Common use of Termination and Notice Clause in Contracts

Termination and Notice. 16.1 The employment relationship may be terminated by each of the parties based on a mutual notice period of three months. Termination shall be notified in writing, and the notice period shall be calculated from and including the first day of the month following the issuance of such notice. 16.2 The Employee will be entitled to accelerated vesting of all options received in accordance with clause 5.4 and a salary compensation equal to 1,5 times base annual salary (which shall include the notice period) if: i. the Employee is asked by the Company to terminate the employment, and provided that the Employee does not dispute such termination, for any other reason than where the Employee (a) commits an act of gross misconduct or shows gross breach of duty which can justify termination of the employment agreement with immediate effect according to applicable law; (b) commits any serious breach or (after warning) repeated or continued material breach of the Employee’s obligations under the Contract; (c) is guilty of fraud, dishonesty or conduct tending to bring the Employee or the Company into disrepute; (d) is declared bankrupt; (e) is convicted of any criminal offence; (f) retires; or (g) reaches the Company’s retirement age, or ii. where the Employee’s employment is terminated within 12 months of a change of control of the Company as defined in the Company’s LTIP and the Employee’s employment has been terminated for a reason other than those listed in clause 16.2 (i) (a) – (g) above, provided that the Employee must be available to work for the Company full time for a period of 12 months. No severance payment shall be paid and the Employee shall not be entitled to accelerated vesting of options if the Employee disputes the termination or terminates the employment. 16.3 Upon termination of employment, the Employee shall return to the Company all property in the Employee’s possession, custody or control belonging to the Company, including but not limited to business cards, credit and charge cards, keys, security and computer passwords, mobile phones, personal computer equipment, original and copy documents or other media on which information is held in the Employee’s possession relating to the business or affairs of the Company. 16.4 Upon termination of employment, the Employee shall repay any debts to the Company, and release the Company of any guarantee or security for loans or responsibilities on behalf of the Employee.

Termination and Notice. 16.1 The employment relationship may be terminated by each of the parties based on a mutual notice period of three months. Termination shall be notified in writing, and the notice period shall be calculated from and including the first day of the month following the issuance of such notice. 16.2 The Employee will be entitled to accelerated vesting of all options received in accordance with clause 5.4 and a salary compensation equal to 1,5 times base annual salary (which shall include the notice period) if: i. the Employee is asked by the Company to terminate the employment, and provided that the Employee does not dispute such termination, for any other reason than where the Employee (a) commits an act of gross misconduct or shows gross breach of duty which can justify termination of the employment agreement with immediate effect according to applicable law; (b) commits any serious breach or (after warning) repeated or continued material breach of the Employee’s obligations under the Contract; (c) is guilty of fraud, dishonesty or conduct tending to bring the Employee or the Company into disrepute; (d) is declared bankrupt; (e) is convicted of any criminal offence; (f) retires; or (g) reaches the Company’s retirement age, or ii. where the Employee’s employment is terminated within 12 months of a change of control of the Company as defined in the Company’s LTIP and the Employee’s employment has been terminated for a reason other than those listed in clause 16.2 (i) i. (a) – (g) above, provided that the Employee must be available to work for the Company full time for a period of 12 months. No severance payment shall be paid and the Employee shall not be entitled to accelerated vesting of options if the Employee disputes the termination or terminates the employment. 16.3 Upon termination of employment, the Employee shall return to the Company all property in the Employee’s possession, custody or control belonging to the Company, including but not limited to business cards, credit and charge cards, keys, security and computer passwords, mobile phones, personal computer equipment, original and copy documents or other media on which information is held in the Employee’s possession relating to the business or affairs of the Company. 16.4 Upon termination of employment, the Employee shall repay any debts to the Company, and release the Company of any guarantee or security for loans or responsibilities on behalf of the Employee.

Termination and Notice. 16.1 The employment relationship may be terminated by each of the parties based on a mutual notice period of three months. Termination shall be notified in writing, and the notice period shall be calculated from and including the first day of the month following the issuance of such notice. 16.2 The Employee will be entitled to accelerated vesting of all options received in accordance with clause 5.4 and a salary compensation equal to 1,5 times base annual salary (which shall include the notice period) if: i. the Employee is asked by the Company to terminate the employment, and provided that the Employee does not dispute such termination, for any other reason than where the Employee (a) commits an act of gross misconduct or shows gross breach of duty which can justify termination of the employment agreement with immediate effect according to applicable law; (b) commits any serious breach or (after warning) repeated or continued material breach of the Employee’s obligations under the Contract; (c) is guilty of fraud, dishonesty or conduct tending to bring the Employee or the Company into disrepute; (d) is declared bankrupt; (e) is convicted of any criminal offence; (f) retires; or (g) reaches the Company’s retirement age, or ii. where the Employee’s employment is terminated within 12 months of a change of control of the Company as defined in the Company’s LTIP and the Employee’s employment has been terminated for a reason other than those listed in clause 16.2 (i) (a) – (g) above, provided that the Employee must be available to work for the Company full time for a period of 12 months. No severance payment shall be paid and the Employee shall not be entitled to accelerated vesting of options if the Employee disputes the termination or terminates the employment. If the Company terminates this Contract and at the same time as offering a new position in the Company in accordance with clause 17.1, the Employee shall not be entitled to any accelerated vesting of options and salary compensation under this clause 16.2. 16.3 Upon termination of employment, the Employee shall return to the Company all property in the Employee’s possession, custody or control belonging to the Company, including but not limited to business cards, credit and charge cards, keys, security and computer passwords, mobile phones, personal computer equipment, original and copy documents or other media on which information is held in the Employee’s possession relating to the business or affairs of the Company. 16.4 Upon termination of employment, the Employee shall repay any debts to the Company, and release the Company of any guarantee or security for loans or responsibilities on behalf of the Employee.

Termination and Notice. 16.1 The employment relationship may be terminated by each of the parties based on a mutual notice period of three months. Termination shall be notified in writing, and the notice period shall be calculated from and including the first day of the month following the issuance of such notice. 16.2 The Employee will be entitled to accelerated vesting of all options received in accordance with clause 5.4 and a salary compensation equal to 1,5 times base annual salary (which shall include the notice period) if: i. the Employee is asked by the Company to terminate the employment, and provided that the Employee does not dispute such termination, for any other reason than where the Employee (a) commits an act of gross misconduct or shows gross breach of duty which can justify termination of the employment agreement with immediate effect according to applicable law; (b) commits any serious breach or (after warning) repeated or continued material breach of the Employee’s obligations under the Contract; (c) is guilty of fraud, dishonesty or conduct tending to bring the Employee or the Company into disrepute; (d) is declared bankrupt; (e) is convicted of any criminal offence; or (f) retires; or (g) reaches the Company’s retirement age, or ii. where the Employee’s employment is terminated within 12 months of a change of control of the Company as defined in the Company’s LTIP and the Employee’s employment has been terminated for a reason other than those listed in clause 16.2 (i) i. (a) – (gf) above, provided that the Employee must be available to work for the Company full time for a period of 12 months. No severance payment shall be paid and the Employee shall not be entitled to accelerated vesting of options if the Employee disputes the termination termination, retires or terminates the employment. If the Company terminates this Contract and at the same time offers a new position in the Company in accordance with clause 16.3, the Employee shall not be entitled to any accelerated vesting of options and salary compensation under this clause 16.2. 16.3 If the Company wishes to change the Employee’s role’s content significantly and beyond what lies within management’s prerogative, and therefore terminate this Contract at the same time as offering a new one, and the Employee does not accept the new contract, with the result being that the employment relationship is either terminated by the Company or the Employee, and provided that the Employee does not dispute such termination, the Employee shall be compensated with NOK 6 million, to be paid with the last ordinary salary payment. Notice period and any other elements in the Employee’s package, such as bonus and holiday pay, are included in this figure. The Employee will not lose the options already granted to him. These will vest and be exercised by the Employee as per the Employee’s stock option letter and the Company’s Stock Option Plan. The Employee is allowed to exercise all vested options at any point in the two-year exercise period. When the Employee exercises the options, he will subtract the NOK 6 million already paid in compensation from the proceeds and pay this amount to the Company. Should the Company choose to apply the non-compete part of this Contract, salary during the three months’ notice period and the additional six months non-compete period will be paid to the Employee on a monthly basis. The six months of non-compete related salary are separate to the NOK 6 million compensation and are not to be subtracted from the proceeds of any sale of options the Employee might make. 16.4 Upon termination of employment, the Employee shall return to the Company all property in the Employee’s possession, custody or control belonging to the Company, including but not limited to business cards, credit and charge cards, keys, security and computer passwords, mobile phones, personal computer equipment, original and copy documents or other media on which information is held in the Employee’s possession relating to the business or affairs of the Company. 16.4 16.5 Upon termination of employment, the Employee shall repay any debts to the Company, and release the Company of any guarantee or security for loans or responsibilities on behalf of the Employee. 17.1 The Employee will initially serve a six months probationary period commencing on 1 January 2021. If the Employee has been absent from his employment during the trial period, the Employer may extend the trial period by a period equal to the length of the absence. An extension may only take place when the Employee has been notified in writing of the extension before the end of the trial period. The right to extend the trial period shall not apply to absences caused by the Company. During the probationary period the parties have a mutual right to terminate the employment by giving a one month’s written notice. This clause overrules clause16.1.

Termination and Notice. 16.1 17.1 The employment relationship may be terminated by each of the parties based on a mutual notice period of three months. Termination shall be notified in writing, and the notice period shall be calculated from and including the first day of the month following the issuance of such notice. 16.2 17.2 The Employee will be entitled to accelerated vesting of all options received in accordance with clause 5.4 6.1 and a salary compensation equal to 1,5 times base annual salary (which shall include the notice period) if: i. the Employee is asked by the Company to terminate the employment, or the Company wishes to change the Employee’s role’s content significantly and beyond what lies within management’s prerogative, and therefore terminate this Contract at the same time as offering a new one, and the Employee does not accept the new contract, with the result being that the employment relationship is either terminated by the Company or the Employee, and provided that the Employee does not dispute such termination, for any other reason than where the Employee (a) commits an act of gross misconduct or shows gross breach of duty which can justify termination of the employment agreement with immediate effect according to applicable law; (b) commits any serious breach or (after warning) repeated or continued material breach of the Employee’s obligations under the Contract; (c) is guilty of fraud, dishonesty or conduct tending to bring the Employee or the Company into disrepute; (d) is declared bankrupt; (e) is convicted of any criminal offence; (f) retires; or (g) reaches the Company’s retirement age, or ii. where the Employee’s employment is terminated within 12 months of a change of control of the Company as defined in the Company’s LTIP and the Employee’s employment has been terminated for a reason other than those listed in clause 16.2 (i) (a) – (g) above, provided that the Employee must be available to work for the Company full time for a period of 12 months. No severance payment shall be paid and the Employee shall not be entitled to accelerated vesting of options if the Employee disputes the termination or terminates the employmentemployment (except as provided for above). 16.3 17.3 Upon termination of employment, the Employee shall return to the Company all property in the Employee’s possession, custody or control belonging to the Company, including but not limited to business cards, credit and charge cards, keys, security and computer passwords, mobile phones, personal computer equipment, original and copy documents or other media on which information is held in the Employee’s possession relating to the business or affairs of the Company. 16.4 17.4 Upon termination of employment, the Employee shall repay any debts to the Company, and release the Company of any guarantee or security for loans or responsibilities on behalf of the Employee.

Termination and Notice. 16.1 The employment relationship may be terminated by each of the parties based on a mutual notice period of three months. Termination shall be notified in writing, and the notice period shall be calculated from and including the first day of the month following the issuance of such notice. 16.2 The Employee will be entitled to accelerated vesting of all options received in accordance with clause 5.4 and a salary compensation equal to 1,5 times base annual salary (which shall include the notice period) if: i. the Employee is asked by the Company to terminate the employment, and provided that the Employee does not dispute such termination, for any other reason than where the Employee (a) commits an act of gross misconduct or shows gross breach of duty which can justify termination of the employment agreement with immediate effect according to applicable law; (b) commits any serious breach or (after warning) repeated or continued material breach of the Employee’s obligations under the Contract; (c) is guilty of fraud, dishonesty or conduct tending to bring the Employee or the Company into disrepute; (d) is declared bankrupt; (e) is convicted of any criminal offence; (f) retires; or (g) reaches the Company’s retirement age, or ii. where the Employee’s employment is terminated within 12 months of a change of control of the Company as defined in the Company’s LTIP and the Employee’s employment has been terminated for a reason other than those listed in clause 16.2 (i) i. (a) – (g) above, provided that the Employee must be available to work for the Company full time for a period of 12 months. No severance payment shall be paid and the Employee shall not be entitled to accelerated vesting of options if the Employee disputes the termination or terminates the employment. If the Company terminates this Contract and at the same time as offering a new position in the Company in accordance with clause 17.1, the Employee shall not be entitled to any accelerated vesting of options and salary compensation under this clause 16.2. 16.3 Upon termination of employment, the Employee shall return to the Company all property in the Employee’s possession, custody or control belonging to the Company, including but not limited to business cards, credit and charge cards, keys, security and computer passwords, mobile phones, personal computer equipment, original and copy documents or other media on which information is held in the Employee’s possession relating to the business or affairs of the Company. 16.4 Upon termination of employment, the Employee shall repay any debts to the Company, and release the Company of any guarantee or security for loans or responsibilities on behalf of the Employee.

Termination and Notice. 16.1 18.1. The employment relationship may be terminated by each of the parties based on a mutual notice period of three months. Termination shall be notified in writing, and the notice period shall be calculated from and including the first day of the month following the issuance of such notice. 16.2 18.2. The Employee will be entitled to accelerated vesting of all options received in accordance with clause 5.4 Error! Reference source not found. and a salary compensation equal to 1,5 times base annual salary (which shall include the notice period) if: i. the Employee is asked by the Company to terminate the employment, or the Company wishes to change the Employee's role's content significantly and beyond what lies within management's prerogative, and therefore terminate this Contract at the same time as offering a new one, and the Employee does not accept the new contract, with the result being that the employment relationship is either terminated by the Company or the Employee, and provided that the Employee does not dispute such termination, for any other reason than where the Employee (a) commits an act of gross misconduct or shows gross breach of duty which can justify termination of the employment agreement with immediate effect according to applicable law; (b) commits any serious breach or (after warning) repeated or continued material breach of the Employee’s 's obligations under the Contract; (c) is guilty of fraud, dishonesty or conduct tending to bring the Employee or the Company into disrepute; (d) is declared bankrupt; (e) is convicted of any criminal offence; (f) retires; or (g) reaches the Company’s 's retirement age, or ii. where the Employee’s 's employment is terminated within 12 months of a change of control of the Company as defined in the Company’s 's LTIP and the Employee’s 's employment has been terminated for a reason other than those listed in clause 16.2 (i) (a) – - (g) above, provided that the Employee must be available to work for the Company full time for a period of 12 months. No severance payment shall be paid and the Employee shall not be entitled to accelerated vesting of options if the Employee disputes the termination or terminates the employmentemployment (except as provided for above). 16.3 18.3. Upon termination of employment, the Employee shall return to the Company all property in the Employee’s 's possession, custody or control belonging to the Company, including but not limited to business cards, credit and charge cards, keys, security and computer passwords, mobile phones, personal computer equipment, original and copy documents or other media on which FREYR Battery | xxx.xxxxxxxxxxxx.xxx information is held in the Employee’s 's possession relating to the business or affairs of the Company. 16.4 18.4. Upon termination of employment, the Employee shall repay any debts to the Company, and release the Company of any guarantee or security for loans or responsibilities on behalf of the Employee.