Severance of Employment Agreement and Employment Relationship Sample Clauses

Severance of Employment Agreement and Employment Relationship. Effective as of the Effective Date, HealthTronics and XxXxxxx terminate the Employment Agreement and agree that the other shall no longer be bound by, and is released from, any and all of the terms, obligations and conditions contained in the Employment Agreement; provided, however, that XxXxxxx shall be entitled to the rights set forth in Section 9(e) and (f) of the Employment Agreement as a result of the Merger (which, for the purpose of Section 9(e) and (f) of the Employment Agreement, XxXxxxx shall be deemed to have terminated the Employment Agreement for Good Reason (as defined in the Employment Agreement) and a Change in Control (as defined in the Employment Agreement) shall be deemed to have occurred). Effective as of the Effective Date, XxXxxxx agrees that, as a result of the Severance, XxXxxxx irrevocably forfeits any rights to receive any future compensation for XxXxxxx’x 2004 performance (including, without limitation, salary, incentive compensation and/or stock options) that XxXxxxx may have been entitled to receive under the Employment Agreement. Effective as of the Effective Date, XxXxxxx resigns, and HealthTronics hereby accepts such resignation, from any and all director, employment and officer positions, relations, and responsibilities that XxXxxxx may hold or claim to hold with HealthTronics and any of HealthTronics’ subsidiaries and/or affiliates (collectively, including HealthTronics, the “Affiliated Entities,” and individually, an “Affiliated Entity”). Notwithstanding the foregoing, all stock option agreements between HealthTronics and XxXxxxx and all obligations of HealthTronics thereunder shall remain binding and enforceable according to their terms after the Effective Date.
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Severance of Employment Agreement and Employment Relationship. The Company and Executive hereby terminate the Employment Agreement and agree that the other shall no longer be bound by, and is hereby released from, any and all of the terms, obligations and conditions contained in the Employment Agreement. Executive agrees that, as a result of the Severance, Executive irrevocably forfeits any rights to receive any cash compensation for Executive's 2001 performance (including, without limitation, salary and/or bonuses) that Executive may have been entitled to receive in calendar year 2002 under the Employment Agreement. Executive hereby resigns, and the Company hereby accepts such resignation, from any and all employment and officer positions, relations, and responsibilities that Executive may hold or claim to hold with the Company and any of the Company's subsidiaries and/or affiliates (collectively, including the Company, the "Affiliated Entities"), excluding, however, all positions as (a) a shareholder, member, partner or other owner of any Affiliated Entity and (b) a director (or similar non-employee position) of any Affiliated Entity.
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Related to Severance of Employment Agreement and Employment Relationship

  • Termination of Employment Agreement (a) Effective as of the Effective Date and immediately prior to the Effective Time, the Employment Agreement is hereby terminated and shall be of no further force or effect whatsoever; provided, however, that, and notwithstanding anything in this Agreement to the contrary, such termination shall be contingent on the closing of the Merger.

  • Termination of Employment Agreements Any and all Employment Agreements entered into between the Company or any of its Subsidiaries and the Executive prior to the date of this Agreement are hereby terminated.

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

  • Employment Relationship Employment with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you).

  • Amendment of Employment Agreement The Employment Agreement is hereby amended as follows:

  • Effect of Employment Agreement Notwithstanding any provision herein to the contrary, in the event of any inconsistency between this Section 6 and any employment agreement entered into by and between you and the Company, the terms of the employment agreement shall control.

  • Prior Employment Agreement Effective as of the Agreement Date, this Agreement supersedes any prior employment agreement between the Employee and the Company.

  • At-Will Employment Relationship Executive’s employment with the Company is at-will and not for any specified period and may be terminated at any time, with or without Cause or advance notice, by either Executive or the Company. Any change to the at-will employment relationship must be by specific, written agreement signed by Executive and an authorized representative of the Company. Nothing in this Agreement is intended to or should be construed to contradict, modify or alter this at-will relationship.

  • No Employment Agreement Nothing in this agreement shall give the Executive any rights to (or impose any obligations for) continued employment by the Company or any Affiliate or subsidiary thereof or successor thereto, nor shall it give such entities any rights (or impose any obligations) with respect to continued performance of duties by the Executive.

  • Employment Agreement On the terms and conditions set forth in this Agreement, the Company agrees to employ the Executive and the Executive agrees to be employed by the Company for the Employment Period set forth in Section 2 hereof and in the position and with the duties set forth in Section 3 hereof. Terms used herein with initial capitalization are defined in Section 10.12 below.

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