Nature of Termination. The Parties agree that the termination of the License Agreement with respect to the Licensed Product is being provided by mutual agreement of Parties and not due to a breach of either Party’s obligations.
Nature of Termination. The Company and the Employee agree that the material diminution in Employee’s managerial authority, duties and responsibilities associated with eliminating the duties and responsibilities of the Chief Administrative Officer constitutes Good Reason for termination of the Employment Agreement by the Employee under Section 8(f) of the Employment Agreement. As such, the parties acknowledge that the Employee is entitled to all payments and benefits listed uner Section 9(a) of the Employment Agreement. At the request of the Company, the Employee agrees to defer payment of the amounts due until on or after the Termination Dates, as describe below.
Nature of Termination. For all purposes, the termination of Matheson’s employment with the Company will be treated as a termination by resolution of the Board without Cause as contemplated by clause (x) of Section 2(d)(i) of the Employment Agreement. For the avoidance of doubt, the termination of Matheson’s employment with the Company will not be treated, for any purpose, as a voluntary resignation by Xxxxxxxx for Good Reason.
Nature of Termination. The parties agree to characterize Employee’s departure as a resignation (termination by Employee without good reason). As such, and in addition to the payments described in this Agreement, Employee shall be entitled to the payments described in Section 9(b) of the Employment Agreement. Employee agrees that this resignation does not entitle him to any of the payments or benefits listed under Section 9(a) or (c) of the Employment Agreement.
