Resignation as Officer and Director; Cessation of Employment; Payments and Benefits Sample Clauses

Resignation as Officer and Director; Cessation of Employment; Payments and Benefits. The Employee will and does hereby resign as an officer of the Corporation and as a member of the Board of Directors effective upon the parties entering into this Agreement. Effective as of the close of business on the date which is 90 days after the Effective Date (the “Termination Date”), the Employee will and does hereby resign as an employee of the Corporation. During the period from the Effective Date to the Termination Date, the Employee shall be a common law employee of the Corporation but shall not serve as an officer or director of the Corporation. The parties currently anticipate that the Employee will perform a sufficient level of bona fide services from the Effective Date to the Termination Date so as not to incur a separation from service with the Corporation until the Termination Date. He will not have access to the Corporation’s communications technology (other than the use of a cell phone for voice transmission through the Termination Date) or data after the Effective Date. He will be offsite but shall make himself available for consultation with the Corporation, or any officer or director thereof, as the Corporation may reasonably request. During such period, the Corporation shall continue to make payments at the rate of one-third the Employee’s current base salary in accordance with its regular payroll practices, but the Employee shall not be entitled to any bonuses or other compensation with respect to such period. Provided that the Employee is not at the time in breach of any of his obligations under this Agreement, the Corporation shall pay or provide to the Employee:
Sample 1
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Resignation as Officer and Director; Cessation of Employment; Payments and Benefits. The Employee hereby resigns as an officer and employee of the Corporation effective July 25, 2008 (the “Termination Date”). Provided that the Employee is not at the time in breach of any of his obligations under this Agreement, the Corporation hereby covenants with the Employee to provide the Employee with the following payments and benefits:
Sample 1

Related to Resignation as Officer and Director; Cessation of Employment; Payments and Benefits

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Termination of Employment and Severance Benefits The Executive’s employment hereunder shall terminate under the following circumstances:

  • Compensation and Benefits Upon Termination of Employment (a) If the Company shall terminate the Executive's employment after a Change in Control other than pursuant to Section 3(b), 3(c) or 3(d) and Section 3(f), or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive, as severance compensation and in consideration of the Executive's adherence to the terms of Section 5 hereof, the following:

  • Termination of Employment Severance Your immediate supervisor or the Company's Board of Directors may terminate your employment, with or without cause, at any time by giving you written notice of your termination, such termination of employment to be effective on the date specified in the notice. You also may terminate your employment with the Company at any time. The effective date of termination (the "Effective Date") shall be the last day of your employment with the Company, as specified in a notice by you, or if you are terminated by the Company, the date that is specified by the Company in its notice to you. The following subsections set forth your rights to severance in the event of the termination of your employment in certain circumstances by either the Company or you. Section 5 also sets forth certain restrictions on your activities if your employment with the Company is terminated, whether by the Company or you. That section shall survive any termination of this Agreement or your employment with the Company.

  • OBLIGATIONS SURVIVE TERMINATION OF EMPLOYMENT Executive agrees that any and all of Executive’s obligations under this Agreement, including but not limited to Exhibits B and C, shall survive the termination of employment and the termination of this Agreement.

  • Compensation Upon Termination of Employment If the Executive’s employment hereunder is terminated, in accordance with the provisions of Article III hereof, and except for any other rights or benefits specifically provided for herein to be effective following the Executive’s period of employment, the Company will provide compensation and benefits to the Executive only as follows:

  • Termination of Employment with Severance Benefits (a) The Executive shall be entitled to the severance benefits described in section 9(b) in the event that:

  • Qualifying Termination of Employment A “Qualifying Termination of Employment” shall mean a termination of Executive’s employment during the Protected Period either (a) by the Company other than for Cause or (b) by Executive for a Good Reason. A termination of employment due to the Executive’s death or Disability during the Protected Period shall not constitute a Qualifying Termination of Employment.

  • Compensation and Benefits During Employment During the Employment, the Company shall provide compensation and benefits to the Executive as follows.

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