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Establishment and Purpose
Establishment and Purpose contract clause examples
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PURPOSE. This Stock Option Plan (the “Plan”) is intended to serve as an incentive to, and to encourage stock ownership by, certain eligible participants rendering services to [[Organization A:Organization]], a California corporation (the “Corporation”), and certain affiliates as set forth below, so that they may acquire or increase their proprietary interest in the Corporation.

Purpose. The Company does and will exist for the object and purpose of engaging in any lawful act or activity for which limited liability companies may be formed under the Delaware Limited Liability Company Act (6 Del.C. § 18-101, et seq.), as in effect from time to time (the “Act”), and engaging in any and all activities necessary or incidental to accomplish the foregoing.

Purpose. This Plan is intended to assist in the occupational transition and financial security of those eligible Officers who, # experience a Qualifying Termination; and # comply with all Post-Employment Covenants.

Purpose. The Co-Diagnostics, Inc. 2015 Long Term Incentive Plan (the “Plan”) has been established by Co-Diagnostics, Inc. (the “Company”) to:

Purpose. Builders FirstSource, Inc. (the “Company”) established this Builders FirstSource, Inc. Executive and Key Employee Severance Plan (the “Plan”) in order to provide transitional income to certain executive officers and key employees who are involuntarily terminated under certain conditions. The Plan supersedes all prior written or unwritten severance plans, notice plans, practices or programs offered to or established for participants by the Company providing severance pay or similar benefits, including individual employment contracts, change in control agreements or similar arrangements. The Company intends that this Plan qualify as and come within the various exceptions and exemptions under the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, for an unfunded plan maintained primarily for a select group of management or highly compensated employees, and any ambiguities in this Plan shall be construed to effect that intent.

Purpose. Delshah and Judo have previously entered into a Credit Agreement dated October 15th, 2015 (the "Credit Agreement). By way of this Termination Agreement, Delshah and Judo desire to completely and immediately terminate the Credit Agreement, and acknowledge and agree that, neither party shall have any obligation or liability to the other in connection with the Credit Agreement.

Purpose. The purpose of the Plan is to encourage and enable selected management and other employees of the Company who currently have rights under the Company’s Phantom Stock Plan, to acquire a proprietary interest in the Company through the ownership of the Common Stock of the Company. The Company intends to use the Plan to retain and motivate Participants to attain exceptional levels of performance and provide Participants with an opportunity to participate in the increased value of the Company which their efforts, initiative, and skill have helped produce. The Plan design enables the Company to grant to Participants Non-Qualified Stock Options to purchase shares of Common Stock of the Company. The Plan is effective as of December 1, 2001.

Purpose. The Company and the Employee are about to begin or have begun an employment relationship in connection with which each party may disclose Confidential Information to the other.

PURPOSE. This Executive Incentive Plan (the “Plan”) is intended to promote the interests of 1st Source Corporation, an Indiana corporation (“1st Source” or the “Corporation”) and its shareholders by attracting and motivating educated, self-disciplined and professional managers, and by providing an incentive to induce continued future employment of certain key employees of the Corporation and certain key employees of one or more Subsidiaries of the Corporation. For the purposes of this Plan, the term “Subsidiary” shall mean a corporation or corporations of which the Corporation owns, directly or indirectly, a majority of the outstanding voting stock.

Purpose. The purpose of the 1st Source Corporation (“Company”) Strategic Deployment Incentive Plan (“Plan”) is to promote the interests of the Company and its shareholders through the # attraction and retention of executive officers (“Executives”) essential to the success of the Company and its subsidiaries; # motivation of Executives using performance-based incentives linked to annual goals that support the Company’s long-term strategic objectives; and # enabling of the Executives to share in the long term growth and success of the Company.

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