16 Questions
What is the purpose of this employment agreement?
To outline the terms of the Executive's employment
What position is the Executive expected to serve in?
Chief Executive Officer
What is the 'Employment Period' referred to in the agreement?
The period during which Executive is employed by the Company
What is meant by 'Termination Date' in this agreement?
The effective date on which the Executive's Employment Period ends
According to the agreement, is the employment of the Executive permanent or temporary?
Temporary
What is meant by 'At-Will Employment' mentioned in the agreement?
Employment that allows termination at any time with or without cause
The Executive's employment can be terminated:
By either the Executive or the Company, for any reason or no reason
What is the role of the Board of Directors with regard to the Executive's duties?
The Board has sole discretion to expand, change, or limit the Executive's duties
How is the Executive's base salary determined?
By a committee of the Board
When is the Executive eligible to receive a cash bonus?
At the end of each fiscal year during the Employment Period
What determines whether a Bonus for any fiscal year is paid?
The achievement of budgetary and other performance objectives set by the Board
What benefits is the Executive entitled to during the Employment Period?
Participation in standard employee benefit programs, insurance and health benefits, and 401(k) plan benefits
What is required for the Executive to be entitled to receive payment of any Bonus?
Employment by the Company on the date such Bonus is distributed
What should Executive devote his full business time and attention to?
Business and affairs of the Company and its subsidiaries
What right does the Company reserve with regard to its benefits?
The right to change its benefits and obtain approval from an appropriate committee of the Board before making changes
What is not required for termination of employment according to the text?
Consent from the Board of Directors for termination
Test your knowledge of employment agreements by taking this quiz based on a sample employment agreement between Lending Club Corporation and Renaud Laplanche. Explore the terms and conditions commonly found in employment agreements.
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