Positions Clause Samples

Positions. From and after the Effective Date, Company shall employ Executive in the position of Chief Executive Officer of Company, or in such other positions as the parties mutually may agree.

Positions. (a) Executive shall serve as Chief Executive Officer of the USI Plumbing Products Company and, while the Company is a subsidiary of USI, as Chairman and Chief Executive Officer of the Company. It is the intention of the parties that during the Employment Term, Executive shall also serve on the Board of Directors of USI without additional compensation and USI shall, during the Employment Term nominate Executive as a director of USI. (b) Executive shall report to the Board of Directors of the Company (the "Board") and the Chief Operating Officer of USI, and shall have such duties and authority, consistent with his position as the senior executive officer of the USI Plumbing Products Company, as shall be assigned to him from time to time by the Board or the Chief Executive Officer or Chief Operating Officer of USI. (c) During the Employment Term, Executive shall devote substantially all of his business time and efforts to the performance of his duties hereunder; provided, however, that Executive shall be allowed, to the extent that such activities do not materially interfere with the performance of his duties and responsibilities hereunder, to manage his personal financial and legal affairs and to serve on corporate, civic, or charitable boards or committees. Notwithstanding the foregoing, the Executive shall not serve on any corporate board of directors if such service would be inconsistent with his fiduciary responsibilities to USI and the Company and in no event shall Executive serve on any such board unless approved by the Chief Executive Officer of USI. Service on the corporate boards set forth on Exhibit A hereto is hereby approved. (d) Upon request of the Board or the Chief Executive Officer or Chief Operating Officer of USI, the Executive shall also serve as an executive officer or director of affiliates of USI and shall comply with the policy of the USI board of directors with regard to retention or forfeiture of director's fees. Any compensation paid to the Executive as an employee by any such affiliate shall reduce the obligations hereunder.

Positions. From and after the Effective Date, Company shall employ Executive in the positions of Vice President-Finance and Chief Financial Officer of Company, or in such other positions as the parties mutually may agree.

Positions. (a) Executive shall serve as Executive Vice President, General Counsel and Corporate Secretary of the Company’s Board of Directors. Executive shall also serve, if requested by the Chief Executive Officer of the Company, as an executive officer and director of subsidiaries and a director of Affiliates of the Company and shall comply with the policy of the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) with regard to retention or forfeiture of director’s fees. (b) Executive shall report directly to the Chief Executive Officer of the Company and shall have such duties and authority, consistent with his then position, as shall be assigned to him from time to time by the Board of Directors of the Company (the “Board”) or the Chief Executive Officer of the Company. (c) During the Employment Term, Executive shall devote substantially all of his business time and efforts to the performance of his duties hereunder; provided, however, that Executive shall be allowed, to the extent that such activities do not materially interfere with the performance of his duties and responsibilities hereunder, to manage his personal financial and legal affairs and to serve on corporate, civic, charitable and industry boards or committees. Notwithstanding the foregoing, Executive shall only serve on corporate boards of directors if approved in advance by the Chief Executive Officer of the Company.

Positions. The Executive shall be employed as the Executive Vice President and Chief Administrative Officer of the Company and the Executive Vice President and Chief Administrative Officer of the Bank and shall perform and discharge faithfully the duties and responsibilities which may be assigned to the Executive from time to time in connection with the conduct of the businesses. The duties and responsibilities of the Executive shall be commensurate with similar positions at other publicly-traded community bank holding companies and community banks. The Executive shall report directly to the Chief Executive Officer of the Company and the Bank (the “Chief Executive Officer”).

Positions. From and after the Effective Date, (a) Executive shall serve as an officer of Company in the position or positions determined by the Board and (b) Executive shall be employed by Company or a subsidiary or affiliate of Company. The Board may at any time and from time to time assign Executive to a different position or positions with Company and cause Executive to be employed by Company or any subsidiary or affiliate of Company; provided, however, that any such assignment shall not impair any rights Executive may have under Section 3.3 as a result of such assignment. Subject to the provisions of the last sentence of Section 5.7, employment with a subsidiary or affiliate of Company pursuant to the preceding sentence shall be considered as employment with Company for purposes of this Agreement.

Positions. During the Term (defined below), the Executive shall be employed by the Company as President and Chief Executive Officer. At the Company’s request, the Executive shall serve the Company’s subsidiaries and affiliates in other offices and capacities in addition to the foregoing. If the Executive, during the Term, serves in any one or more of such additional capacities, the Executive’s compensation shall not be increased beyond that provided in Sections 3, 4 or 5 below. Further, if the Executive’s service in one or more of such additional capacities is terminated, the Executive’s compensation provided herein shall not be reduced for so long as the Executive otherwise remains employed by the Company under the terms of this Agreement.

Positions. The Executive shall be employed by the Company as Senior Vice President and General Counsel. The Executive shall also be an officer of the REIT as its Senior Vice President and General Counsel.

Positions. During the period of Executive’s employment with the Company, Executive shall be employed and serve as the President and Chief Executive Officer of the Company. Executive shall report to the Board of Directors. Executive shall also serve without additional compensation as a member of the Board of Directors of the Company, and, if so requested by the Company, as an officer or director of any subsidiary or affiliate of the Company.