SP Board definition
Examples of SP Board in a sentence
The Target Percentage will be reviewed on an annual basis and may be increased (but not decreased) by the SP Board from time to time.
During the Employment Term, the Executive shall serve as the Chairman of the SP Board and as President and Chief Executive Officer of SP.
In performing such duties hereunder, the Executive shall report solely and directly to the SP Board.
The Company and SP shall maintain directors and officers liability insurance in commercially reasonable amounts (as determined by the Board and the SP Board, respectively), and the Executive shall be covered under such insurance to the same extent as other directors and officers of the Company and SP, as applicable.
Notwithstanding the preceding sentence, the Executive shall be permitted to (i) make and manage his and his family’s personal investments, (ii) engage in charitable and civic activities and perform advisory services for Reverence Capital Partners and Open Door, and (iii) engage in such other activities as are permitted by the SP Board from time to time, which permission shall not be unreasonably withheld or delayed.
In his capacity as President and Chief Executive Officer, the Executive shall perform such senior executive duties, services, and responsibilities on behalf of SP consistent with such position as may be reasonably assigned to the Executive from time to time by the SP Board.
During the Employment Term, except as provided in the following sentence or as set forth in Section 1(c) above, the Executive shall devote his full business time, attention, and skill to the performance of such duties, services, and responsibilities, and shall use his best efforts to promote the interests of SP, and the Executive shall not engage in any other business activity without the approval of the SP Board, which approval will not be unreasonably withheld or delayed.
In addition to the foregoing, during the Employment Term, the Executive shall serve as a director on the SP Board.
The Annual Bonus earned, if any, will be based on achievement of such individual and corporate performance goals as may be established with respect to each calendar year by the SP Board, and subject to (x) the Executive’s continuous employment with SP through the last day of the calendar year for which the Annual Bonus is earned, and (y) such other terms and conditions established by the SP Board pursuant to its annual bonus programs as adopted from time to time.