Second Term Sample Clauses
The "Second Term" clause defines the period of a contract that follows the initial or first term, typically outlining the duration and conditions under which the agreement continues after the original term expires. This clause may specify whether the second term is automatic, requires mutual agreement, or is subject to renegotiation, and it often details any changes to terms, such as pricing or obligations, that apply during this subsequent period. Its core practical function is to provide a clear framework for the continuation of the contractual relationship, preventing ambiguity about what happens after the initial term and ensuring both parties understand their rights and responsibilities moving forward.
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Second Term. During the Second Term, the Executive shall serve as a Senior Advisor to the Company, in a non-employee capacity, and shall have such authority and responsibilities and shall perform such duties as prescribed by the Board. During the Second Term, the Executive shall serve as a director on the Board and it is anticipated that the Executive will devote approximately 50% of his working time to the Company. For the purposes of this Agreement, any reference to “employee,” “employ” or “employment” (or words of similar meaning) in respect of the Second Term, shall be deemed for convenience to refer to the Executive’s services as a Senior Advisor (but is not intended to reflect the actual worker status of the Executive vis-à-vis the Company during the Second Term).
Second Term. During the thirty (30) months commencing at the end of the Initial Term and continuing until September 30, 2016 (the “Second Term”), the Company expects that the Executive will serve as Executive Chair. In addition, during the Second Term, and subject to rights the Company’s stockholders have to elect directors, the Company expects that the Executive will continue to serve as a member and chair of the Board. In the event that the Board fails to re-appoint or the Company’s stockholders fail to re-elect the Executive to the Board at any time prior to or during the Second Term, the Executive will continue to perform during the Second Term those duties set forth in Section 3.c. above as do not require that he be a Board member. At the end of the Second Term, the parties expect that the Executive may resign his position of Executive Chair and cease his employment with the Company. The Executive may or may not continue thereafter to serve as a member of the Board.
Second Term. The engagement of the Consultant shall be automatically renewable for a second three (3) year term (the “Second Term”).
Second Term. Except as otherwise provided in Section 2(f), during the ...., Insurion shall pay Lycos .... which will be paid in .... installments of .... commencing on the first day of the ..
Second Term. The premises are leased for the second term commencing on October 1, 2021, and ending September 30, 2026, or such earlier date as this lease falls on a Sunday or a holiday, then the Agreement shall end at 12:00 o’clock noon on the business day next preceding that day.
Second Term. The second term of this Agreement shall commence on April 18, 2023 and shall terminate on the earlier of the date of the regularly scheduled 2025 annual meeting of shareholders of WW or May 31, 2025 (the “Second Term”). The Initial Term and the Second Term together shall constitute the “Term.”
5. Upon commencement of the Second Term, Section 1 of the Agreement shall be amended to add the following definitions:
a. 1.11 “Board of Directors” means the Board of Directors of WW.
Second Term. Notice to renew or expire
(a) request a further agency agreement with the Bank following expiry of this Agreement at the Second Termination Date; or
(b) allow this Agreement to expire at the Second Termination Date, at least nine (9) months prior to the Second Termination Date.
Second Term. With respect to the Second Term, and any subsequent renewal terms, except as otherwise agreed in writing by the parties, the parties hereby establish a five-year cumulative EBIT threshold of * ( * ) (the "Second Term Threshold"). In the event that the actual five-year cumulative EBIT of the Facilities is greater than the Second Term Threshold, the amount over the Second Term Threshold shall be distributed equally between the parties. Unlike Section 6.1(a) above, Cargill shall not be obligated to pay TAI any difference between the Second Term Threshold and the actual five-year cumulative EBIT If the actual five-year cumulative EBIT is below the Second Term Threshold; provided, however, that at the end of the Second Term, Cargill will pay TAI 50% of any shortfall between the five-year cumulative EBIT and * , if any, up to a total of * ; by way of example, if the cumulative EBIT at the end of the Second Term is * , and consequently there is a * shortfall ( * minus * ), Cargill would pay 50% of the * shortfall up to a total of * , which would be * in this example. If this Agreement is terminated before the expiration of the Second Term, or before the expiration of the then current term, the Second Term Threshold shall be adjusted on a prorated basis. By way of example, if this Agreement is terminated 3 years 3 months into the Second Term, the Second Term Threshold would be adjusted from * to * . *CONFIDENTIAL INFORMATION HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND FILED SEPARATELY WITH THE SEC
Second Term. A full-time or part-time employee awarded any subsequent term position, resulting from (a), at the completion of the term, the Hospital at its discretion, will either return the full-time or part-time employee to his/her former position, or if the Hospital decides not to return the employee to his/her former position, the employee may choose to either be placed on the casual list of the department where the term position occurred, or the casual list of his/her former department.
Second Term. The Term may be extended at the discretion of Tenant for an additional twelve calendar months (which shall become the Term if so extended) (the “First Renewal Term”) provided (i) Tenant is in compliance with this Lease in all material respects, beyond any applicable notice and/or cure period(s); and (ii) that the aggregate value of Preferred Stock redeemed by Edible Garden AG and/or Preferred Stock exchanged for common stock shall be not less than $2 million during the first 12 calendar months of the Term.