Involuntary Removal Sample Clauses

Involuntary Removal. If an Eligible Director is removed by the Company other than for Cause including, but not limited to, the Company’s decision not to slate such Eligible Director for reelection, then: (i) the Grantee’s Restricted Shares that were forfeitable shall thereupon become nonforfeitable; (ii) the Grantee’s Restricted Stock Units shall immediately be settled in accordance with Section 9.4; (iii) any unexercised Option or SAR, whether or not exercisable on the date of such Termination of Affiliation, shall thereupon be fully exercisable and may be exercised, in whole or in part for ninety (90) days following such Termination of Affiliation (but only during the Option Term or SAR Term, respectively); and (iv) the Company shall immediately pay to the Grantee, with respect to any Performance Share or Performance Unit with respect to which the Performance Period has not ended as of the date of such Termination of Affiliation, a cash payment equal to the product of (A) with respect to a Performance Share either (I) in the case of an Involuntary Removal occurring within the one-year period immediately following a Change of Control, the Change of Control Value or (II) in the case of an Involuntary Removal outside of the one-year period immediately following a Change of Control, the Fair Market Value on the effective date of the Grantee's Termination of Affiliation, or (B) in the case of a Performance Unit, the value of the Performance Unit specified in the Award Agreement, as applicable, multiplied successively by each of the following: (A) a fraction, the numerator of which is the number of whole and partial months that have elapsed between the beginning of such Performance Period and the date of such Termination of Affiliation and the denominator of which is the number of whole and partial months in the Performance Period; and (B) a percentage equal to a greater of (x) the target percentage, if any, specified in the applicable Award Agreement or (y) the maximum percentage, if any, that would be earned under the terms of the applicable Award Agreement assuming that the rate at which the performance goals have been achieved as of the date of such Termination of Affiliation would continue until the end of the Performance Period.
Sample 1
Involuntary Removal. SECTION 42.1 The Employer may remove an employee from further employment at a particular location, provided there is a good faith reason to justify such removal, apart from a customer demand. Unless the Employer has cause to discharge the employee, the Employer will place the employee in a similar job at another facility covered by this Agreement, without loss of entitlement seniority or reduction in pay, benefits, or, to the extent possible, hours. The Employer may not solicit a demand from a customer that an employee be removed from a location in an effort to circumvent Section 21.1 of this Agreement. SECTION 42.2 In the event an employee is transferred to another building pursuant to Section 42.1and is not filling a vacant position, the Employer shall seek volunteers for transfer to the building from which the initial transfer occurred on the basis of seniority within the job title. If there are no volunteers, the junior employee shall be selected for transfer and receive the same protections offered to the transferred employee.
Sample 1
Involuntary Removal. Rolling Hills may terminate this Agreement and discharge Resident for any of the following reasons:
Sample 1
Involuntary Removal. Xxxxx X. Xxxxx is involuntarily removed as President of Chardan or DAL, without Cause.
Sample 1
Involuntary Removal. (a) The Company shall have the right, but no obligation, to remove any Defaulting Member without advance notice, and the remaining members may assume the membership interest of the Defaulting Member, or the Company may admit a replacement member, and pay to the Defaulting Member the sum of (A) the pro rata share of the Withdrawing Member of the most current Value determined under ss. 4.06 above, less the sum of (B) any due but unpaid assessments or contributions due from the Defaulting Member, and (C) the costs incurred by the Company to obtain a replacement member (including without limitation brokerage commissions and attorney's fees and costs), whereupon the Defaulting Member shall no longer be a member of the Company or a party to this Agreement. (b) On the death, dissolution, permanent disability, or bankruptcy of a member the member shall be deemed to have withdrawn from membership and the Company shall have the right to acquire that member's membership interest and pay to him or as applicable his estate, heir, trustee, or successor in law, the sum of (A) the pro rata share of the Withdrawing Member of the most current Value determined under ss. 4.06 above, less (B) any due but unpaid assessments or contributions due from the member, whereupon the member shall no longer be a member of the Company or a party to this Agreement.
Sample 1
Involuntary Removal. SECTION 42.1 The Employer may remove an employee from further employment at a particular location, provided there is a good faith reason to justify such removal, apart from a customer demand. Unless the Employer has cause to discharge the employee, the Employer will place the employee in a similar job at another facility covered by this Agreement, without loss of SECTION 42.2 In the event an employee is transferred to another building pursuant to Section 42.1and is not filling a vacant position, the Employer shall seek volunteers for transfer to the building from which the initial transfer occurred on the basis of seniority within the job title. If there are no volunteers, the junior employee shall be selected for transfer and receive the same protections offered to the transferred employee.
Sample 1

Related to Involuntary Removal

  • Involuntary Reassignment In the absence of volunteers to fill a vacancy internally, the college may administratively reassign from any overstaffed area that qualified faculty member with the lowest seniority.

  • Involuntary Demotion An employee assigned to a lower rated position shall continue to be paid at the employee's current rate of pay until the rate of pay in the new position equals or exceeds it.

  • Voluntary Resignation Discharge for just cause.

  • Voluntary Resignation without Good Reason The Executive may voluntarily terminate employment without Good Reason upon 30 days’ prior written notice to the Company. In such event, after the effective date of such termination, no payments shall be due under this Agreement, except that the Executive shall be entitled to any Accrued Obligations.

  • Involuntary Proceedings (i) Any involuntary Insolvency Proceeding is commenced or filed against the Company or any Subsidiary, or any writ, judgment, warrant of attachment, execution or similar process, is issued or levied against a substantial part of the Company's or any Subsidiary's properties, and any such proceeding or petition shall not be dismissed, or such writ, judgment, warrant of attachment, execution or similar process shall not be released, vacated or fully bonded within 60 days after commencement, filing or levy; (ii) the Company or any Subsidiary admits the material allegations of a petition against it in any Insolvency Proceeding, or an order for relief (or similar order under non-U.S. law) is ordered in any Insolvency Proceeding; or (iii) the Company or any Subsidiary acquiesces in the appointment of a receiver, trustee, custodian, conservator, liquidator, mortgagee in possession (or agent therefor), or other similar Person for itself or a substantial portion of its property or business; or

  • Involuntary Insolvency Without consent by Grantee, a court or government authority enters an order, and such order is not vacated within ten (10) days, (i) appointing a custodian, receiver, trustee or other officer with similar powers with respect to Grantee or with respect to any substantial part of Grantee's property, (ii) constituting an order for relief or approving a petition for relief or reorganization or arrangement or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy, insolvency or other debtors' relief law of any jurisdiction or (iii) ordering the dissolution, winding-up or liquidation of Grantee.

  • Involuntary The employee may be demoted as a result of disciplinary actions or in lieu of layoff.

  • Involuntary Withdrawal Involuntary withdrawal of a Partner shall include, but not be limited to, the following: a.) Death of a Partner; b.) Partner that becomes incapacitated or not able to make decisions on their own as determined by a licensed physician; c.) A handicap of a Partner that prevents the individual from carrying out their Partnership duties and obligations; d.) Incompetence or negligence of a Partner; e.) A Partner’s breach of fiduciary duties;

  • Involuntary Bankruptcy If any involuntary petition is filed under any bankruptcy or similar law or rule against Investor, and such petition is not dismissed within sixty (60) days, or a receiver, trustee, liquidator, assignee, custodian, sequestrator or other similar official is appointed to take possession of any of the assets or properties of Investor.

  • Voluntary Reduction The Borrower shall have the right at any time and from time to time, upon at least five (5) Business Days prior written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) the entire Revolving Credit Commitment at any time or (ii) portions of the Revolving Credit Commitment, from time to time, in an aggregate principal amount not less than $3,000,000 or any whole multiple of $1,000,000 in excess thereof. Any reduction of the Revolving Credit Commitment shall be applied to the Revolving Credit Commitment of each Revolving Credit Lender according to its Revolving Credit Commitment Percentage. All Commitment Fees accrued until the effective date of any termination of the Revolving Credit Commitment shall be paid on the effective date of such termination.