MODIFICATION OF EMPLOYMENT. At any time during the then current Initial or Extended Term, as applicable, of this Agreement, a majority of the Board of Directors of Company shall have the absolute right, with or without cause and without terminating this Agreement or Executive's employment hereunder, to modify the nature of Executive's employment for the remainder of the then current Initial or Extended Term, as applicable, of this Agreement, from that of a full-time employee to that of a part-time employee ("Modification Period"). The Modification Period shall commence immediately upon Company giving Executive written notice of such change.
MODIFICATION OF EMPLOYMENT. At any time during the then current Initial or Extended Term, as applicable, of this Agreement, upon approval of a majority of the non-management directors of the Board, the Board shall have the absolute right, with or without cause and without terminating this Agreement or Executive’s employment hereunder, to remove Executive from any position in which Executive is then serving and to modify the nature of Executive’s employment for the remainder of the then current Initial or Extended Term, as applicable, from that of a full-time employee to that of a part-time employee. The Modification Period shall commence immediately upon Company giving Executive written notice of such change.
MODIFICATION OF EMPLOYMENT. At any time during the then current Initial or Extended Term, as applicable, of this Agreement, a majority of the Board of Directors of Company shall have the absolute right, with or without cause and without terminating this Agreement or Executive’s employment hereunder, to modify the nature of Executive’s employment for the remainder of the then current Initial or Extended Term, as applicable, of this Agreement, from that of a full-time employee to that of a part-time employee (“Modification Period”). The Modification Period shall commence immediately upon Company giving Executive written notice of such change.
1. Upon commencement of the Modification Period: (a) Executive shall immediately resign as a full-time employee of Company and as an officer and/or director of Company and of any Company subsidiaries, as applicable, (b) Executive shall promptly return all Company property in Executive’s possession to Company, including but not limited to any motor vehicles, equipment, supplies and documents set forth in Paragraph J hereof, and (c) Company shall pay Executive when due all previously earned and vested but as yet unpaid, salary, prorated Target Bonus as determined pursuant to Paragraph X.2 or other contingent compensation, reimbursement of business expenses and fringe benefits.
2. During the Modification Period: (a) Company shall continue to pay Executive’s monthly salary pursuant to Paragraph F.1 hereof, and to the extent available under the Company’s group insurance policies, continue to provide Executive with the same group health and life insurance (subject to Executive continuing to pay the employee portion of any such premium) to which Executive would be entitled as a full-time employee, with the understanding and agreement that such monthly salary and group insurance, if available, shall constitute the full extent of Company’s obligation to compensate Executive, (b) Executive shall not be eligible or entitled to receive or participate in any bonus or fringe benefits other than the aforementioned group insurance, if available, (c) in the alternative, Executive may exercise rights under COBRA to obtain medical insurance coverage as may be available to Executive, (d) Executive shall be deemed a part-time employee and not a full-time employee of Company, (e) Executive shall provide Company with such occasional executive or managerial services as reasonably requested by the person(s) to whom Executive reports pursuant to Paragraph C hereof, except ...
MODIFICATION OF EMPLOYMENT. At any time during the then current Initial or Extended Term, as applicable, of this Agreement, upon approval of a majority of the non-management directors of the Board, the Board shall have the absolute right, with or without cause and without terminating this Agreement or Executive’s employment hereunder, to remove Executive as Senior Vice President & General Counsel or from any other position in which Executive is then serving and to modify the nature of Executive’s employment for the remainder of the then current Initial or Extended Term, as applicable, from that of a full-time employee to that of a part-time employee. The Modification Period shall commence immediately upon ABM giving Executive written notice of such change.
MODIFICATION OF EMPLOYMENT. At any time during the then current Initial or Extended Term, as applicable, of this Agreement, a majority of the Board of Directors of Company shall have the absolute right, with or without cause and without terminating this Agreement or Executive's employment hereunder, Corp Exec w/ SERP INITIALS: EXECUTIVE /s/ EXECUTIVE COMPANY /s/ COMPANY ------------- ----------- to modify the nature of Executive's employment for the remainder of the then current Initial or Extended Term, as applicable, of this Agreement, from that of a full-time employee to that of a part-time employee ("Modification Period"). The Modification Period shall commence immediately upon Company giving Executive written notice of such change.
MODIFICATION OF EMPLOYMENT. At any time during the then current Initial or Extended Term, as applicable, of this Agreement, upon approval of a majority of the non-management directors of the Board, the Board shall have the absolute right, with or without cause and without terminating this Agreement or Executive’s employment hereunder, to remove Executive as Chief Financial Officer or from any other position in which Executive is then serving and to modify the nature of Executive’s employment for the remainder of the then current Initial or Extended Term, as applicable, from that of a full-time employee to that of a part-time employee. The Modification Period shall commence immediately upon ABM giving Executive written notice of such change.
MODIFICATION OF EMPLOYMENT. Employee has resigned his position as Chief Financial Officer of each of Parent and the Company, as well as his position as an officer or director of any other direct or indirect subsidiary or affiliate of Parent in which he held such positions, effective as of June 30, 2005. As of June 30, 2005, Employee’s employment with Intelsat will continue on a modified basis pursuant to this Agreement. The Employee will be paid at his current base compensation, less applicable withholding and authorized deductions, through the Company’s normal payroll process, for the three-week period, from July 1 through July 20, 2005, during which time Employee will be on vacation and which payments will fully exhaust Employee’s accrued annual leave. Employee will not be entitled to receive any employee benefits, excepting only health insurance coverage, from and after July 20, 2005. Employee will not be entitled to receive health insurance coverage, from and after July 31, 2005 unless Employee elects COBRA continuation as set forth in subsection (e) of this Section 1, in which event the Company will provide coverage in accordance with the provisions of subsection (e). Beginning on July 21, 2005, Employee will provide to the Company such services as the Company reasonably requests for a six-month period in the position of Finance Consultant. The Company will seek to amend Employee’s H-1B visa to reflect the modification of his employment. At the sole discretion of the Company, the Company may cause Employee to become an employee of Parent, or any other direct or indirect subsidiary of Parent, in lieu of being an employee of the Company. Employee will remain eligible to receive reimbursement for expenses incurred in the performance of his duties to the Company in accordance with the Company’s customary reimbursement policies in force at the time of payment.
MODIFICATION OF EMPLOYMENT. Executive shall remain President of the Company and report to the Chairman and Chief Executive Officer (the “CEO”). However, Executive’s duties shall consist of managing and closing certain key customer accounts and prospects and other strategic relationships at the direction of the CEO. Executive’s employment shall continue to be an at-will relationship as provided under the Employment Agreement.
MODIFICATION OF EMPLOYMENT. At any time during the then current Initial or Extended Term, as applicable, of this Agreement, a majority of the Board of Directors of Company shall have the absolute right, with or without cause and without terminating this Agreement or Executive's employment hereunder, to modify the nature of Executive's employment for the remainder of the then current Initial or Extended Term, as applicable, of this Agreement, from that of a full-time employee to that of a part-time employee ("Modification Period"). The Modification Period shall commence immediately upon Company giving Executive written notice of such change.
1. Upon commencement of the Modification Period: (a) Executive shall immediately resign as an officer and/or director of Company, as applicable, (b) Executive shall promptly return all Company property in Executive's possession to Company, including but not limited to any motor vehicles, equipment, supplies and documents set forth in Paragraph J hereof, and (c) Company shall pay Executive all previously earned and vested but as yet unpaid, salary, prorated bonus or other contingent compensation, reimbursement of business expenses and fringe benefits.
MODIFICATION OF EMPLOYMENT. Employee's full-time employment as Executive Vice President and Chief Marketing Officer, including all payment of regular base salary and eligibility for bonuses, will terminate as of May 16, 2003 ("Effective Date"), and the Employment Agreement shall thereafter be null and void and have no further force and effect, except as specifically contemplated and described herein. As of the Effective Date, Employee's services to the Company shall continue as General Manager, Identity Management, reporting to Xxxx XxXxxxxxx. As of the Effective Date, Employee shall provide services in this capacity and shall be compensated in accordance with a new Compensation Plan ("Plan"), as mutually identified, agreed and determined by the Parties, no later than June 20, 2003. Such Plan shall be appended to this Agreement in the form of EXHIBIT A hereto, as soon as such Plan is finalized and shall thereafter be incorporated by reference and form a part of this Agreement. The failure for any reason to finalize the plan shall not affect any provision of this Agreement or the validity of any release given hereunder.. Employee shall continue to be covered by all employee health and welfare benefit plans pursuant to the terms and conditions of the Employment Agreement other than Paid Time Off which ceased accruing as of January 2003. Employee's right to continued indemnification under the Employment Agreement shall terminate as of the Effective Date.
