Common use of Conversion to Consulting Agreement Clause in Contracts

Conversion to Consulting Agreement. During the 120-day period following the occurrence of an Extraordinary Event, the Executive shall have the right, in his sole discretion, to elect in writing to convert this Agreement into a consulting agreement, whereupon: (i) the Executive will cease to be an employee of the Company and shall resign all officer and other positions with the Company and its subsidiaries; (ii) the Executive shall be required, through the Expiration Date, to consult with respect to the assets, liabilities and transactions of the Company as they existed immediately before such Extraordinary Event, such consultation to be at the reasonable times convenient to the Executive on no less than five business days' notice, but in no event for more than five days or portions of a day in any calendar month, the parties recognizing that the Executive during the consulting period likely will have significant other business interests; and (iii) the terms of this Agreement (including all rights of the Executive hereunder as to salary, bonus, reimbursements, payments and health and other benefits) shall continue unabridged through the Expiration Date, except that (1) Section 2 hereof will be superseded by this Section 4(c) and (2) references herein to the "employment" of the Executive shall be deemed to be references to the consultancy by the Executive.

Conversion to Consulting Agreement. During the 120-day period following the occurrence of an Extraordinary Event, the Executive shall have the right, in his sole discretion, to elect in writing to convert this Agreement into a consulting agreement, whereupon: (i) the Executive will cease to be an employee of the Company and shall resign all officer and other positions with the Company and its subsidiaries; (ii) the Executive shall be required, through the Expiration Date, to consult with respect to the assets, liabilities and transactions of the Company as they existed immediately before such Extraordinary EventTransaction, such consultation to be at the reasonable times convenient to the Executive on no less than five business days' notice, but in no event for more than five days or portions of a day in any calendar month, the parties recognizing that the Executive during the consulting period likely will have significant other business interests; and (iii) the terms of this Agreement (including all rights hereunder of the Executive hereunder as to salary, bonus, reimbursements, payments and health and other benefits) shall continue unabridged through the Expiration Date, except that (1) Section 2 hereof will be superseded by this Section 4(c) and (2) references herein to the "employment" of the Executive shall be deemed to be references to the consultancy by the Executive.