Common use of Temporary Withdrawal Clause in Contracts

Temporary Withdrawal. If the Employee desires to suspend his employment with the corporation for a period exceeding two years, he shall make a written request for approval of same to the Board of Directors, which shall then present the proposal to the shareholders for a decision by them in accordance with Section of the Corporation's Bylaws. Such withdrawal shall be for a specified period of time and shall be under the terms and conditions established by the shareholders. Upon the expiration of such period of withdrawal, unless extended by the shareholders, the Employee shall resume his employment with the Corporation, and in the event of his failure to do so he shall be considered as having voluntarily terminated his employment with the Corporation under paragraph 17(a) as of the date of commencement of the withdrawal period.

Temporary Withdrawal. If the Employee desires to suspend his his/her employment with the corporation for a period exceeding two years, he shall make a written request for approval of same to the Board of Directors, which shall then present the proposal to the shareholders for a decision by them in accordance with Section of the Corporation's Bylaws. Such withdrawal shall be for a specified period of time and shall be under the terms and conditions established by the shareholders. Upon the expiration of such period of withdrawal, unless extended by the shareholders, the Employee shall resume his his/her employment with the Corporation, and in the event of his his/her failure to do so he shall be considered as having voluntarily terminated his his/her employment with the Corporation under paragraph 17(a) as of the date of commencement of the withdrawal period.