Common use of Termination Due to Discontinuance of Business Clause in Contracts

Termination Due to Discontinuance of Business. Anything in this Agreement to the contrary notwithstanding, in the event the Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war, dissolution, national or local economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day of the month were originally set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 6.6, Executive will not receive the Non-CIC Severance Benefits, the CIC Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations.

Appears in 11 contracts

Samples: Employment Agreement (Sensei Biotherapeutics, Inc.), Employment Agreement (Invea Therapeutics, Inc), Employment Agreement (Invea Therapeutics, Inc)

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Termination Due to Discontinuance of Business. Anything in this Agreement to the contrary notwithstanding, in the event the Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war, dissolution, national or local economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day of the month were originally set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 6.66.8, Executive will not receive the Non-CIC Severance Benefits, the CIC Severance Benefits, any severance benefits or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations.

Appears in 7 contracts

Samples: Employment Agreement (Biote Corp.), Employment Agreement (Biote Corp.), Employment Agreement (Biote Corp.)

Termination Due to Discontinuance of Business. Anything in this Agreement to the contrary notwithstanding, in the event the Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war, dissolution, national or local economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day of the month were originally set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 6.66.5, Executive Employee will not receive the Non-CIC Severance Benefits, the CIC Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall provide to Executive Employee the Accrued Obligations.

Appears in 4 contracts

Samples: Employment Agreement (Sensei Biotherapeutics, Inc.), Employment Agreement (Sensei Biotherapeutics, Inc.), Employment Agreement (Sensei Biotherapeutics, Inc.)

Termination Due to Discontinuance of Business. Anything in this Agreement to the contrary notwithstanding, in the event the Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war, dissolution, national or local economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day of the month were originally set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 6.6, Executive will not receive any of the Non-CIC Severance Benefits, the CIC Change in Control Severance Benefits, or any other severance compensation or benefitbenefits, except that, pursuant to the Company’s standard payroll policies, the Company shall provide pay to Executive the Accrued Obligations.

Appears in 3 contracts

Samples: Executive Employment Agreement (Instil Bio, Inc.), Executive Employment Agreement (Instil Bio, Inc.), Executive Employment Agreement (Instil Bio, Inc.)

Termination Due to Discontinuance of Business. Anything in this Agreement to the contrary notwithstanding, in the event the Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war, dissolution, national or local economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day of the month were originally set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 6.6, Executive will not receive any of the Non-CIC Severance Benefits, the CIC Severance BenefitsSeverance, or any other severance compensation or benefitbenefits, except that, pursuant to the Company’s standard payroll policies, the Company shall provide pay to Executive the Accrued Obligations.

Appears in 2 contracts

Samples: Executive Employment Agreement (Xometry, Inc.), Executive Employment Agreement (Xometry, Inc.)

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Termination Due to Discontinuance of Business. Anything in this Agreement to the contrary notwithstanding, in the event the Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war, dissolution, national or local economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day of the month were originally set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 6.6, Executive will not receive any of the Non-CIC Severance Benefits, the CIC Severance Benefits, or any other severance compensation or benefitbenefits, except that, pursuant to the Company’s standard payroll policies, the Company shall provide pay to Executive the Accrued Obligations.

Appears in 1 contract

Samples: Executive Employment Agreement (Rasna Therapeutics Inc.)

Termination Due to Discontinuance of Business. Anything in this Agreement to the contrary notwithstanding, in the event the Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war, dissolution, national or local economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day of the month were originally set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 6.63.5, Executive will not receive the Non-CIC Severance Benefits, the CIC Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations.

Appears in 1 contract

Samples: Severance Agreement (Landos Biopharma, Inc.)

Termination Due to Discontinuance of Business. Anything in this Agreement to the contrary notwithstanding, in the event the Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war, dissolution, national or local economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day of the month were originally set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 6.6, Executive will not receive any of the Non-CIC Severance Benefits, the CIC Change in Control Severance Benefits, or any other severance compensation or benefitbenefits, except that, pursuant to the Company’s 's standard payroll policies, the Company shall provide pay to Executive the Accrued Obligations.

Appears in 1 contract

Samples: Executive Employment Agreement (Instil Bio, Inc.)

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