Common use of Special Right of Termination Clause in Contracts

Special Right of Termination. Notwithstanding anything herein to the contrary, but subject to the provisions of Section 3(a), within the one-year period immediately following the occurrence of a "Change in Control" (as defined in Subsection (d)), the Executive may terminate his employment for any or no reason by delivering a written notice, similar to a Notice of Termination, to Medifast; and such termination will be deemed for all purposes to constitute a resignation for Good Reason. In such event, he will be entitled to the payments set forth in Section 6.

Appears in 4 contracts

Samples: Employment Agreement (Medifast Inc), Employment Agreement (Medifast Inc), Employment Agreement (Medifast Inc)

AutoNDA by SimpleDocs

Special Right of Termination. Notwithstanding anything herein to the contrary, but subject to the provisions of Section 3(a), within the one-year period immediately following the occurrence of a "Change in Control" Control (as defined in Subsection (d)below), the Executive may terminate his employment for any or no reason by delivering a written notice, similar to a Notice of Termination, to MedifastMain; and such termination will be deemed for all purposes to constitute a resignation for Good Reason. In such event, he will be entitled to the payments set forth and benefits described in Section 6.

Appears in 4 contracts

Samples: Employment Agreement (Main Street Bancorp Inc), Employment Agreement (Main Street Bancorp Inc), Employment Agreement (Main Street Bancorp Inc)

Special Right of Termination. Notwithstanding anything herein to the contrary, but subject to the provisions of Section 3(a), within from the occurrence of the Change in Control event until the end of the one-year period immediately following the occurrence consummation of a "the Change in Control" Control (as defined in Subsection (d)below), the Executive may terminate his employment for any or no reason by delivering a written notice, similar to a Notice of Termination, to MedifastMain, specifying that the Notice is being given pursuant to this Section 5(c); and such termination will be deemed for all purposes to constitute a resignation for Good Reason. In such event, he the Executive will be entitled to the payments set forth and benefits described in Section 6.

Appears in 2 contracts

Samples: Employment Agreement (Main Street Bancorp Inc), Employment Agreement (Main Street Bancorp Inc)

Special Right of Termination. Notwithstanding anything herein to the contrary, but subject to the provisions of Section 3(a), within the one-year period immediately following the occurrence of a "Change in Control" Control (as defined in Subsection (d)below), the Executive may terminate his employment for any or no reason by delivering a written notice, similar to a Notice of Termination, to MedifastMain; and such termination will be deemed for all purposes to constitute a resignation for Good Reason. In such event, he will be entitled to the payments set forth and benefits described in Section 6.

Appears in 1 contract

Samples: Employment Agreement (Main Street Bancorp Inc)

AutoNDA by SimpleDocs

Special Right of Termination. Notwithstanding anything herein to the contrary, but subject to the provisions of Section 3(a), within the one-year period immediately following the occurrence of a "Change in Control" (as defined in Subsection (d)), the Executive may terminate his employment for any or no reason by delivering a written notice, similar to a Notice of Termination, to MedifastHealthRite; and such termination will be deemed for all purposes to constitute a resignation for Good Reason. In such event, he will be entitled to the payments set forth in Section 6.

Appears in 1 contract

Samples: Employment Agreement (Healthrite Inc)

Special Right of Termination. Notwithstanding anything herein to the contrary, but subject to the provisions of Section 3(a3 (a), within the onesix-year month period immediately following the occurrence of a "Change in Control" Control (as defined in Subsection (d)below), the Executive may terminate his employment for any or no reason by delivering a written notice, similar to a Notice of Termination, to MedifastBoardwalk; and such termination will be deemed for all purposes to constitute a resignation for Good Reason. In such event, he will be entitled to the payments set forth and benefits described in Section 6.

Appears in 1 contract

Samples: Employment Agreement (Boardwalk Bancorp Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!