Common use of Cessation of Professional Activity Clause in Contracts

Cessation of Professional Activity. Upon delivery of a written notice of termination by any party, the Company may relieve the Executive of his duties and responsibilities and require the Executive to immediately cease all professional activity on behalf the Company and its subsidiaries. In addition, in the event that the Board determines that there is a reasonable basis for it to investigate whether circumstances exist that would, if true, permit the Board to terminate the Executive's employment for Cause, the Board may relieve the Executive of his duties and responsibilities during the pendency of such investigation. During any period that the Executive is relieved of duties and responsibilities pursuant to this Section 8(i), the Executive shall continue to be entitled to all salary, benefits, reimbursements, vesting of Incentive Common Units and any other consideration provided for under this Agreement.

Appears in 4 contracts

Samples: Form of Employment Agreement (Preston Hollow Community Capital, Inc.), Form of Employment Agreement (Preston Hollow Community Capital, Inc.), Form of Employment Agreement (Preston Hollow Community Capital, Inc.)

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Cessation of Professional Activity. Upon delivery of a written notice of termination by any party, the Company may relieve the Executive of his her duties and responsibilities and require the Executive to immediately cease all professional activity on behalf the Company and its subsidiaries. In addition, in the event that the Board determines that there is a reasonable basis for it to investigate whether circumstances exist that would, if true, permit the Board to terminate the Executive's employment for Cause, the Board may relieve the Executive of his her duties and responsibilities during the pendency of such investigation. During any period that the Executive is relieved of duties and responsibilities pursuant to this Section 8(i), the Executive shall continue to be entitled to all salary, benefits, reimbursements, vesting of Incentive Common Units and any other consideration provided for under this Agreement.

Appears in 1 contract

Samples: Form of Employment Agreement (Preston Hollow Community Capital, Inc.)

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