Examples of Employment Agreement in a sentence
The Board may, from time to time, or upon favorable consideration of a reasonable request from the Executive, modify the Executive’s Base Salary by executing an amendment or addendum to this Employment Agreement, by and between Executive and the Board.
Effective on the Effective Date, the Company issued to the Executive an option for two million five hundred thousand (2,500,000) shares of the Company’s common stock, subject to a vesting schedule annexed to the Employment Agreement.
The last day of the first seven calendar months during the Initial Term of the Employment Agreement, commencing on the Effective Date, shall be a “Vesting Date”.
The Stock Option granted to Executive pursuant to the aforesaid Employment Agreement has vested in Executive the right to purchase 280,000 shares at $5.00 per share (adjusted to reflect the subsequent 1-for-10 reverse split).
The entire unvested portion of the Option will vest on the occurrence of Xxxxx Xxxxxxx’x death or any of the following events during the Term of the Employment Agreement: any merger or consolidation in which the Company is not the surviving entity for accounting purposes, a sale of substantially all of the assets of the Company, or a transfer of ownership in a single or related transaction of sixty percent (60%) or more by voting power of the outstanding voting shares.