Common use of Position; Term Clause in Contracts

Position; Term. (a) The term of the Manager’s employment hereunder shall be deemed to have commenced as of May 1, 2008 (the “Commencement Date”). (b) Throughout the term of this Agreement, Manager shall serve in the capacity and with the title of President and Chief Executive Officer of Alon USA Interests, LLC, a subsidiary of Employer (“Alon Interests”). Manager acknowledges that the Company will use its commercially reasonable efforts to consummate an initial public offering of Alon Interests (the “IPO”) and that prior to completion of the IPO, Employer shall assign this agreement to Alon Interests. Upon such assignment, Alon Interests shall thereafter be the “Employer” under this Agreement and all references to “Employer” or the “Company” shall be deemed to refer to Alon Interests. Manager acknowledges, however, that this Agreement is not conditioned upon completion of the IPO and that, should such IPO not be consummated, this Agreement shall continue to be in full force and effect. Manager shall devote his full time and best effort to the successful functioning of the business of Employer and shall faithfully and industriously perform all duties pertaining to his position, including such additional duties as may be assigned from time to time, to the best of Manager’s ability, experience and talent. Manager shall be subject at all times during the term hereof to the direction and control of Employer in respect of the work to be done. (c) Manager’s employment hereunder shall be for an initial term of five years. Thereafter, the term shall renew automatically each year for a term of one year, unless either party provides the other with written notice at least 30 days prior to the expiration of the term.

Appears in 2 contracts

Sources: Management Employment Agreement (Alon USA Energy, Inc.), Management Employment Agreement (Alon Brands, Inc.)

Position; Term. (a) The term of the Manager’s employment hereunder under this Agreement shall commence as of the date hereof and continue until the earlier of (i) December 31, 2016 or (ii) the occurrence of a Change of Control. A “Change of Control” shall be deemed to have commenced as occurred on the date (A) of May 1the closing of a merger or consolidation of Alon USA Energy, 2008 Inc. in which its voting securities immediately prior to the merger or consolidation do not represent, or are not converted into securities that represent, a majority of the voting power of all voting securities of the surviving entity immediately after the merger or consolidation; (B) of the closing of a sale of substantially all of the assets of Alon USA Energy, Inc. or a liquidation or dissolution of Alon USA Energy, Inc. or (C) on which Delek US Holdings, Inc., inclusive of any affiliates thereof (collectively Commencement DateDelek”)., or any other entity beneficially holds more than 50% of the issued and outstanding voting securities of Alon USA Energy, Inc. (b) Throughout the term of this Agreement, Employer shall employ Manager and Manager shall serve render services to Employer in the capacity and with the title of President and Chief Executive Officer of Alon USA InterestsEnergy, LLCInc., a subsidiary of or such other title as may be established by Employer (“Alon Interests”). Manager acknowledges that the Company will use its commercially reasonable efforts from time to consummate an initial public offering of Alon Interests (the “IPO”) and that prior to completion of the IPO, Employer shall assign this agreement to Alon Interests. Upon such assignment, Alon Interests shall thereafter be the “Employer” under this Agreement and all references to “Employer” or the “Company” shall be deemed to refer to Alon Interests. Manager acknowledges, however, that this Agreement is not conditioned upon completion of the IPO and that, should such IPO not be consummated, this Agreement shall continue to be in full force and effecttime. Manager shall devote his full time and best effort to the successful functioning of the business of Employer and shall faithfully and industriously perform all duties pertaining to his position, including such additional duties as may be assigned from time to time, to the best of Manager’s ability, experience and talent. Manager shall be subject at all times during the term hereof to the direction and control of Employer in respect of the work to be done. (c) Manager’s employment hereunder shall be for an initial term of five years. Thereafter, the term shall renew automatically each year for a term of one year, unless either party provides the other with written notice at least 30 days prior to the expiration of the term.

Appears in 1 contract

Sources: Management Employment Agreement (Alon USA Energy, Inc.)