Company Termination Clause Samples
The Company Termination clause defines the circumstances and procedures under which a company may end an agreement or contractual relationship. Typically, this clause outlines the specific events or breaches that give the company the right to terminate, such as non-performance by the other party, insolvency, or violation of key terms. It may also specify notice requirements and any obligations that survive termination. The core function of this clause is to provide the company with a clear and enforceable mechanism to exit the contract when necessary, thereby managing risk and ensuring flexibility in business relationships.
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Company Termination. (a) Notwithstanding any other provision of this Agreement, at any time during the Employment Period, including, without limitation, the Initial Term, this Agreement and Executive's employment hereunder shall terminate upon his death, and Company shall have the right, in its sole and absolute discretion, to terminate this Agreement and Executive's employment hereunder at any time by giving him written notice of such termination (1) for "Cause" (as defined below), or (2) if Executive shall suffer a Disability (as defined below). In the event of Executive's death during the Employment Period, the Company shall (i) pay to Executive's estate an amount equal to one years Base Salary, (ii) pay to Executive's estate a pro rata portion of any bonus which would have been payable but for Executive's death; (iii) vest Executive fully in any Company stock grant and stock options held by Executive at his death.
Company Termination. Company may terminate this Agreement at any time during the Term, effective upon completion of each of the following conditions: (a) providing at least 60 days prior written Notice to Cornell of such intention to terminate; (b) ceasing to make, have made, use, import, offer for sale and sell all Licensed Products; (c) (i) terminating all Sublicenses and causing all Affiliates and Sublicensees to cease making, having made, using, importing, offering for sale and selling all Licensed Products or (ii) to the extent permitted by Section 3.4, assigning all Sublicenses to Cornell; and (d) paying all amounts owed to Cornell under this Agreement through the effective date of termination.
Company Termination. The Company may terminate this Agreement effective upon thirty (30) days' written notice; provided, however, that such termination does not occur during a Draw Down Pricing Period or prior to a Settlement Date.
Company Termination. The Company may at any time in its sole discretion terminate (a “Company Termination”) this Agreement and its right to initiate future Tranches by providing 30 days advanced written notice (“Termination Notice”) to Investor.
Company Termination. Company may terminate this Agreement: i. on thirty (30) days written notice to Customer in the event Customer commits a material breach of this Agreement or the Program and fails to cure the same within such thirty (30) day period;
Company Termination. The Company may terminate the Officer's employment during the Employment Period with or without Cause.
Company Termination. (a) Notwithstanding any term of consultancy, provided for in paragraph 1 hereof, the Company shall have the right to terminate this Agreement immediately for any of the following causes:
(i) Conviction of, or a plea of guilty or nolo contendere by Counsel to (A) any felony, or (B) any misdemeanor reflecting upon Counsel’s honesty or truthfulness;
(ii) Fraudulent conduct by Counsel either in connection with her duties as an Counsel of the Company or otherwise;
(iii) Material breach of any policy, rule, or regulation of the Company;
(iv) the good faith determination of the Board of Directors that Counsel has failed to perform his or her duties to the Company in a satisfactory manner; or
(v) Counsel dies or suffers a permanent disability. For purposes of this Agreement, the term “permanent disability” shall mean a physical or mental incapacity of Counsel which renders Counsel unable to perform her duties hereunder and which shall continue for twelve (12) months during any period of eighteen (18) consecutive months. If Counsel’s employment is terminated as a result of death or permanent disability, Counsel or her estate shall receive an amount which, when added to any disability benefits provided for by the Company, equals her Compensation until the twelve (12) month anniversary of the termination.
(b) Notwithstanding the foregoing provisions of paragraph 5(a),
(i) In the event Counsel breaches clauses (ii), (iii) and (iv) of Section 5(a) of this Agreement, the Board of Directors shall provide Counsel written notice of the breach and shall provide Counsel at least a 30 day period in which to cure the breach to the Board’s good faith satisfaction; and
(ii) the Company shall retain the right to terminate Counsel’s retention at any time without Cause. If Counsel ‘s retention hereunder shall be terminated by the Company for any reason other than for Cause (as defined in paragraph (a) above), or the Counsel terminates this Agreement for “Good Reason” as defined in Section 6 then Counsel shall be entitled to receive an amount equal to three (3) years of her then Compensation payable within 30 days.
Company Termination. Upon compliance with the foregoing distribution plan, the Company shall cease to be such, and the Liquidating Trustee shall execute, acknowledge and cause to be filed with the Secretary of State of the State of Delaware articles of dissolution of the Company.
Company Termination. After the Operative Date, the Company may terminate the Executive’s employment for any reason, subject to the provisions of this Agreement establishing obligations of the Company that arise with respect to certain terminations.
Company Termination. In the event Employer shall conclude, in its sole discretion, that it is no longer in the interest of the Company to continue the employment of Employee, the Employer may terminate this Agreement, and Employer shall have no further obligation to pay compensation to Employee after the effective date of termination.