VS Direct definition
Examples of VS Direct in a sentence
Parent, Holdings, VS Direct and the Company shall not be able to assign or transfer their rights, duties and obligations under this Agreement without the Executive’s prior consent; provided that the Parent shall have the right to assign this Agreement to its successors and assigns provided such successor or assign agrees to perform Parent’s, Holding’s, VS Direct’s and the Company’s duties under this Agreement and its Exhibits.
The Executive shall, effective April 4, 2011 (the “Effective Date”), serve as Chief Executive Officer of each of Parent, VS Direct, Inc.
The Executive shall not report or be subject to the authority of any officer or employee of Parent, Holdings, VS Direct or the Company.
Commencing upon the Effective Date, the Executive shall voluntarily resign, and hereby does resign, his position as the Chief Executive Officer and a member of the Board of each of Parent, Holdings, VS Direct, Inc.
The Executive shall not report or be subject to the authority of any officer or employee of Parent, VS Direct or the Company.
The rights and obligations of Parent, Holdings, VS Direct and the Company under this Agreement shall inure to the benefit of, and shall be binding upon, the successors and assigns of such party.
Termination pursuant to this Section 5 shall not modify or affect in any way whatsoever any vested right of the Executive to benefits payable under any retirement or pension plan or under any other employee benefit plan of Parent, Holdings, VS Direct, the Company or any of their affiliates, and all such benefits shall continue, in accordance with, and subject to, the terms and conditions of such plans, to be payable in full to or on account of the Executive (or his estate) after such termination.
The definition of “VS Direct” shall be amended by adding a new sentence at the end of such definition to read in full as follows: As of the Fourth Amendment Effective Date, VS Direct has been dissolved and is no longer a Borrower.
The Company shall reimburse the Executive for any and all out-of-pocket expenses reasonably incurred by the Executive during the term of his employment in connection with his duties and responsibilities as Chief Executive Officer of Parent, Holdings, VS Direct or the Company, provided that the Executive complies with the policies, practices and procedures of the Company for submission of expense reports, receipts or similar documentation of such expenses.
The provisions of Sections 5, 6, 7, 8, 9, 10, 11, 12, 13, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24 and 25 shall survive the termination or expiration of the Term as a continuing agreement of the Company, Holdings, Parent, VS Direct and the Executive.