Resignation from Office; Termination of Employment Relationship Sample Clauses

Resignation from Office; Termination of Employment Relationship. Effective as of the close of business on May 9, 2008 (the “Resignation Date”), XxXxxxxxx shall and hereby does by his execution of this Agreement resign as an officer and employee of the Company and any of the Company’s affiliated or subsidiary entities. Effective as of the Resignation Date, the Employment Agreement is hereby terminated and shall be of no further force or effect and hereinafter XxXxxxxxx’x relationship with the Company shall be governed by this Agreement. From and after the Resignation Date, XxXxxxxxx shall serve as an at-will consultant of the Company until December 31, 2008 (the “Termination Date”) during which period XxXxxxxxx shall be paid an aggregate amount equal to One Hundred Eight Thousand Four Hundred Twenty Five Dollars ($108,425) payable in equal monthly installments in arrears in accordance with the Company’s customary payment practices; provided, however, that for and during such period, XxXxxxxxx shall not be entitled to any bonus, car allowance or other compensation of any kind or nature. XxXxxxxxx shall not report to or be present at any office of the Company or any of its affiliated or subsidiary entities; provided, however that, during such time period, XxXxxxxxx shall be available to the Company on an as needed basis as directed by the Company and/or any authorized officer of the Company to provide services in connection with the Company’s accounting and financial functions, not to exceed ten (10) hours in any given month. Notwithstanding anything herein to the contrary, if XxXxxxxxx has not been terminated for cause pursuant to the terms of the Employment Agreement prior to May 9, 2008, then XxXxxxxxx shall also be entitled to a discretionary bonus for the first quarter of 2008 in an amount equal to Twenty Seven Thousand One Hundred Six Dollars ($27,106), payable in accordance with the Company’s customary payroll practices, less all applicable federal and state taxes and withholdings.
Sample 1
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Related to Resignation from Office; Termination of Employment Relationship

  • Termination of Employment Relationship 3.1 The Executive’s employment with the Company shall automatically terminate, and the Employment Term shall thereupon terminate:

  • Resignation of Employment The Executive confirms his/her resignation of his/her employment and of his/her position as an officer of the Company effective (the “Resignation Date”). The parties hereby acknowledge and agree that the Executive’s resignation of employment constitutes a “separation from service” from the Company within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulation Section 1.409A-1(h) (a “Separation from Service”). As of the Resignation Date, the Employment Agreement shall automatically terminate and be of no further force and effect, and neither the Company nor the Executive shall have any further obligations thereunder, except as expressly provided herein. Notwithstanding the foregoing, the Company shall be obligated to Executive for severance payments and continuation of benefits as contemplated by Section 7 of the Employment Agreement and as set forth in Section 3 below.

  • Termination of Employment Generally In the event the Executive’s employment with the Company terminates, for any reason whatsoever including death or disability the Executive shall be entitled to the benefits described in this Section 2.2.

  • Term; Termination of Employment The term of this Agreement (the “Term”) begins on the Effective Date and will end, along with Executive’s employment with the Company, on the earliest to occur of the following events.

  • Termination of Employment for Cause If Optionee’s employment with the Bancorp or a subsidiary corporation is terminated for cause, this option shall expire thirty (30) days from the date of such termination. Termination for cause shall include, but not be limited to, termination for malfeasance or gross misfeasance in the performance of duties or conviction of a crime involving moral turpitude, and, in any event, the determination of the Board of Directors with respect thereto shall be final and conclusive.

  • 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 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:

  • Voluntary Termination of Employment If during the Employment Term, Executive terminates his employment under circumstances other than those specified elsewhere in this Section 8, Executive shall be entitled to the payments and benefits specified in Section 8(a).

  • Termination of Employment; Change in Control (i) For purposes of the grant hereunder, any transfer of employment by the Optionee among the Corporation and the Subsidiaries shall not be considered a termination of employment. If the Optionee's employment with the Corporation is terminated for Cause (as defined in the last Section hereof), the Option, whether or not then vested, shall be automatically terminated as of the date of such termination of employment. If the Optionee's employment with the Corporation shall terminate other than by reason of Retirement (as defined in the last Section hereof), Disability (as defined in the last Section hereof), death or Cause, the Option (to the extent then vested) may be exercised at any time within ninety (90) days after such termination (but not beyond the Term of the Option). The Option, to the extent not then vested, shall immediately expire upon such termination. If the Optionee dies or becomes Disabled (A) while employed by the Corporation or (B) within 90 days after the termination of his or her employment other than for Cause or Retirement, the Option (to the extent then vested) may be exercised at any time within one year after the Optionee's death or Disability (but not beyond the Term of the Option). The Option, to the extent not then vested, shall immediately expire upon such death or disability. If the Optionee's employment terminates by reason of Retirement, the Option shall (A) become fully and immediately vested and exercisable and (B) remain exercisable for three years from the date of such Retirement (but not beyond the Term of the Option).

  • Notice of Termination of Employment Except where local law prohibits enforcement or you resign for Good Reason under the terms of the Plan, you agree that if you voluntarily resign you will give at least six months’ written notice to the Company of your voluntary Termination, which may be working notice or non-working notice at the Company’s sole discretion and which notice period is waivable by the Company at the Company’s sole discretion. This notice period provision supersedes any conflicting notice period provision contained in the award agreements governing your prior long-term incentive awards awarded under the Plan. [SECTION 6 TO BE INSERTED AT DISCRETION OF THE COMMITTEE OR ITS DELEGATE]

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