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.
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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.
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Related to Position Election

  • Deferral Election A Participant may elect to defer all or a specified percentage of the Compensation earned in a Plan Year by such Participant for serving as a member of the Board of any Participating Fund or as a member of any committee or subcommittee thereof. Reimbursement of expenses of attending meetings of the Board, committees of the Board or subcommittees of such committees may not be deferred. Such election shall be made by executing before the first day of such Plan Year such election notice as the Administrator may prescribe; provided, however, that upon first becoming eligible to participate in the Plan by reason of appointment to a Board, a Participant may file a Deferral Election not later than 30 days after the effective date of such appointment, which election shall apply to Compensation earned in the portion of the Plan Year commencing the day after such election is filed and ending on the last day of such Plan Year.

  • Initial Election The Director shall make an initial deferral election under this Agreement by filing with the Company a signed Election Form within 30 days after the Effective Date of this Agreement. The Election Form shall set forth the amount of Fees to be deferred and shall be effective to defer only Fees earned after the date the Election Form is received by the Company.

  • 83(b) Election You may make and file with the Internal Revenue Service an election under Section 83(b) of the Code with respect to the grant of the Restricted Shares hereunder, electing to include in your gross income as of the Grant Date the Fair Market Value of the Restricted Shares as of the Grant Date. You shall promptly provide a copy of such election to the Company. If you make and file such an election, you shall make such arrangements in accordance with Section 8 as are satisfactory to the Committee to provide for the timely payment of all applicable withholding taxes.

  • Written Election At the time you make a rollover or conversion to a ▇▇▇▇ ▇▇▇, you must designate in writing to the custodian your election to treat that contribution as a rollover or conversion. Once made, the election is irrevocable.

  • Section 83(b) Election The Grantee may make an election under Code Section 83(b) (a “Section 83(b) Election”) with respect to the Restricted Stock. Any such election must be made within thirty (30) days after the Grant Date. If the Grantee elects to make a Section 83(b) Election, the Grantee shall provide the Company with a copy of an executed version and satisfactory evidence of the filing of the executed Section 83(b) Election with the US Internal Revenue Service. The Grantee agrees to assume full responsibility for ensuring that the Section 83(b) Election is actually and timely filed with the US Internal Revenue Service and for all tax consequences resulting from the Section 83(b) Election.