A mutual agreement clause specifies that certain actions, changes, or decisions within a contract require the consent of all involved parties before implementation. This clause ensures that all parties have equal input and acknowledge any modifications to the original terms, promoting collaboration and fairness in the contractual relationship.
This option was cancelled by mutual agreement between the company and the reporting person.
On June 3, 2020, New Fortress Energy LLC (the “Company”) entered into a mutual agreement (the “Mutual Agreement”), previously described in the Company’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2020, with Fortress Equity Partners GP, LLC (“FEP GP”), WRE 2012 Trust LLC (“WRE Trust”), FEP HoldCo LLC (“HoldCo”), Wesley R. Edens, Randal A. Nardone, NFE SMRS Holdings LLC (collectively with FEP GP, WRE Trust, HoldCo, Wesley R. Edens and Randal A. Nardone, the “Exchanging Members”) and NFE Sub LLC, a wholly owned subsidiary of the Company.
Pursuant to the Mutual Agreement, the Exchanging Members agreed to deliver a block redemption notice in accordance with Section 4.6(b)(ii)(B) of the Amended and Restated Limited Liability Company Agreement of New Fortress Intermediate LLC (the “NFI LLCA”) with respect to all of the units of New Fortress Intermediate LLC (the “NFI LLC Units”), together with an equal number of Class B common shares of the Company (the “Class B Shares”), that such Exchanging Members indirectly own as members of New Fortress Energy Holdings LLC (“NFEH”) or partners of Fortress Equity Partners (A) LP (“FEP”).
MUTUAL AGREEMENT PURCHASE: Subject to sections 95, 96 and 97 of the Business Corporations Act, the Corporation may, without taking into account the other classes of shares, purchase by mutual agreement all or part of the Class "B" shares that it issued. The Corporation must, within 30 days of the acquisition it has made of outstanding Class “B” shares, notify its other shareholders. This notice indicates the number of shares acquired, the name of the shareholders from whom the Corporation acquired these shares, the price paid for these shares and any balance due to the shareholders; if the consideration is not in cash, the notice must indicate the nature of the consideration and its value. The Corporation is not required to send this notice if all shareholders, whether or not their shares carry the right to vote, renounce receiving it. The Corporation sends a notice to shareholders who have not informed it in writing of their desire not to receive it. The Corporation must provide, free of charge, to any shareholder who requests it, a copy of the agreement under which it acquired the Class “B” shares. The Corporation's purchase of these shares results in their cancellation. In addition, the Corporation reduces the subdivision of its issued and paid-up share capital account for these shares by the amount provided for in section 72 of the Business Corporations Act.
The Amended Employment Agreement amends and restates the Executive Employment Agreement between the Company and Mr. Cutillo dated December 12, 2018 (the “Prior Agreement”) and has an initial term of three years beginning on the effective date, which can be extended for a fourth year by mutual agreement.
The distributor contractually agrees to limit its Rule 12b-1 fees for Class R4 shares to 0.15%. This agreement expires on November 30, 2022 unless renewed by mutual agreement of the fund and the distributor based upon a determination that this is appropriate under the circumstances at that time
This letter confirms your decision to voluntarily resign from Alector, LLC (the “Company”) on December 31, 2021, unless extended in writing by mutual agreement of the parties hereto (the “Separation Date”). The purpose of this letter is to confirm our mutual understanding regarding your separation of employment.
Mutual agreement is a condition in which two or more parties reach a consensus or express a shared understanding concerning particular terms or conditions. It implies that all participants consent to an offer made by one party, with acknowledgment and acceptance by the others. This agreement is fundamental in establishing enforceable legal contracts, as it signifies that all parties are willingly entering into the contract and are bound by its terms.
Mutual agreements should be used whenever parties are engaged in negotiations or arrangements that require a formal acknowledgment of agreed-upon terms. It is crucial in various legal and business settings, such as:
By formalizing a mutual agreement, parties protect their interests and ensure clarity, reducing disputes and misunderstandings.
Writing a mutual agreement involves clear and concise language that all parties can easily understand. Here are essential components:
Example:
This Mutual Agreement (‘Agreement’) is entered into as of [Date] by and between [Party A] and [Party B], collectively referred to as ’the Parties.’ The Parties agree to the following terms:…
Mutual agreements are fundamental components of a wide array of contracts, such as:
In all these contracts, a mutual agreement ensures that the involved parties have a clear and shared understanding of their duties and expectations.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
A mutual confidentiality clause is an agreement between parties to protect each other's confidential information from unauthorized disclosure or use. It requires both parties to maintain the confidentiality of shared sensitive information and can outline the duration, scope, and any permissible exceptions to this obligation.
A mutual general release clause is a contractual provision where both parties agree to relinquish any existing or potential claims against each other, thereby freeing both from future legal disputes related to the subject matter of the release. This clause aims to bring closure to past grievances and facilitate a clean break, ensuring that neither party can pursue further claims or litigation over the issues covered by the agreement.
Mutual indemnification is a contractual provision where each party agrees to compensate the other for any losses, damages, or liabilities arising from specific actions or breaches related to the agreement. This clause is designed to ensure both parties are protected against claims or damages caused by the other party's negligence or misconduct.
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