Termination of Employment Relationships. Subject to Section 16 hereof, the employment relationships between the Employee and the Employers shall terminate on the date the closing of the Company’s private placement offering of common stock (the “Offering”) which has commenced as of the date first set forth above (the “Termination Date”); provided, however, to the extent the private placement offering is not consummated, this Agreement shall be null and void and of no further effect. Effective as of the Termination Date, the Employee hereby resigns all officer and employee positions (including all responsibilities attendant thereto) with each of the Employers, his membership on all Boards of Directors and Committees of each of the Employers and his positions as trustee or administrator with respect to any statutory business trusts formed by the Company.
Termination of Employment Relationships. Subject to Section 17 hereof, the employment relationships between the Employee and the Employers shall terminate on June 30, 2006 (the “Termination Date”). Effective as of the Termination Date, the Employee agrees to resign all officer and employee positions (including all responsibilities attendant thereto) with each of the Employers, his membership on all Boards of Directors and Committees of each of the Employers and his positions as trustee or administrator with respect to any statutory business trusts formed by the Company.
Termination of Employment Relationships. The employment relationships between the Employee and the Employers shall terminate on December 31, 2006 or any earlier date covered by this section 2 (the “Resignation Date”). Effective as of the Resignation Date, the Employee hereby resigns all officer and employee positions (including all responsibilities attendant thereto) with each of the Employers, his membership on all Boards of Directors and committees of each of the Employers and his positions as trustee or administrator with respect to any statutory business trusts formed by the Company. Employee agrees, upon request by Employers, to sign writings confirming his resignation from any such positions. After October 31, 2006 but before December 31, 2006, Employee may resign should he become employed by another company, and under such circumstances, he will be paid his $425,000 bonus, while any salary, car allowance and any other amount owed to him will be paid out pro-rata calculated to his date of termination.
Termination of Employment Relationships. Seller's existing employment agreements with William Milowitz and John Iason, and its relationships with its sxxxxxx xxxxxx, xhall xxxx xxxx terminated.
