Valid employment contract.
Valid employment contract. The term valid employment contract means a written employment contract that is:
(1)
(i) A material contract as determined pursuant to Item 601(b)(10)(iii)(A) of Regulation S–K under the Federal securities laws (17 CFR 229.601(b)(10)(iii)(A)); or
(ii) A contract that would be deemed a material contract as determined pursuant to Item 601(b)(10)(iii) of Regulation S–K under the Federal securities laws (17 CFR 229.601(b)(10)(iii)), but for the fact that the material contract relates to one or more employee who is not an executive officer; and
(2) Is enforceable under the law of the applicable jurisdiction.