Position Term and Scope of Employment Sample Clauses
Position Term and Scope of Employment
Duties and Scope of Employment The Company shall continue to employ the Executive in the position of Executive Vice President and Chief Financial Officer with such duties, responsibilities and compensation as in effect as of the Effective Date. The Board and the Chief Executive Officer of the Company shall have the right to revise such responsibilities and compensation from time to time as the Board or the Chief Executive Officer may deem necessary or appropriate. If any such revision constitutes “Involuntary Termination” as defined in Section 6 of this Agreement, the Executive shall be entitled to benefits upon such Involuntary Termination as provided under this Agreement.
Scope of Employment During the term of this Agreement, Executive shall hold the position of Chief Science Officer and Founder and shall have those duties and responsibilities customarily associated with the title of Chief Science Officer plus any additional duties as may reasonably be assigned to him from time to time by the Company. The Company shall at all times during the term of this Agreement take all steps necessary to nominate Executive as a nominee for director for the purposes of any meeting or consent of the shareholders conducted or taken during the term of this Agreement, and shall use reasonable efforts to have Executive appointed to the Science Committee. The Executive shall report directly to the Chief Executive Officer. The Executive will devote his full time and best efforts to the business and affairs of the Company; provided, however, that the Executive may (i) serve as a director or advisor of nonprofit organizations without the approval of the Company; (ii) serve as a director or advisor of one (1) for-profit organization with the Company’s permission (which shall not be unreasonably withheld or delayed); provided, however, that such service shall not create a conflict of interest with Executive’s service to the Company; (iii) perform and participate in charitable, civic, educational, professional, community and industry affairs and other related activities; and (iv) manage Executive’s personal investments, provided, in each case, that such activities do not (a) materially interfere, individually or in the aggregate with the performance of your duties hereunder or (b) violate any restrictive covenants. The Executive shall be subject to and comply with the Company’s policies, procedures and approval practices as generally in effect at any time and from time to time.
EMPLOYMENT TERM AND COMPENSATION A. The Board hereby employs the Employee for a salary of $6,769 per bi-weekly pay period ($175,997/Annualized), payable in installments less any legally authorized deductions as the D72, ▇▇▇▇, Business & Social Sciences Div. B. The term of this contract shall commence on 7/1/2024 and terminate on 6/30/2025. C. The Board shall designate eight and one-half (8.5) percent of Employee’s SURS-eligible earnings as the Board contribution on behalf of the Employee in satisfaction of the Employee's required contribution to the Illinois State Universities Retirement System. The purpose of this section is to allow such Board contribution for retirement to be tax sheltered after the qualifying period of time has been met and to the extent allowed by the appropriate statutes and regulations. Both parties acknowledge that the Employee did not have the option of choosing to receive the contributed amounts directly, instead of having such contributions paid by the Board to the State Retirement System, and that such contributions are made as a condition of employment to secure the Employee's future services, knowledge and experience.
End of Employment If the employment of an employee who is eligible for the bonus ends before annual payment of the bonus, then 1/12 of the sum that was last paid to the employee in seniority bonus shall be paid to the employee at the time of the final wage payment for each month for which the employee has earned annual holiday as of the start of the preceding December.
Terms of Employment This Section 2 sets forth the terms and conditions on which the Company agrees to employ Executive during the period (the “Protected Period”) beginning on the first day during the Term of this Agreement on which a Change of Control occurs and ending on the second anniversary of that date, or such earlier date as Executive’s employment terminates as contemplated by Section 3.