Common use of Subsequently Clause in Contracts

Subsequently. Supply and the Executive ---------- agreed to amend and assign the Employment Agreement to Global Markets, subject to Supply's guarantee of Global Markets' obligations under the Employment Agreement. The Employment Agreement provides for the grant of certain options to the Executive to acquire membership interests in Supply. As of the date of this Amendment and Assignment, Allegheny Energy is granting an option to the Executive to acquire shares of Allegheny Energy, Inc. common stock pursuant to the terms of a Stock Option Notice and subject to the provisions of the Allegheny Energy, Inc. Long Term Incentive Plan (the "Allegheny Energy Option"). In consideration of the Allegheny Energy Option, the Executive agrees to waive any and all rights to, and disclaim any and all interests in, any options to purchase an interest in Supply as described in or otherwise contemplated under the Employment Agreement and any such options shall be deemed canceled and void, ab initio. Further, the parties deem it desirable for the Executive to be employed by the Employer instead of Global Markets, effective as of January 1, 2002, under equivalent terms and conditions to those set forth in the Employment Agreement, as amended herein and as it may be amended from time to time. Accordingly, intending to be legally bound, the parties acknowledge and agree that: