Employment Transition and Separation Sample Clauses

Employment Transition and Separation. Kxx acknowledges and represents that as of the date of this Agreement, he has fully complied with all policies and procedures and codes of conduct of Cxxxxxxxx Downs. Pursuant to this Agreement, Ken's separation from Cxxxxxxxx Dxxxx shall be effective as of the Separation Date. The period between the date of this Agreement and the Separation Date shall be the "Transition Period." During the Transition Period, Kxx will perform such duties as defined by the Executive Vice President of Racing
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Employment Transition and Separation. (a) You acknowledge and agree that you will continue to serve as a full-time, active employee of the Company through October 4, 2019 (the “Transition Date”). You will serve as a non-executive, part-time employee in the role of senior advisor to the Company from the Transition Date through January 3, 2020, (your “Separation Date”), and your employment relationship with the Company will terminate effective as of the Separation Date. For the avoidance of doubt, such termination of employment on the Separation Date will be a “Qualified Termination” under the Retention Program. After the Separation Date, you will not perform any further job duties for the Company or render services to the Company in any other capacity except as provided in Paragraph 16 below. Accordingly, on the Separation Date, you shall incur a “separation from service” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code” and such section “Section 409A”). Notwithstanding the foregoing, the Company may terminate your employment at any time prior to the Separation Date for Cause (as defined in the Retention Program), in which case you shall not be entitled to the Retention Program Benefit set forth in Paragraph 2 below. Xxxxx X. Xxxxx Page 2 of 14 (b) From the date hereof through the Separation Date, (i) you shall, in good faith, perform such customary and transitional duties as are reasonably requested by the Company’s Chief Executive Officer and (ii) except as set forth below, you shall continue to be eligible to participate in the Company’s employee benefit plans and programs in which you participate as of the date hereof. (c) From the date hereof through the Transition Date you shall continue to be paid your annual base salary at the rate in effect as of the date hereof. From the Transition Date through the Separation Date (the “Transition Period”), it is anticipated and expected that you will provide services to the Company for twenty (20) hours per week, as reasonably requested by the Company’s Chief Executive Officer, and, accordingly during the Transition Period, you will be paid fifty percent (50%) of your base salary at the annualized rate in effect as of the date hereof. In the event the services reasonably requested by the Company’s Chief Executive Officer during the Transition Period require you to provide services for more than twenty hours per week and you agree to provide such excess services, then the Company will pay you a per diem amount e...
Sample 1
Employment Transition and Separation. (a) You acknowledge and agree that you will continue to serve as a full-time, active employee of the Company through August 2, 2019 (your “Separation Date”), and your employment relationship with the Company will terminate effective as of the Separation Date. From the date hereof through the Separation Date, (i) you shall, in good faith, perform such transitional duties as are reasonably requested by the Company’s Chief Executive Officer, (ii) you shall continue to be paid your annual base salary at the rate in effect as of the date hereof, and (iii) except as set forth below, you shall continue to be eligible to participate in the Company’s employee benefit plans and programs in which you participate as of the date hereof. After the Separation Date, you will not perform any further job duties for the Company or render services to the Company in any other capacity except as provided in Paragraph 16 below. (b) For the avoidance of doubt, the Company may terminate your employment prior to the Separation Date for Cause, in which case you shall not be entitled to the Separation Pay Benefit set forth in Paragraph 2 below. For purposes hereof, “Cause” shall mean your: (i) performance of any act, or failure to perform any act, in bad faith and to the detriment of the Company; (ii) dishonesty, intentional misconduct, material violation of any Company policy, or material breach of any agreement with the Company; or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person.
Sample 1
Employment Transition and Separation 
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Related to Employment Transition and Separation

  • Termination of Employment Agreement Employee and Company hereby acknowledge and agree that the Employment Agreement is hereby terminated and of no further force and effect and except as otherwise set forth herein, Employee shall not be entitled to any payment in the nature of severance, Change of Control or termination pay from the Company, and that the terms set forth herein is in full satisfaction of all obligations owed to Employee.

  • Prior Employment Agreements The Executive represents that he/she has not executed any agreement with any previous employer which may impose restrictions on Executive’s employment with the Employer.

  • Employment Agreements Each of the persons listed on Schedule 9.12 shall have been afforded the opportunity to enter into an employment agreement substantially in the form of Annex VIII hereto.

  • Release of Employment Claims Executive agrees, as a condition to receipt of the termination payments and benefits provided hereunder, that he will execute a release agreement, in a form satisfactory to the Company, releasing any and all claims arising out of Executive's employment (other than claims made pursuant to any indemnities provided under the articles or by-laws of the Company, under any directors or officers liability insurance policies maintained by the Company or enforcement of this Termination Agreement).

  • Termination of Employment and Severance Benefits The Executive’s employment hereunder shall terminate under the following circumstances:

  • Competition After Termination of Employment The Company shall not pay any benefit under this Agreement if the Executive, without the prior written consent of the Company and within 2 years from the Executive’s Termination of Employment, engages in, becomes interested in, directly or indirectly, as a sole proprietor, as a partner in a partnership, or as a substantial shareholder in a corporation, or becomes associated with, in the capacity of employee, director, officer, principal, agent, trustee or in any other capacity whatsoever, any enterprise conducted in the trading area (a 50 mile radius) of the business of the Company, which enterprise is, or may deemed to be, competitive with any business carried on by the Company as of the date of termination of the Executive’s employment or retirement. This section shall not apply following a Change in Control.

  • Termination and Release (a) This Agreement and the security interests created in favor of the Agent, for the ratable benefit of the Banks, pursuant to this Agreement shall terminate when all of the Obligations have been fully and indefeasibly paid and when the Banks have no further Commitments under the Credit Agreement and no Letters of Credit are outstanding or unreimbursed, at which time the Agent shall execute and deliver to the Pledgor, or to such person or persons as the Pledgor shall reasonably designate, all Uniform Commercial Code termination statements and similar documents prepared by the Pledgor at the Pledgor's expense that the Pledgor shall reasonably request to evidence the release of the Liens and the security interests created by this Agreement with respect to the Collateral. (b) All Collateral used, sold, transferred or otherwise disposed of by the Pledgor in accordance with the terms of the Credit Agreement (including, without limitation, pursuant to a waiver or amendment of the terms of the Credit Agreement), shall be used, sold, transferred or otherwise disposed of free and clear of the Lien and the security interest created under this Agreement. In connection with any such sale, transfer or disposition of Collateral, (i) the Agent shall deliver to the Pledgor, or to such person or persons as the Pledgor shall reasonably designate, all Uniform Commercial Code termination statements and similar documents prepared by the Pledgor at the Pledgor's expense that the Pledgor shall reasonably request to evidence the release of the Liens and security interests created under such Agreement with respect to such Collateral, and (ii) any representation, warranty or covenant contained in this Agreement relating to such Collateral shall no longer be deemed to be made with respect to such used, sold, transferred or otherwise disposed Collateral.

  • OBLIGATIONS SURVIVE TERMINATION OF EMPLOYMENT Executive agrees that any and all of Executive’s obligations under this Agreement, including but not limited to Exhibits B and C, shall survive the termination of employment and the termination of this Agreement.

  • Severance Agreement Any payments of compensation made pursuant to Articles 4 and 5 are contingent on Executive executing the Company’s standard severance agreement, including a general release of the Company, its owners, partners, stockholders, directors, officers, employees, independent contractors, agents, attorneys, representatives, predecessors, successors and assigns, parents, subsidiaries, affiliated entities and related entities, and on Executive’s continued compliance with Section 6. Executive must execute the standard severance agreement and release within 45 days of being provided with the document to sign or the severance agreement offer will expire.

  • Termination of Employment; Change in Control (i) For purposes of the grant hereunder, any transfer of employment by the Optionee among the Corporation and the Subsidiaries shall not be considered a termination of employment. Except as set forth below in this Section 4(c)(i), if the Optionee's employment with the Corporation shall terminate for any reason, (a) the Option (to the extent then vested) may be exercised at any time within ninety (90) days after such termination (but not beyond the Term of the Option) and (b) the Option, to the extent not then vested, shall immediately expire upon such termination. Notwithstanding the foregoing, (a) if the Optionee's employment with the Corporation is terminated for Cause (as defined in the last Section hereof), the Option, whether or not then vested, shall be automatically terminated as of the date of such termination of employment, (b) if the Optionee's employment terminates by reason of Retirement, the termination of the Optionee's employment by the Company other than for Cause, or the termination of the Optionee's employment by the Optionee for Good Reason (as defined in the last Section hereof), the Option shall remain exercisable for three years from the date of such termination of employment (but not beyond the Term of the Option) and (c) if the Optionee dies or becomes Disabled (A) while employed by the Corporation or (B) within 90 days after the termination of his or her employment (other than a termination described in clause (a) or (b) of this sentence), the Option may be exercised at any time within one year after the Optionee's death or Disability (but not beyond the Term of the Option). (ii) If the Optionee's employment terminates by reason of death, Disability, Retirement, the termination of the Optionee's employment by the Company other than for Cause, or the termination of the Optionee's employment by the Optionee for Good Reason, the Option shall become fully and immediately vested and exercisable. In the event of a Change in Control (as defined in the last Section hereof), the Option shall immediately become fully vested and exercisable.