CFO Status Sample Clauses

CFO Status. (a) In accordance with Section 2.1, at any time during the Employment Period after April 1, 2002, the Company shall have the right to terminate the Employee's status as Senior Vice President and Chief Financial Officer of the Company without terminating the Employee's employment with the Company or this Agreement. In addition, at any time during the Employment Period after the earlier of May 1, 2003 and the date one month following the date of the hiring by the Company of a replacement candidate qualified for the position of Chief Financial Officer of the Company (an event of which the Board Designee shall promptly notify the Employee), but in no event earlier than May 1, 2002, the Employee may resign as Senior Vice President and Chief Financial Officer of the Company without terminating his employment with the Company or this Agreement. Termination of the Employee's status as Senior Vice President and Chief Financial Officer in accordance with this Section 2.2(a) (whether initiated by the Company or the Employee) (the "CFO Termination Event") shall be effective immediately upon written notice to the other party. (b) For one month (the "Transition Period") following the CFO Termination Event, the Employee shall continue to serve as a full-time employee of the Company on the terms set forth in this Agreement; provided, however, that the Employee's authority, duties and responsibilities during the Transition Period shall be mutually agreed upon between the Employee and the Board Designee. (c) Upon the occurrence of the CFO Termination Event, the Employment Period shall automatically be extended to the date 13 months after the date of the CFO Termination Event without any further right of renewal, subject to earlier termination in accordance with this Section 2.2 or Sections 4.2, 4.3 or 4.5 of this Agreement. Following the CFO Termination Event, neither party shall have the right to terminate this Employment Agreement under Section 4.4 of this Agreement. (d) During the period between the end of the Transition Period and the end of the Employment Period (the "Closing Period"), the Employee shall continue to serve as an employee of the Company on the terms set forth in this Agreement; provided, however, that during the Closing Period the Employee shall not be required to devote his entire business time, attention and energies to the Company, and instead shall have such authority, duties and responsibilities as shall be mutually agreed upon by the Employee and t...