Termination of Employment Arrangements Sample Clauses

Termination of Employment Arrangements. Each Class B Member acknowledges and agrees that this Agreement, and the legal relationships created hereby, will not prevent the termination of any employment arrangement between such Class B Member and the Company or any of its Affiliates. Each Class B Member agrees that the termination by the Company or any of its Affiliates of any employment, consulting or independent contractor relationship with such Class B Member for any reason at any time will not be construed for any purpose to violate any duty or obligation of any other Member or the Managing Member under this Agreement.

Termination of Employment Arrangements. Except as otherwise provided in Section 3 or in Section 4, from and after the Effective Time, the Executive shall not be entitled to receive any further payments or benefits under any Employment Arrangements. Without limiting the generality of the foregoing, the parties specifically agree that from and after the Effective Time, each of the Employment Arrangements shall automatically terminate without the necessity of any further action on the part of any party thereto, with the result that any and all obligation of either Employer under the Employment Arrangements shall be null and void and neither the Executive nor any heir, successor or assignee shall have any continuing rights thereunder. In furtherance of the limitations on rights and benefits described in this Section 2(a), from and after the Effective Time the following Employment Arrangements will terminate: (i) The Employment Agreement between the Executive and Bancorp, originally entered into on February 13, 1998, and amended and restated as of October 21, 1999, and the Employment Agreement between the Executive and Bank, dated as of February 13, 1998, each including, without limitation, any and all payments and benefits (such as health and pension plans, country club memberships, and automobile) that by the terms of the Employment Agreements are to continue after termination or expiration of the Employment Agreement; (ii) The Management Supplemental Executive Retirement Plan maintained by the Bank; and (iii) Any other Employment Arrangement now in existence or hereinafter adopted that is not specifically listed as a "Permitted Arrangement" under Section 4.

Termination of Employment Arrangements. Except as otherwise provided in Section 3 or in Section 4, from and after the Effective Time, the Executive shall not be entitled to receive any further payments or benefits under any Employment Arrangements. Without limiting the generality of the foregoing, the parties specifically agree that from and after the Effective Time, each of the Employment Arrangements shall automatically terminate without the necessity of any further action on the part of any party thereto, with the result that any and all obligations of either Employer under the Employment Arrangements shall be null and void and neither the Executive nor any heir, successor or assignee shall have any continuing rights thereunder. In furtherance of the limitations on rights and benefits described in this Section 2(a), from and after the Effective Time the following Employment Arrangements will terminate: (i) The Amended and Restated Employment Agreement between the Executive and Kentucky First and the Amended and Restated Employment Agreement between the Executive and Bank, both effective as of February 24, 2003, (collectively, the "Employment Agreements"), provided that and notwithstanding any provision of this Agreement to the contrary, the covenants of Section 11(f) of the Employment Agreements (the "Covenants") shall survive the termination of the Employment Arrangements. (ii) The First Federal Savings Bank Supplemental Executive Retirement Agreement; and (iii) Any other Employment Arrangement now in existence or hereinafter adopted that is not specifically listed as a "Permitted Arrangement" under Section 4.

Termination of Employment Arrangements. Each holder of Profits Units acknowledges and agrees that this Agreement, and the legal relationships created hereby, will not prevent the termination of any employment agreement or similar arrangement between such holder of Profits Units, on the one hand, and the Company or any of its Affiliates, on the other hand. Each holder of Profits Units agrees that the termination by the Company or any of its Affiliates of any employment, consulting or independent contractor relationship with such holder of Profits Units for any reason at any time will not be construed for any purpose to violate any duty or obligation of any other Member or Manager under this Agreement.

Termination of Employment Arrangements. SECTION 5.01. The Employee and Parent agree that, effective as of the Effectiveness Date, the Employment Agreement between the Employee and the Company (the "Employment Agreement") shall be terminated and of no further force and effect, and no termination or other amount otherwise payable or benefit otherwise provided to the Employee pursuant to the Employment Agreement shall be payable in connection with the termination contemplated by this Section 5.01. 7

Termination of Employment Arrangements. Each Member acknowledges and agrees that this Agreement, and the legal relationships created hereby, shall not prevent the termination of any employment agreement or similar arrangement or any engagement or affiliation between such Member and the Company or any of its Affiliates. Each Member acknowledges and agrees that the termination by the Company or any of its Affiliates of any employment, engagement, affiliation, consulting or independent contractor relationship with such holder of Units for any reason at any time shall not be construed for any purpose to violate any duty or obligation of any other Member or Manager under this Agreement. FORTIS ACQUISITION JV, LLC LIMITED LIABILITY COMPANY AGREEMENT

Termination of Employment Arrangements. At or prior to Closing, Raymondvllle will terminate (without liability or penalty to Raymondville, any subsidiary of Raymondvllle, Texas Regional, any subsidiary of Texas Regional, or any other person or entity) any existing employee severance, deferred compensation and incentive compensation agreements or arrangements, and any other contracts with employees, and shall terminate, in a manner acceptable to Texas Regional, any other employee benefit plans, including any employee stock ownership plan.

Termination of Employment Arrangements. Each holder of Series B Units acknowledges and agrees that this Agreement, and the legal relationships created hereby, will not prevent the termination of any employment agreement or similar arrangement between such holder of Series B Units and the Company or any of its Affiliates. Each holder of Series B Units agrees that the termination by the Company or any of its Affiliates of any employment, consulting or independent contractor relationship with such holder of Series B Units for any reason at any time will not be construed for any purpose to violate any duty or obligation of any other Member or Director under this Agreement.

Termination of Employment Arrangements. Each holder of Units acknowledges and agrees that this Agreement, and the legal relationships created hereby, will not prevent the termination of any Employment Agreement, employment arrangement or similar arrangement between such holder of Units and the Company or any of its Affiliates. Each holder of Units agrees that the termination by the Company or any of its Affiliates of any employment, consulting or independent contractor relationship with such holder of Units for any reason at any time will not be construed for any purpose to violate any duty or obligation of any other Member or Director under this Agreement. [Signature Page Follows] NEXEO SOLUTIONS HOLDINGS, LLC LIMITED LIABILITY COMPANY AGREEMENT

Termination of Employment Arrangements. In no event shall this Agreement or any of the legal relationships created hereby prevent the Employer from terminating the employment or consulting relationship between any holder of Class D Incentive Units, on the one hand, and the Company, the Common Members or their respective Affiliates, on the other hand.