Common use of Resignation Due to Change of Control Clause in Contracts

Resignation Due to Change of Control. The parties acknowledge that, given the particular enterprise and business of the Corporation, it is crucial and necessary that Xxxxxx maintain a close relationship with the Corporation based on mutual loyalty, respect and trust. Accordingly, Xxxxxx agrees that if he elects to resign based on the sole reason that there has been a “Change of Control” of the Corporation, then Xxxxxx may give Notice of Resignation in writing to the Corporation. The Notice of Resignation must contain at least one (1) month’s notice and not more than two (2) months’ notice. Xxxxxx must exercise this right within three (3) months of the takeover of control as referred to herein. At the time of resignation, the Corporation shall be obligated to provide Xxxxxx with a severance payment on the last day of employment which shall consist of the following amounts:

Resignation Due to Change of Control. The parties acknowledge that, given the particular enterprise and business of the Corporation, it is crucial and necessary that Xxxxxx XXXX maintain a close relationship with the Corporation based on mutual loyalty, respect and trust. Accordingly, Xxxxxx XXXX agrees that if he elects to resign based on the sole reason that there has been a “Change of Control” of the Corporation, then Xxxxxx XXXX may give Notice of Resignation in writing to the Corporation. The Notice of Resignation must contain at least one (1) month’s months’ notice and not more than two (2) months’ notice. Xxxxxx XXXX must exercise this right within three (3) months of the takeover of control as referred to herein. At the time of resignation, the Corporation shall be obligated to provide Xxxxxx XXXX with a severance payment on the last day of employment which shall consist of the following amounts:

Resignation Due to Change of Control. The parties acknowledge that, given the particular enterprise and business of the Corporation, it is crucial and necessary that Xxxxxx Xxxxx maintain a close relationship with the Corporation based on mutual loyalty, respect and trust. Accordingly, Xxxxxx Xxxxx agrees that if he elects to resign based on the sole reason that there has been a “Change of Control” of the Corporation, then Xxxxxx Xxxxx may give Notice of Resignation in writing to the Corporation. The Notice of Resignation must contain at least one (1) month’s notice and not more than two (2) months’ notice. Xxxxxx Xxxxx must exercise this right within three (3) months of the takeover of control contro1 as referred to herein. At at the time of resignation, the Corporation shall be obligated to provide Xxxxxx Xxxxx with a severance payment on the last day of employment which shall consist of the following amounts: