Replacement Executive. (a) During the Secondment Period, Colony Capital may, in its discretion, replace the Executive with a suitably qualified and experienced replacement to serve as chief financial officer of Colony Financial; provided, that such replacement shall be approved by the Audit Committee of the Board. (b) If at any time during the Secondment Period the Executive shall cease to be employed by Colony Capital for whatever reason, Colony Capital shall be required to second a suitably qualified and experienced replacement to serve as chief financial officer of Colony Financial; provided, however, that such replacement shall be approved by the Audit Committee of the Board. (c) Notwithstanding any other provisions of this Agreement, Colony Financial agrees that Colony Capital shall not be obliged to second the Executive or provide a replacement during any such time as the Executive may be absent due to sickness or to vacation properly taken.
Appears in 4 contracts
Samples: Secondment Agreement, Secondment Agreement (Colony Financial, Inc.), Secondment Agreement (Colony Financial, Inc.)
