Common use of Position and Authority Clause in Contracts

Position and Authority. The Company agrees to employ the Executive, ---------------------- and the Executive accepts such employment and agrees to serve the Company as Executive Vice President of the Company and any of its respective Subsidiaries as may from time to time be requested by the Company, for the compensation and benefits detailed in Sections 3 and 4 hereof. It is understood that the Executive will report to the Chairman of the Board of Directors and Chief Executive Officer or to the Vice Chairman of the Company. A "Subsidiary" shall be any company in which the Company beneficially owns more than 50% of the voting power of such company's outstanding voting securities.

Position and Authority. The Company agrees to employ the Executive, and ---------------------- and the Executive accepts such employment and agrees to serve the Company as Executive Vice President Chairman of the Company and any of its respective Subsidiaries as may from time to time be requested by the CompanySubsidiaries, for the compensation and benefits detailed in Sections 3 and 4 hereof. It is understood that the Executive will report to the Chairman of the Board of Directors and Chief Executive Officer or to the Vice Chairman of the Company. A "Subsidiary" shall be any company in which the Company beneficially owns more than 50% of the voting power of such company's outstanding voting securities.