PCFC definition
Examples of PCFC in a sentence
The Agreement shall commence as of the Effective Date written above, and shall continue until the Board of Directors of PCFC (the "Board") determines, in good faith and in its sole discretion, that the Executive is no longer to be included in the Plan and so notifies in writing the Executive during the term of this Agreement of such determination.
PCFC has caused this Agreement to be executed by a resolution of the Board of Directors, as of the day and year first above written.
Failure of PCFC to obtain such assumption and agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Executive to compensation from PCFC in the same amount and on the same terms as they would be entitled hereunder if terminated voluntarily following a Change in Control.
However, nothing herein shall require PCFC to segregate, earmark, or otherwise set aside any funds or other assets to provide for any payments hereunder.
Neither the provisions of this Agreement nor the Severance Benefits provided for hereunder shall reduce any amounts otherwise payable, or in any way diminish the Executive's rights as an employee of PCFC, whether existing now or hereafter, under any benefit, incentive, retirement, stock option, stock bonus, stock purchase plan, or any employment agreement, or other plan or arrangement.
Provided, however, in the event that a Change in Control of PCFC, as defined in Section 2.1 herein, occurs during the term of this Agreement, this Agreement shall remain irrevocably in effect for the greater of twenty-four (24) months from the date of such Change in Control, or until all benefits have been paid to the Executive hereunder.
The Committee is authorized to interpret this Agreement, to prescribe and rescind rules and regulations, to provide conditions and assurances deemed necessary and advisable, to protect the interests of PCFC, and to make all other determinations necessary or advisable for the Agreement's administration.
PCFC will require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) of all or substantially all of the business and/or assets of PCFC or of any division or subsidiary thereof to expressly assume and agree to perform this Agreement in the same manner and to the same extent that PCFC would be required to perform it if no such succession had taken place.
This Agreement shall also assure the Executive of equitable treatment during the period of uncertainty that surrounds an acquisition or Change in Control, and allow the Executive to act at all times in the best interests of PCFC and its shareholders.
This Agreement establishes and vests in the Executive a contractual right to the benefits which he or she is entitled hereunder, enforceable by the Executive against PCFC.