Common use of Term of Employment; Termination Clause in Contracts

Term of Employment; Termination. 2.1. The Employee agrees to work for the Company for a period of twenty-four (24) months commencing on the date of this Agreement. However, the Company may terminate the Employee's employment at any time, for any reason (or no reason), and with or Without Cause, by providing the Employee with seven (7) days' written notice. If employment continues following the end of the two (2)-year term of this Agreement (the "Term"), it will continue on an "at-will" basis, which means that either the Employee or the Company may terminate the Employee's employment at any time, for any reason (or no reason), and with or Without Cause, by providing the other party with seven (7) days' written notice. 2.2. If the Company terminates the Employee's employment Without Cause, or if the Employee resigns his employment for Good Reason, or if this Agreement terminates pursuant to paragraph 2.4 below, prior to the end of the Term, the Employee, or his legal representatives, as the case may be, shall receive: (i) all salary earned by the Employee through the last day of his employment; (ii) continuation of the Employee's base salary for a period of two (2) years after the date of the termination of the Employee's employment; (iii) immediate vesting of all outstanding shares of the Employee's Company stock options, notwithstanding anything to the contrary in the agreement(s) granting such options; and (iv) the Company's right to repurchase shares, as provided in Section 4.6 of this Agreement, and cancel unexercised options, as provided in the attached Exhibit C-1, terminates. However, if: (i) the Employee resigns at any time Without Good Reason; (ii) the Company terminates the Employee's employment for Cause prior to the end of the Term; or (iii) the Company terminates the Employee's employment for any reason, with or Without Cause, or if the Employee resigns with or Without Good Reason, after the end of the Term, the Employee will only be entitled to all compensation earned by him through the last day of his employment.

Appears in 5 contracts

Samples: Employment Agreement (Osicom Technologies Inc), Employment Agreement (Osicom Technologies Inc), Employment Agreement (Osicom Technologies Inc)

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Term of Employment; Termination. 2.1. The Employee agrees to work for the Company for a period of twenty-four (24) months commencing on the date of this Agreement. However, the Company may terminate the Employee's employment at any time, for any reason (or no reason), and with or Without Cause, by providing the Employee with seven (7) days' written notice. If employment continues following the end of the two (2)-year term of this Agreement (the "Term"), it will continue on an "at-will" basis, which means that either the Employee or the Company may terminate the Employee's employment at any time, for any reason (or no reason), and with or Without Cause, by providing the other party with seven (7) days' written notice. 2.2. If the Company terminates the Employee's employment Without Cause, or if the Employee resigns his employment for Good Reason, or if this Agreement terminates pursuant to paragraph 2.4 below, prior to the end of the Term, the Employee, or his legal representatives, as the case may be, shall receive: (i) all salary earned by the Employee through the last day of his employment; (ii) continuation of the Employee's base salary for a period of two (2) years after the date of the termination of the Employee's employment; and (iii) immediate vesting of all outstanding shares of the Employee's Company stock options, notwithstanding anything to the contrary in the agreement(s) granting such options; and (iv) the Company's right to repurchase shares, as provided in Section 4.6 of this Agreement, and cancel unexercised options, as provided in the attached Exhibit C-1, terminates. However, if: (i) the Employee resigns at any time Without Good Reason; (ii) the Company terminates the Employee's employment for Cause prior to the end of the Term; or (iii) the Company terminates the Employee's employment for any reason, with or Without Cause, or if the Employee resigns with or Without Good Reason, after the end of the Term, the Employee will only be entitled to all compensation salary earned by him through the last day of his employment.

Appears in 1 contract

Samples: Employment Agreement (Osicom Technologies Inc)

Term of Employment; Termination. 2.1. The Employee agrees to work for the Company for a period of twenty-four forty eight (2448) months commencing on the date of this Agreementhire, which was November 1, 2001. However, the Company may terminate the Employee's employment at any time, for any reason (or no reason), and with or Without Cause, by providing the Employee with seven thirty (730) days' written notice. If employment continues following the end of the two four (2)-year 4)-year term of this Agreement (the "Term"), it will continue on an "at-will" basis, which means that either the Employee or the Company may terminate the Employee's employment at any time, for any reason (or no reason), and with or Without Cause, by providing the other party with seven thirty (730) days' days written notice. 2.2. If the Company terminates the Employee's employment Without Cause, or if the Employee resigns his employment for Good Reason, or if this Agreement terminates pursuant to paragraph 2.4 2.3 below, prior to the end of the Term, the Employee, or his legal representatives, as the case may be, shall receive: (i) all salary and bonus earned by the Employee through the last day of his employment; (ii) continuation of the Employee's base salary for a period of two (2) years after the date of the termination of the Employee's employment; (iii) immediate vesting of all outstanding shares of the Employee's Company stock options, notwithstanding anything to the contrary in the agreement(s) granting such options; and (iv) the Company's right to repurchase shares, shares as provided in Section 4.6 of this Agreement, paragraph 3.4.1 below and to cancel unexercised vested options, as provided in the attached Exhibit C-1Stock Option Agreement or elsewhere, terminatesshall terminate. However, if: (i) the Employee resigns at any time Without Good Reason; (ii) the Company terminates the Employee's employment for Cause prior to the end of the Term; or (iii) the Company terminates the Employee's employment for any reason, with or Without Cause, or if the Employee resigns with or resigns, Without Good Reason, after the end of the Term, the Employee will only be entitled to all compensation salary earned by him through the last day of his employment.

Appears in 1 contract

Samples: Employment Agreement (Entrada Networks Inc)

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Term of Employment; Termination. 2.1. The Employee agrees to work for the Company for a period of twenty-four forty eight (2448) months commencing on the date of this Agreementhire, which was April 14, 2000. However, the Company may terminate the Employee's employment at any time, for any reason (or no reason), and with or Without Cause, by providing the Employee with seven thirty (730) days' written notice. If employment continues following the end of the two four (2)-year 4)-year term of this Agreement (the "Term"), it will continue on an "at-will" basis, which means that either the Employee or the Company may terminate the the 1. Employee's employment at any time, for any reason (or no reason), and with or Without Cause, by providing the other party with seven thirty (730) days' days written notice. 2.2. If the Company terminates the Employee's employment Without Cause, or if the Employee resigns his employment for Good Reason, or if this Agreement terminates pursuant to paragraph 2.4 2.3 below, prior to the end of the Term, the Employee, or his legal representatives, as the case may be, shall receive: (i) all salary and bonus earned by the Employee through the last day of his employment; (ii) continuation of the Employee's base salary for a period of two (2) years after the date of the termination of the Employee's employment; (iii) immediate vesting of all outstanding shares of the Employee's Company stock options, notwithstanding anything to the contrary in the agreement(s) granting such options; and (iv) the Company's right to repurchase shares, shares as provided in Section 4.6 of this Agreement, paragraph 3.4.1 below and to cancel unexercised vested options, as provided in the attached Exhibit C-1Stock Option Agreement or elsewhere, terminatesshall terminate. However, if: (i) the Employee resigns at any time Without Good Reason; (ii) the Company terminates the Employee's employment for Cause prior to the end of the Term; or (iii) the Company terminates the Employee's employment for any reason, with or Without Cause, or if the Employee resigns with or resigns, Without Good Reason, after the end of the Term, the Employee will only be entitled to all compensation salary earned by him through the last day of his employment.

Appears in 1 contract

Samples: Employment Agreement (Entrada Networks Inc)

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