Common use of Termination of Employment of, or by, the Executive Clause in Contracts

Termination of Employment of, or by, the Executive. The Board of -------------------------------------------------- Directors of Frontier may terminate the employment of the Executive at any time; in the event of such termination, the provisions of this paragraph 9 shall fully apply. The Executive may terminate his service under this Agreement at any time upon three (3) months written notice to Frontier. In the event of the Executive's voluntary termination of employment under this paragraph 9(f), the provisions of paragraph 9(a)-(e) shall not apply and the Executive shall be entitled to receive his salary, bonus, and other employee benefits through his date of termination and such termination shall be without prejudice to any other benefits as to which the Executive is vested. For a period of two (2) years after voluntary termination as stated in this paragraph, Executive will not, directly or indirectly, individually or in combination with any other person, (i) enter into the employ of or render any service to or act in concert with any person, partnership, corporation, or other entity engaged in any business similar to that of Frontier or its subsidiaries wholly or partly within a twenty-five (25) mile radius of any office of Frontier or any of its subsidiaries; (ii) become interested in any of the businesses described in (i) as a proprietor, partner, shareholder, director, officer, principal, agent, employee, consultant, or in any other relationship or capacity (nothing contained in this sentence shall prohibit Executive from maintaining a stock interest in any company listed on the New York or American stock exchanges or whose shares are quoted on NASDAQ; or (iii) entice or induce any employee of Frontier or its subsidiaries to leave the employ of Frontier or its subsidiaries or to work with Executive or with any person or entity with whom Executive is or becomes associated.

Appears in 3 contracts

Samples: Employment Agreement (Valley National Corp /Al/), Employment Agreement (Frontier National Corp), Employment Agreement (Valley National Corp /Al/)

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Termination of Employment of, or by, the Executive. The Board of -------------------------------------------------- Directors of Frontier may terminate the employment of the Executive at any time; in the event of such termination, the provisions of this paragraph 9 shall fully apply. The Executive may terminate his service under this Agreement at any time upon three (3) months written notice to Frontier. In the event of the Executive's voluntary termination of employment under this paragraph 9(f), the provisions of paragraph 9(a)-(e) shall not apply and the Executive shall be entitled to receive his salary, bonus, and other employee benefits through his date of termination and such termination shall be without prejudice to any other benefits as to which the Executive is vested. For a period of two (2) years after voluntary termination as stated in this paragraph, Executive will not, directly or indirectly, individually or in combination with any other person, (i) enter into the employ of or render any service to or act in concert with any person, partnership, corporation, or other entity engaged in any business similar to that of Frontier or its subsidiaries wholly or partly within a twenty-five (25) mile radius of any office of Frontier or any of its subsidiaries; (ii) become interested in any of the businesses described in (i) as a proprietor, partner, shareholder, director, officer, principal, agent, employee, consultant, or in any other relationship or capacity (nothing contained in this sentence shall prohibit Executive from maintaining a stock interest in any company listed on the New York or American stock exchanges or whose shares are quoted on NASDAQ; or (iii) entice or induce any employee of Frontier or its subsidiaries to leave the employ of Frontier or its subsidiaries or to work with Executive or with any person or entity with whom Executive is or becomes associated.

Appears in 1 contract

Samples: Employment Agreement (Frontier National Corp)

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