Common use of Establishment, Term, and Purpose Clause in Contracts

Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and will continue in effect for a four (4) year term, until the fourth anniversary of the Effective Date. Upon the expiration of the fourth anniversary of the Effective Date (and each applicable anniversary thereafter, to the extent the Agreement is extended as provided herein), the term of this Agreement will be extended automatically for one (1) additional year, unless either party to this Agreement delivers written notice at least twelve (12) months prior to such anniversary to the other party that this Agreement will not be extended. In such case, this Agreement will terminate at the end of the term or extended term. Executive hereby acknowledges, for avoidance of doubt, that any termination of this Agreement vis-à-vis notice provided pursuant to this Article 1 shall not constitute an act subject to Section 2.14 or Article 3. However, in the event a Change in Control occurs during the original or any extended term, this Agreement will remain in effect for the longer of: (i) twenty-four (24) months beyond the month in which such Change in Control occurred; or (ii) until all obligations of the Company hereunder have been fulfilled, and until all benefits required hereunder have been paid to the Executive.

Appears in 2 contracts

Samples: Churchill Downs Incorporated (CHURCHILL DOWNS Inc), Churchill Downs Incorporated (Churchill Downs Inc)

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Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and will continue in effect for a four three (43) year term, until the fourth third anniversary of the Effective Date. Upon the expiration of the fourth third anniversary of the Effective Date (and each applicable anniversary thereafter, to the extent the Agreement is extended as provided herein), the term of this Agreement will be extended automatically for one (1) additional year, unless either party to this Agreement delivers written notice at least twelve six (126) months prior to such anniversary to the other party that this Agreement will not be extended. In such case, this Agreement will terminate at the end of the term or extended term. Executive hereby acknowledges, for avoidance of doubt, that any termination of this Agreement vis-à-vis notice provided pursuant to this Article 1 shall not constitute an act subject to Section 2.14 or Article 3. However, in the event a Change in Control occurs during the original or any extended term, this Agreement will remain in effect for the longer of: (i) twenty-four (24) months beyond the month in which such Change in Control occurred; or (ii) until all obligations of the Company hereunder have been fulfilled, and until all benefits required hereunder have been paid to the Executive.

Appears in 2 contracts

Samples: Churchill Downs Incorporated (CHURCHILL DOWNS Inc), Churchill Downs Incorporated (CHURCHILL DOWNS Inc)

Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and will shall continue in effect for a four two (42) full years. However, at the end of such two (2) year termperiod and, until if extended, at the fourth anniversary end of the Effective Date. Upon the expiration of the fourth anniversary of the Effective Date (and each applicable anniversary additional year thereafter, to the extent the Agreement is extended as provided herein), the term of this Agreement will shall be extended automatically for one (1) additional year, unless either party to this Agreement the Committee delivers written notice at least twelve six (126) months prior to the end of such anniversary term, or extended term, to the other party Executive, that this the Agreement will not be extended. In such case, this the Agreement will terminate at the end of the term term, or extended term, then in progress. Executive hereby acknowledgesProvided, for avoidance of doubta notice that the Agreement will not be extended shall not be given within six (6) months following a Potential Change in Control, and provided further, that any termination of this Agreement vis-à-vis notice provided pursuant to this Article 1 shall not constitute an act subject to Section 2.14 or Article 3. However, in the event a Change in Control occurs during the original or any extended term, this Agreement will remain in effect for the longer of: (i) twenty-four (24) months beyond the month in which such Change in Control occurred; or (ii) until all obligations of the Company hereunder have been fulfilled, and until all benefits required hereunder have been paid to the Executive.

Appears in 1 contract

Samples: Agreement (Deere & Co)

Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and will continue in effect for a four three (43) year term, until the fourth third anniversary of the Effective Date. Upon the expiration of the fourth third anniversary of the Effective Date (and each applicable anniversary thereafter, to the extent the Agreement is extended as provided herein), the term of this Agreement will be extended automatically for one (1) additional year, unless either party to this Agreement delivers written notice at least twelve (12) months prior to such anniversary to the other party that this Agreement will not be extended. In such case, this Agreement will terminate at the end of the term or extended term. Executive hereby acknowledges, for avoidance of doubt, that any termination of this Agreement vis-àa-vis notice provided pursuant to this Article 1 shall not constitute an act subject to Section 2.14 or Article 3. However, in the event a Change in Control occurs during the original or any extended term, this Agreement will remain in effect for the longer of: (i) twenty-four (24) months beyond the month in which such Change in Control occurred; or (ii) until all obligations of the Company hereunder have been fulfilled, and until all benefits required hereunder have been paid to the Executive.

Appears in 1 contract

Samples: Churchill Downs Incorporated (CHURCHILL DOWNS Inc)

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Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and will continue in effect for a four (4) year term, until the fourth anniversary of the Effective Date. Upon the expiration of the fourth anniversary of the Effective Date (and each applicable anniversary thereafter, to the extent the Agreement is extended as provided herein), the term of this Agreement will be extended automatically for one (1) additional year, unless either party to this Agreement delivers written notice at least twelve (12) months prior to such anniversary to the other party that this Agreement will not be extended. In such case, this Agreement will terminate at the end of the term or extended term. Executive hereby acknowledges, for avoidance of doubt, that any termination of this Agreement vis-àa-vis notice provided pursuant to this Article 1 shall not constitute an act subject to Section 2.14 or Article 3. However, in the event a Change in Control occurs during the original or any extended term, this Agreement will remain in effect for the longer of: (i) twenty-four (24) months beyond the month in which such Change in Control occurred; or (ii) until all obligations of the Company hereunder have been fulfilled, and until all benefits required hereunder have been paid to the Executive.

Appears in 1 contract

Samples: Churchill Downs Incorporated (CHURCHILL DOWNS Inc)

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