreement. Typically, this clause outlines the eligibility criteria for candidates, the method of nomination, and the voting or selection procedures, such as majority vote or appointment by a designated authority. Its core practical function is to ensure a transparent and orderly method for filling key positions, thereby preventing disputes and promoting organizational stability.
Position Election. An employee shall have the right to accept or reject such a position offered to him/her pursuant to sub-section (c) of this section. If he/she elects to reject the position offered, he/she shall be subject to a reduction in pay as on a voluntary demotion. If he/she elects to accept the position offered, he/she shall be required to complete satisfactorily, the probationary period for such position, and in the event of failing to do so, he/she shall be entitled to return to his/her former position, but shall be subject to a reduction in pay as on a voluntary demotion.
Position Election. Notwithstanding anything to the contrary in this Letter Agreement, at any time on or after the first anniversary of the Closing Date, you may elect to change your status for the remainder of the Employment Period from Executive Chairman to a non-executive senior advisor employee to the Chief Executive Officer by providing the Board with no less than 30 days’ advance notice (the “Position Election”). In the event that you elect the Position Election, you will continue to be available to devote your business time and attention to the Company and will work to advance the initiatives set forth on Exhibit A and any such other projects and initiatives as you and the Chief Executive Officer of the Company may mutually agree and, subject to your continued provision of services in accordance with this Letter Agreement and compliance with the covenants set forth in Section 6 hereof, will continue to be eligible to receive the compensation set forth in Section 2.B above.