Termination of Employment and Resignation of Positions. Employee agrees that his/her employment with Mast will terminate as part of the Closing effective as of the Termination Date and he/she has complied, or will comply as of the Termination Date, as applicable, with the provisions of Section 1.3 of the Executive Severance Agreement. Employee hereby resigns, effective as of the Termination Date, any and all other positions he/she holds with Mast and any of its subsidiaries, including positions as a director of Mast or any of its subsidiaries. In the event that Employee’s employment with Mast is not terminated in connection with the Closing, this Agreement shall automatically terminate and no longer remain in force or effect without further obligation of either of the Parties.
Termination of Employment and Resignation of Positions. The parties acknowledge and agree that the Executive has voluntarily and irrevocably resigned from all positions as an officer or director of the Company and as an officer or director of all entities affiliated with the Company as of the Resignation Date. The parties acknowledge and agree that the Executive’s employment in a non-officer and non-director capacity has continued since the Resignation Date but will terminate on the Effective Date. The parties acknowledge and agree that the Employment Agreement shall terminate (other than Section 5 thereof) on the Effective Date. Executive agrees to execute such documents and take such actions as the Company may deem necessary or desirable to effectuate the foregoing.
Termination of Employment and Resignation of Positions. As of the Effective Date, Executive’s employment by and with the Company and any subsidiaries or controlled affiliates shall terminate. In consideration of the promises herein described, the sufficiency of which is hereby acknowledged, as of the Effective Date, the Employment Agreement shall terminate and cease to have any effect notwithstanding any survival clauses therein contained (other than Section 7 thereof and, to the extent applicable, Section 9(f) thereof, which shall survive such termination), and the parties acknowledge and agree that, pursuant hereto, the Executive is voluntarily terminating his employment with the Company as of the Effective Date. Executive acknowledges that, pursuant hereto, the Executive is voluntarily resigning from all positions as an officer or director of the Company and as an officer or director of all entities affiliated with the Company as of the Effective Date. Executive agrees to execute such documents and take such actions as the Company may deem necessary or desirable to effectuate the foregoing, including, without limitation, the resignation letters attached hereto as Exhibit A.
