Executive’s Termination. Executive’s employment with the Company will terminate on the Termination Date, and the Company shall process his termination accordingly. Executive agrees to execute any documentation reasonably necessary to confirm Executive’s termination of employment consistent with the terms hereof. Executive agrees to resign all positions he may hold with the Company and any of its subsidiaries or affiliated entities (including as a member of the Board of Directors of the Company (the “Board”)) upon the Termination Date.
Executive’s Termination. Pursuant to the Agreement, Executive's employment with Company and all subsidiaries thereof is terminated effective June 22, 2001 (the "Separation Date").
Executive’s Termination. The Executive may voluntarily terminate this ------------------------ Consulting Agreement at any time by delivery of a written notice to the Company (the "Notice of Termination"). The Notice of Termination shall set forth the dates that termination shall become effective (the "Date of Termination"), which date shall, in any event, be at least ten (10) days and no more than thirty (30) days from the date the Notice of Termination is delivered to the Company. At its option, the Company may reduce such notice period to any length, upon thirty- (30) days written notice to the Executive.
Executive’s Termination. If the Executive terminates this Consulting ------------------------ Agreement for any reason other than "Good Cause" as defined herein, the Company shall only be required to pay to the Executive, subject to application of the credits as set forth in Section 3(a), the amounts of consulting fees described in Sections 3(a) and 3(b) hereof through the Date of Termination. However, in this event, this agreement is converted to a promissory note pursuant to Section 3(a) hereof, the obligations of Executive shall survive until repayment of the note. In the event the Executive terminates its Consulting Agreement for "Good Cause," the Company shall pay the Executive the consulting payment until the expiration date of the Consulting Agreement. If the Executive terminates this agreement without "Good Cause," the Company shall have no obligation to compensate the Executive following such termination. In the event, at the Executive's own expense, the Executive and his dependents shall be entitled to any continuation of health insurance coverage rights under any applicable law.
Executive’s Termination. If the Executive terminates his employment, he shall provide the Company at least 30 days' notice (which 30-day requirement may be waived by the Company) of his intent to terminate and identify his termination date. The Executive's termination date shall be the date specified in the notice provided pursuant to the preceding sentence.
Executive’s Termination. The Executive's employment may be terminated during the Employment Period by the Executive for Good Reason.
Executive’s Termination. Executive may terminate his employment hereunder for any reason, or no reason, including Executive’s death or disability; provided that in the event of Executive’s voluntary termination, he shall provide 30 days’ prior written notice to the Board, or such shorter period as may be agreed upon by the Board and Executive. In such event, or upon the Executive’s death, the Company shall pay or provide to Executive the following amounts or benefits, subject to any delay required under Section 6.14 below:
a. His Base Compensation accrued but not yet paid as of his Termination Date, any Incentive Bonus for the year prior to the year in which Executive’s Termination Date occurs to the extent not yet paid as of his Termination Date, any benefits or payments required by law to be provided, and any benefits accrued and vested under a separate benefit plan or arrangement maintained by the Company (collectively, Executive’s “Accrued Benefits”).
b. Four years of Executive’s Base Compensation in effect as of the Termination Date (ignoring any decrease in such Base Compensation occurring within four months of such Termination Date), which amount shall be paid over the four-year period following his Termination Date, in accordance with the Company’s regular payroll practices and policies.
c. An amount equal to the average of the last three annual Incentive Bonuses paid to Executive prior to the Termination Date; such amount to be paid annually for four years following his Termination Date, at the time or times Executive’s Incentive Bonus would otherwise be payable (for avoidance of doubt, the parties intend that Executive shall receive four annual payments hereunder).
d. The Continuing Health Benefit and Continuing Perquisite Amount, each to be paid or provided for the four-year period following his Termination Date.
Executive’s Termination. Executive may terminate employment hereunder voluntarily at any time by written notice to Varco.
Executive’s Termination. Pursuant to this Agreement, Executive shall be terminated from each and every position Executive holds as an officer and employee of the Company and its affiliates effective December 22, 2005 (“the Termination Date”). As of the Termination Date, the Company shall pay Executive any earned, but unpaid Base Salary, accrued but unused vacation and floating holiday time, and unreimbursed expenses described in Section 2(f) of the Employment Agreement, and benefits, if any Executive is entitled to receive under the benefit plans of the Company in which Executive was an eligible participant, less all applicable federal, state or local taxes and other normal payroll deductions.
Executive’s Termination. If the Executive terminates this Consulting ------------------------ Agreement for any reason other than "Good Cause" as defined herein, the Company shall only be required to pay to the Executive the amounts of consulting fees described in Sections 3(a) and 3(b) hereof through the Date of Termination. In the event the Executive terminates his Consulting Agreement for "Good Cause," the Company shall pay the Executive the consulting payment until the expiration date of the Consulting Agreement. If the Executive terminates this agreement without "Good Cause," the Company shall have no obligation to compensate the Executive following such termination. In this event, at the Executive's own expense, the Executive and his dependents shall be entitled to any continuation of health insurance coverage rights under any applicable law. For purposes of this Consulting Agreement, "Good Cause" shall mean a material breach by the Company of any material provision of this Consulting Agreement.
