Termination Date Consequences for Compensation and Benefits. 6.1 Definition of Termination Date. The first to occur of the following events shall be the Termination Date: 6.1.1 The date on which the Executive becomes entitled to receive long-term disability payments by reason of total and permanent disability; 6.1.2 The Executive’s death; 6.1.3 Voluntary resignation after one of the following events shall have occurred, which event shall be specified to the Company by the Executive at the time of resignation: material reduction in the responsibility, authority, power or duty of the Executive or a material breach by the Company of any provision of this Agreement, which breach continues for 30 days following notice by the Executive to the Company setting forth the nature of the breach (“Resignation with Reason”); 6.1.4 Voluntary resignation not accompanied by a notice of reason described in Section 6.1.3 (“General Resignation”); 6.1.5 Discharge of the Executive by the Company after one of the following events shall have occurred, which event shall be specified in writing to the Executive by the Company at the time of discharge: (i) a felonious act committed by Executive during his employment hereunder, (ii) any act or omission on the part of Executive not requested or approved by the Company constituting willful malfeasance or gross negligence in the performance of his duties hereunder, (iii) any material breach of any term of this Agreement by the Executive which is not cured within 30 days after written notice from the Board to the Employee setting forth the nature of the breach (“Discharge for Cause”); For purposes of this subparagraph (6.1.5), no act or failure to act on the Executive’s part shall be considered “willful” unless done or omitted to be done by Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interest of the Company. Notwithstanding the foregoing, Executive shall not be deemed to have been discharged for Cause unless and until there shall have been delivered to Executive a copy of a Notice of Termination (as defined below) from the Chairman of the Board of the Company stating that in his good faith opinion Executive was guilty of conduct set forth in clauses (i), (ii), or (iii) above of this subparagraph (6.1.5) and specifying the particulars thereof in detail. 6.1.6 Discharge of the Executive by the Company not accompanied by a notice of cause described in Section 6.1.5 (“General Discharge”). For purposes of this Agreement “Notice of Termination” shall mean a notice which indicates the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. Each Notice of Termination shall be delivered at least sixty (60) days prior to the effective date of termination.
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Samples: Consulting Agreement (Carbon Credits International, Inc.), Consulting Agreement (Carbon Credits International, Inc.)
Termination Date Consequences for Compensation and Benefits. 6.1 Definition of Termination Date. The first to occur of the following events shall be the Termination Date:
6.1.1 The date on which the Executive becomes entitled to receive long-term disability payments by reason of total and permanent disability;
6.1.2 The Executive’s death;
6.1.3 Voluntary resignation after one of the following events shall have occurred, which event shall be specified to the Company by the Executive at the time of resignation: material reduction in the responsibility, authority, power or duty of the Executive or a material breach by the Company of any provision of this Agreement, which breach continues for 30 days following notice by the Executive to the Company setting forth the nature of the breach (“Resignation with Reason”);
6.1.4 Voluntary resignation not accompanied by a notice of reason described in Section 6.1.3 (“General Resignation”);
6.1.5 Discharge of the Executive by the Company after one of the following events shall have occurred, which event shall be specified in writing to the Executive by the Company at the time of discharge:
(i) a felonious act committed by Executive during his employment hereunder,
(ii) any act or omission on the part of Executive not requested or approved by the Company constituting willful malfeasance or gross negligence in the performance of his duties hereunder,
(iii) any material breach of any term of this Agreement by the Executive which is not cured within 30 days after written notice from the Board Chief Executive Officer to the Employee setting forth the nature of the breach (“Discharge for Cause”); For purposes of this subparagraph (6.1.5), no act or failure to act on the Executive’s part shall be considered “willful” unless done or omitted to be done by Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interest of the Company. Notwithstanding the foregoing, Executive shall not be deemed to have been discharged for Cause unless and until there shall have been delivered to Executive a copy of a Notice of Termination (as defined below) from the Chairman of the Board Chief Executive Officer of the Company stating that in his good faith opinion Executive was guilty of conduct set forth in clauses (i), (ii), or (iii) above of this subparagraph (6.1.5) and specifying the particulars thereof in detail.
6.1.6 Discharge of the Executive by the Company not accompanied by a notice of cause described in Section 6.1.5 (“General Discharge”). For purposes of this Agreement “Notice of Termination” shall mean a notice which indicates the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. Each Notice of Termination shall be delivered at least sixty (60) days prior to the effective date of termination.
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Samples: Employment Agreement (Uluru Inc.)
Termination Date Consequences for Compensation and Benefits. 6.1 Definition of Termination Date. The first to occur of the following events shall be the Termination Date:
6.1.1 The date on which the Executive becomes entitled to receive long-term disability payments by reason of total and permanent disability;
6.1.2 The Executive’s death;
6.1.3 Voluntary resignation after one of the following events shall have occurred, which event shall be specified to the Company by the Executive at the time of resignation: material reduction in the responsibility, authority, power or duty of the Executive or a material breach by the Company of any provision of this Agreement, which breach continues for 30 days following notice by the Executive to the Company setting forth the nature of the breach (“Resignation with Reason”);
6.1.4 Voluntary resignation not accompanied by a notice of reason described in Section 6.1.3 (“General Resignation”);
6.1.5 Discharge of the Executive by the Company after one of the following events shall have occurred, which event shall be specified in writing to the Executive by the Company at the time of discharge:
(i) a felonious act committed by Executive during his employment retention hereunder,
(ii) any act or omission on the part of Executive not requested or approved by the Company constituting willful malfeasance or gross negligence in the performance of his duties hereunder,
(iii) any material breach of any term of this Agreement by the Executive which is not cured within 30 days after written notice from the Board to the Employee setting forth the nature of the breach (“Discharge for Cause”); For purposes of this subparagraph (6.1.5), no act or failure to act on the Executive’s part shall be considered “willful” unless done or omitted to be done by Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interest of the Company. Notwithstanding the foregoing, Executive shall not be deemed to have been discharged for Cause unless and until there shall have been delivered to Executive a copy of a Notice of Termination (as defined below) from the Chairman of the Board of the Company stating that in his good faith opinion Executive was guilty of conduct set forth in clauses (i), (ii), or (iii) above of this subparagraph (6.1.5) and specifying the particulars thereof in detail.
6.1.6 Discharge of the Executive by the Company not accompanied by a notice of cause described in Section 6.1.5 (“General Discharge”). For purposes of this Agreement “Notice of Termination” shall mean a notice which indicates the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment retention under the provision so indicated. Each Notice of Termination shall be delivered at least sixty (60) days prior to the effective date of termination.
Appears in 1 contract
Samples: Consulting Agreement (Carbon Credits International, Inc.)
Termination Date Consequences for Compensation and Benefits. 6.1 5.1 Definition of Termination Date. Date The first to occur of the following events shall be the Termination Date:
6.1.1 5.1.1 The date on which the Executive becomes entitled to receive long-term disability payments payment by reason of total and permanent disability;.
6.1.2 5.1.2 The Executive’s death;
6.1.3 5.1.3 Voluntary resignation after one of the following events shall have occurred, which event shall be specified to the Company by the Executive at the time of resignation: material reduction in the responsibility, authority, power or duty of the Executive executive or a material breach by the Company of any provision of this Agreement, which breach continues for 30 days following notice by the Executive to the Company setting forth the nature of the breach (“Resignation with Reason”);
6.1.4 5.1.4 Voluntary resignation not accompanied by a notice of reason described in Section 6.1.3 5.1.3 (“General Resignation”);.
6.1.5 5.1.5 Discharge of the Executive by the Company after one of the following events shall have occurred, which event shall be specified in writing to the Executive by the Company at the time of discharge:
(i) a felonious act committed by Executive during his employment hereunder,
, (ii) any act or omission on the part of the Executive not requested or approved by the Company constituting willful malfeasance or gross negligence in the performance of his duties hereunder,
, (iii) conviction of the Executive or the entry of a plea of guilt or nolo contendere by the Executive to any crime involving moral turpitude, (iv) any material breach of any term of this Agreement by the Executive which is not cured within 30 days after written notice from the Board President and CEO of the Company to the Employee setting forth the nature of the breach (“Discharge for Cause”); . For purposes of this subparagraph (6.1.55.1.5), no act or failure to act on the Executive’s part shall be considered “willful” unless done or omitted to be done by Executive not in good faith and without reasonable belief that Executive’s action or omission was in the best interest of the Company. Notwithstanding the foregoing, Executive shall not be deemed to have been discharged for Cause unless and until there shall have been delivered to Executive a copy of a Notice of Termination (as defined below) from the Chairman of the Board President and CEO of the Company stating that in his good faith opinion Executive was guilty of conduct set forth in clauses (i), (ii), (iii) or (iiiiv) above of this subparagraph (6.1.55.1.5) and specifying the particulars thereof in detail.
6.1.6 5.1.6 Discharge of the Executive by the Company not accompanied by a notice of cause described in Section 6.1.5 5.1.5 (“General Discharge”). For purposes of this Agreement “Notice of Termination” shall mean a notice which indicates the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. Each Notice of Termination shall be delivered at least sixty (60) days prior to the effective date of termination.
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