Consultancy Election Clause Samples

Consultancy Election. (a) At any time during the Employment Term, Executive may change his position from that of an employee of the Company to that of part-time executive consultant to the Company by delivering an election (the “Consultancy Election”) to the Company. The Consultancy Election shall specify the date (the “Consultancy Election Effective Date”) on which the Consultancy Election shall be effective, which date shall not be less than thirty (30) days after the date of the Consultancy Election. On the Consultancy Election Effective Date, (i) Executive’s employment with the Company shall terminate, (ii) Executive shall no longer have the position and title with the Company of Chief Executive Officer or the duties associated therewith as contemplated by Section 4.2 hereof, (iii) Executive shall become an executive consultant to the Company on the terms set forth in Section 4.5(b) of this Agreement, and (iv) in such capacity as an executive consultant to the Company, Executive shall have such duties as may from time to time be mutually agreed upon by the Company and Executive. The initial term during which Executive shall serve as an executive consultant to the Company, as set forth in the immediately preceding sentence, shall be for a period of one (1) year commencing on the Consultancy Election Effective Date, which initial term shall be extended automatically for successive one (1)-year periods, unless Executive or the Company sooner terminates such initial term or any extension thereof by notice to the other party. Such initial term and any extension thereof, as provided in this Section 4.5(a), are referred to in this Agreement as the “Consultancy Term.” (b) For each year during the Consultancy Term, the Company shall pay Executive remuneration in an amount equal to twenty-five percent (25%) of Executive’s Total Compensation in effect immediately prior to the Consultant Election Effective Date. During the Consultancy Term, Executive shall continue to remain eligible for all benefits and expense reimbursements provided in Sections 3.3, 3.4, 3.5 and 3.6 of this Agreement. During the Consultancy Term, Executive shall devote such time as may be necessary for the performance of those duties, consistent with Executive’s role as an executive consultant to the Company, reasonably requested by the Company; however, in no event shall Executive be required to devote more than five hundred (500) hours of service to the Company in any calendar year during the Consultancy Term.
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Related to Consultancy Election

  • Employee Termination Regular employees other than those serving a probationary period, shall give twenty-eight (28) calendar days written notice of termination to a representative designated by the Employer with the authority to accept such written notice.

  • At-Will Employment; Termination The Company and Executive acknowledge that Executive’s employment is and shall continue to be at-will, as defined under applicable law, and that Executive’s employment with the Company may be terminated by either party at any time for any or no reason, with or without notice. If Executive’s employment terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided in this Agreement. Executive’s employment under this Agreement shall be terminated immediately on the death of Executive.

  • Termination for Cause; Voluntary Termination (a) The Company may terminate the Executive’s employment hereunder at any time for Cause upon written notice to the Executive. The Executive may voluntarily terminate his employment hereunder at any time without Good Reason upon sixty (60) days prior written notice to the Company; provided, however, the Company reserves the right, upon written notice to the Executive, to accept the Executive’s notice of resignation and to accelerate such notice and make the Executive’s resignation effective immediately, or on such other date prior to Executive’s intended last day of work as the Company deems appropriate. It is understood and agreed that the Company’s election to accelerate Executive’s notice of resignation shall not be deemed a termination by the Company without Cause for purposes of Section 4.1 of this Agreement or otherwise or constitute Good Reason (as defined in Section 4.1) for purposes of Section 4.1 of this Agreement or otherwise. (b) If the Executive’s employment is terminated pursuant to Section 4.2(a), the Executive shall, in full discharge of all of the Company’s obligations to the Executive, be entitled to receive, and the Company’s sole obligation under this Agreement or otherwise shall be to pay or provide to the Executive, the following (collectively, the “Accrued Obligations”): (i) the Executive’s earned, but unpaid, Base Salary through the final date of the Executive’s employment by the Company (the “Termination Date”), payable in accordance with the Company’s standard payroll practices; (ii) the Executive’s accrued, but unused, vacation (in accordance with the Company’s policies); (iii) expenses reimbursable under Section 3.2 above incurred on or prior to the Termination Date but not yet reimbursed; and (iv) any amounts or benefits that are vested amounts or vested benefits or that the Executive is otherwise entitled to receive under any plan, program, policy or practice (with the exception of those, if any, relating to severance) on the Termination Date, in accordance with such plan, program, policy, or practice.

  • Termination for Cause or Voluntary Termination If the Executive’s employment terminates pursuant to Section 6(c) [For Cause] or Section 6

  • Voluntary Termination for Good Reason “Voluntary Termination for Good Reason” shall mean the Employee voluntarily resigns after the occurrence of any of the following (i) without the Employee’s express written consent, a material reduction of the Employee’s duties, title, authority or responsibilities, relative to the Employee’s duties, title, authority or responsibilities as in effect immediately prior to such reduction, or the assignment to Employee of such reduced duties, title, authority or responsibilities; provided, however, that a reduction in duties, title, authority or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Senior Vice-President of a business unit of the Company remains as such following a Change of Control) shall not by itself constitute grounds for a “Voluntary Termination for Good Reason;” (ii) without the Employee’s express written consent, a material reduction, without good business reasons, of the facilities and perquisites (including office space and location) available to the Employee immediately prior to such reduction; (iii) a reduction by the Company in the base salary of the Employee as in effect immediately prior to such reduction; (iv) a material reduction by the Company in the aggregate level of employee benefits, including bonuses, to which the Employee was entitled immediately prior to such reduction with the result that the Employee’s aggregate benefits package is materially reduced (other than a reduction that generally applies to Company employees); (v) the relocation of the Employee to a facility or a location more than thirty-five (35) miles from the Employee’s then present location, without the Employee’s express written consent; (vi) the failure of the Company to obtain the assumption of this agreement by any successors contemplated in Section 7(a) below; or (vii) any act or set of facts or circumstances which would, under California case law or statute constitute a constructive termination of the Employee.