Common use of TERM AND BENEFITS Clause in Contracts

TERM AND BENEFITS. This Agreement shall be in effect for a period of one year from the date you accept this Agreement and shall automatically renew for successive one year periods unless terminated by either party by at least one year advance written notice prior to the commencement of the next succeeding one year period at which time the Agreement shall terminate at the end of the next succeeding one year period. During the term of employment hereunder, you agree to devote your full business time and attention to the business and affairs of the Company and to use your best efforts, skills and abilities to promote its interests. In the event of your retirement, at your election or in accordance with the Company’s generally applicable retirement policies, as in effect from time to time, this Agreement shall automatically terminate, without additional notice to you, as of the effective date of your retirement. Notwithstanding the first sentence of this paragraph and the first sentence of this Section B, if a Change in Control should occur while you are still an employee of the Company and while this Agreement is in effect, then this Agreement shall continue in effect from the date of such Change in Control for a period of two years. Prior to a Change in Control, your employment may be terminated by the Company for Cause at any time pursuant to a Notice of Termination. In such event, you shall not be entitled to the benefits provided hereunder. No benefits shall be payable hereunder unless your employment is terminated without Cause or there shall have been a Change in Control and your employment by the Company shall thereafter terminate in accordance with Section D hereof.

Appears in 3 contracts

Samples: Arch Coal Inc, Arch Coal Inc, Arch Coal Inc

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TERM AND BENEFITS. This Agreement shall be in effect for a period of one year two (2) years from the date you accept this Agreement and shall automatically renew for successive one (1) year periods unless on the first day of each month. This Agreement may be terminated by either party by provided that at least one year fifteen (15) days advance written notice is given by either party to the other party hereto prior to the commencement of the next succeeding one (1) year period at period, in which time case the Agreement shall terminate at the end of the such next succeeding one (1) year period. During the term of employment hereunder, you agree to devote your full business time and attention to the business and affairs of the Company and to use your best efforts, skills and abilities to promote its interests. In This Agreement shall automatically terminate, without additional notice, in the event of your retirementdeath, Disability, or upon the effective date of your retirement in the event you retire at your election or in accordance with the Company’s 's generally applicable retirement policies, as in effect from time to time, this Agreement shall automatically terminate, without additional notice to you, as of the effective date of your retirement. Notwithstanding the first sentence of this paragraph and the first sentence and second sentences of this Section B, if a Change in Control of the Company should occur while you are still an employee of the Company and while this Agreement is in effect, then this Agreement shall continue in effect from the date of such Change in Control of the Company for a period of two years. Prior to a Change in Control, your employment may be terminated by the Company for Cause at any time pursuant to a Notice of Termination. In such event, you shall not be entitled to the benefits provided hereunder. No benefits shall be payable hereunder unless your employment is terminated without Cause or there shall have been a Change in Control of the Company and your employment by the Company shall thereafter terminate in accordance with Section D C hereof.

Appears in 3 contracts

Samples: Ashland Inc., Ashland Inc., Valvoline Inc

TERM AND BENEFITS. This Agreement shall be in effect for a period of one year two years from the date you accept this Agreement and shall automatically renew for successive one (1) year periods unless on the first day of each month. This Agreement may be terminated by either party by provided that at least one year fifteen (15) days advance written notice is given by either party to the other party hereto prior to the commencement of the next succeeding one (1) year period at which time the Agreement shall terminate at the end of the next succeeding one (1) year period. During the term of employment hereunder, you agree to devote your full business time and attention to the business and affairs of the Company and to use your best efforts, skills and abilities to promote its interests. In This Agreement shall automatically terminate, without additional notice, in the event of your retirementdeath, Disability, or upon the effective date of your retirement in the event you retire at your election or in accordance with the Company’s 's generally applicable retirement policies, as in effect from time to time, this Agreement shall automatically terminate, without additional notice to you, as of the effective date of your retirement. Notwithstanding the first sentence of this paragraph and the first sentence and second sentences of this Section B, if a Change in Control of the Company should occur while you are still an employee of the Company and while this Agreement is in effect, then this Agreement shall continue in effect from the date of such Change in Control of the Company for a period of two years. Prior to a Change in Control, your employment may be terminated by the Company for Cause at any time pursuant to a Notice of Termination. In such event, you shall not be entitled to the benefits provided hereunder. No benefits shall be payable hereunder unless your employment is terminated without Cause or there shall have been a Change in Control of the Company and your employment by the Company shall thereafter terminate in accordance with Section D C hereof.. [Name]

Appears in 2 contracts

Samples: Ashland Inc., Ashland Inc.

TERM AND BENEFITS. This Agreement shall be in effect for a period of one year two years from the date you accept this Agreement and shall automatically renew for successive one (1) year periods unless on the first day of each month. This Agreement may be terminated by either party by provided that at least one year fifteen (15) days advance written notice is given by either party to the other party hereto prior to the commencement of the next succeeding one (1) year period at which time the Agreement shall terminate at the end of the next succeeding one (1) year period. During the term of employment hereunder, you agree to devote your full business time and attention to the business and affairs of the Company and to use your best efforts, skills and abilities to promote its interests. In This Agreement shall automatically terminate, without additional notice, in the event of your retirementdeath, Disability, or upon the effective date of your retirement in the event you retire at your election or in accordance with the Company’s 's generally applicable retirement policies, as in effect from time to time, this Agreement shall automatically terminate, without additional notice to you, as of the effective date of your retirement. Notwithstanding the first sentence of this paragraph and the first sentence and second sentences of this Section B, if a Change in Control of the Company should occur while you are still an employee of the Company and while this Agreement is in effect, then this Agreement shall continue in effect from the date of such Change in Control of the Company for a period of two years. Prior to a Change in Control, your employment may be terminated by the Company for Cause at any time pursuant to a Notice of Termination. In such event, you shall not be entitled to the benefits provided hereunder. No benefits shall be payable hereunder unless your employment is terminated without Cause or there shall have been a Change in Control of the Company and your employment by the Company shall thereafter terminate in accordance with Section D C hereof.

Appears in 2 contracts

Samples: Ashland Inc., Ashland Inc.

TERM AND BENEFITS. This Agreement shall be in effect for a period of one year two (2) years from the date you accept this Agreement and shall automatically renew for successive one (1) year periods unless on the first day of each month, This Agreement may be terminated by either party by provided that at least one year fifteen (15) days advance written notice is given by either party to the other party hereto prior to the commencement of the next succeeding one (1) year period at period, in which time case the Agreement shall terminate at the end of the such next succeeding one (1) year period. During the term of employment hereunder, you agree to devote your full business time and attention to the business and affairs of the Company and to use your best efforts, skills and abilities to promote its interests. In This Agreement shall automatically terminate, without additional notice, in the event of your retirementdeath, disability, or upon the effective date of your retirement in the event you retire at your election or in accordance with the Company’s 's generally applicable retirement policies, as in effect from time to time, this Agreement shall automatically terminate, without additional notice to you, as of the effective date of your retirement. Notwithstanding the first sentence of this paragraph and the first sentence and second sentences of this Section B, if a Change in Control of the Company should occur while you are still an employee of the Company or a Subsidiary thereof, and while this Agreement is in effect, then this Agreement shall continue in effect from the date of such Change in Control of the Company for a period of two years. Prior to a Change in Control, your employment may be terminated by the Company for Cause at any time pursuant to a Notice of Termination. In such event, you shall not be entitled to the benefits provided hereunder. No benefits shall be payable hereunder unless your employment is terminated without Cause or there shall have been a Change in Control of the Company and your employment by the Company or a Subsidiary thereof, as applicable, shall thereafter terminate in accordance with Section D C hereof.

Appears in 1 contract

Samples: Control Agreement (Ashland Global Holdings Inc)

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TERM AND BENEFITS. This Agreement shall be in effect for a period of one year two (2) years from the date you accept this Agreement and shall automatically renew for successive one (1) year periods unless on the first day of each month. This Agreement may be terminated by either party by provided that at least one year fifteen (15) days advance written notice is given by either party to the other party hereto prior to the commencement of the next succeeding one (1) year period at period, in which time case the Agreement shall terminate at the end of the such next succeeding one (1) year period. During the term of employment hereunder, you agree to devote your full business time and attention to the business and affairs of the Company and to use your best efforts, skills and abilities to promote its interests. In This Agreement shall automatically terminate, without additional notice, in the event of your retirementdeath, Disability, or upon the effective date of your retirement in the event you retire at your election or in accordance with the Company’s 's generally applicable retirement policies, as in effect from time to time, this Agreement shall automatically terminate, without additional notice to you, as of the effective date of your retirement. Notwithstanding the first sentence of this paragraph and the first sentence and second sentences of this Section B, if a Change in Control of the Company should occur while you are still an employee of the Company or a Subsidiary thereof, and while this Agreement is in effect, then this Agreement shall continue in effect from the date of such Change in Control of the Company for a period of two years. Prior to a Change in Control, your employment may be terminated by the Company for Cause at any time pursuant to a Notice of Termination. In such event, you shall not be entitled to the benefits provided hereunder. No benefits shall be payable hereunder unless your employment is terminated without Cause or there shall have been a Change in Control of the Company and your employment by the Company or a Subsidiary thereof, as applicable, shall thereafter terminate in accordance with Section D C hereof.

Appears in 1 contract

Samples: Ashland Global Holdings Inc

TERM AND BENEFITS. This Agreement shall be in effect for a period of one year two years from the date you accept this Agreement and shall automatically renew for successive one two (2) year periods unless on the first day of each month. This Agreement may be terminated by either party by provided that at least one year fifteen (15) days advance written notice is given by either party to the other party hereto prior to the commencement of the next succeeding one two (2) year period at which time the Agreement shall terminate at the end of the next succeeding one two (2) year period. During the term of employment hereunder, you agree to devote your full business time and attention to the business and affairs of the Company and to use your best efforts, skills and abilities to promote its interests. In the event of your retirement, at your election or in accordance with the Company’s 's generally applicable retirement policies, as in effect from time to time, this Agreement shall automatically terminate, without additional notice to you, as of the effective date of your retirement. Notwithstanding the first sentence of this paragraph and the first sentence and second sentences of this Section B, if a Change in Control of the Company should occur while you are still an employee of the Company and while this Agreement is in effect, then this Agreement shall continue in effect from the date of such Change in Control of the Company for a period of two years. Prior to a Change in ControlControl of the Company, your employment may be terminated by the Company for Cause at any time pursuant to a Notice of Termination. In such event, you shall not be entitled to the benefits provided hereunder. No benefits shall be payable hereunder unless your employment is terminated without Cause or there shall have been a Change in Control of the Company and your employment by the Company shall thereafter terminate in accordance with Section D hereof.

Appears in 1 contract

Samples: Ashland Inc

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