Termination of Employment by the Corporation. The Corporation may terminate the employment of the Executive at any time for any reason; provided that except as set forth in Sections 6 and 7, the Corporation shall provide the Executive with Continuation Benefits as set forth in Section 4 if the Executive's employment is involuntarily terminated during the term of the Agreement. The Executive's employment shall be deemed to be involuntarily terminated if he is terminated by the Corporation for any reason other than for "cause" as defined in Section 6, or if he voluntarily terminates employment because: (a) his Base Salary is reduced without the Executive's consent, or (b) the Corporation amends the Senior Executive Retirement Agreement between the Corporation and the Executive (the "Retirement Agreement") without the Executive's consent, and such amendment materially reduces the benefits to which the Executive would have been entitled had such amendment not been made, or (c) the duties and responsibilities assigned to the Executive as of the date of this Agreement are materially reduced and the Executive does not consent to such material reduction of duties. In order for voluntary termination pursuant to (a), (b) and (c) of this Section to be effective: (1) the Executive must give written notice to the Corporation within sixty (60) days of an event specified in clauses (a), (b) or (c) above indicating that the Executive intends to terminate employment under this Section and which describes the reasons for such termination, (2) the Executive's voluntary termination under this Section must occur within ninety (90) days after an event described in clause (a), (b) or (c) of this Section, or within ninety (90) days after the last in a series of such events, and (3) the Corporation must have failed to remedy the event described in clause (a), (b) or (c) of this Section, as the case may be, within thirty (30) days after receiving the Executive's written notice. If the Corporation so remedies the event described in clause (a), (b) or (c) of this Section, the Executive may not terminate employment under this Section on account of the event specified in the Executive's notice.
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Samples: Employment Agreement (Wachovia Corp/ Nc), Employment Agreement (Wachovia Corp/ Nc), Employment Agreement (Wachovia Corp/ Nc)
Termination of Employment by the Corporation. The Corporation may terminate the employment of the Executive at any time for any reason; provided that except as set forth in Sections 6 and 7, the Corporation shall provide the Executive with Continuation Benefits as set forth in Section 4 if the Executive's employment is involuntarily terminated during the term of the Agreement. The Executive's employment shall be deemed to be involuntarily terminated if he is terminated by the Corporation for any reason other than for "cause" as defined in Section 6, or if he voluntarily terminates employment because:
(a) his Base Salary is reduced without the Executive's consent, or
(b) the Corporation amends the Senior Executive Retirement Agreement between the Corporation and the Executive (the "Retirement Agreement") without the Executive's consent, and such amendment materially reduces the benefits to which the Executive would have been entitled had such amendment not been made, or
(c) the duties and responsibilities assigned to the Executive as of the date of this Agreement are materially reduced and the Executive does not consent to such material reduction of duties. In order for voluntary termination pursuant to (a), (b) and (c) of this Section to be effective: (1) the Executive must give written notice to the Corporation within sixty (60) days of an event specified in clauses (a), (b) or (c) above indicating that the Executive intends to terminate employment under this Section and which describes the reasons for such termination, (2) the Executive's voluntary termination under this Section must occur within ninety (90) days after an event described in clause (a), (b) or (c) of this Section, or within ninety (90) days after the last in a series of such events, and (3) the Corporation must have failed to remedy the event described in clause (a), (b) or (c) of this Section, as the case may be, within thirty (30) days after receiving the Executive's written notice. If the Corporation so remedies the event described in clause (a), (b) or (c) of this Section, the Executive may not terminate employment under this Section on account of the event specified in the Executive's notice. At any time after the Executive's sixty-second birthday, the Corporation may employ or appoint another person or persons to perform all or substantially all the Executive's duties, in which event the Corporation may terminate the Executive's employment and shall pay him Continuation Benefits pursuant to Section 4 until the end of the "term", but not thereafter, except in the event of his termination pursuant to Section 10 (Change in Control) of this Agreement.
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Termination of Employment by the Corporation. The Corporation may -------------------------------------------- terminate the employment of the Executive at any time for any reason; provided that except as set forth in Sections 6 and 7, the Corporation shall provide the Executive with Continuation Benefits as set forth in Section 4 if the Executive's employment is involuntarily terminated during the term of the Agreement. The Executive's employment shall be deemed to be involuntarily terminated if he is terminated by the Corporation for any reason other than for "cause" as defined in Section 6, or if he voluntarily terminates employment because:
(a) his Base Salary is reduced without the Executive's consent, or
(b) the Corporation amends the Senior Executive Retirement Agreement between the Corporation and the Executive (the "Retirement Agreement") without the Executive's consent, and such amendment materially reduces the benefits to which the Executive would have been entitled had such amendment not been made, or
(c) the duties and responsibilities assigned to the Executive as of the date of this Agreement are materially reduced and the Executive does not consent to such material reduction of duties. In order for voluntary termination pursuant to (a), (b) and (c) of this Section to be effective: (1) the Executive must give written notice to the Corporation within sixty (60) days of an event specified in clauses (a), (b) or (c) above indicating that the Executive intends to terminate employment under this Section and which describes the reasons for such termination, (2) the Executive's voluntary termination under this Section must occur within ninety (90) days after an event described in clause (a), (b) or (c) of this Section, or within ninety (90) days after the last in a series of such events, and (3) the Corporation must have failed to remedy the event described in clause (a), (b) or (c) of this Section, as the case may be, within thirty (30) days after receiving the Executive's written notice. If the Corporation so remedies the event described in clause (a), (b) or (c) of this Section, the Executive may not terminate employment under this Section on account of the event specified in the Executive's notice. At any time after the Executive's sixty-second birthday, the Corporation may employ or appoint another person or persons to perform all or substantially all the Executive's duties, in which event the Corporation may terminate the Executive's employment and shall pay him Continuation Benefits pursuant to Section 4 until the end of the "term", but not thereafter, except in the event of his termination pursuant to Section 10 (Change in Control) of this Agreement.
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