Termination of Severance Agreement. As of the date first written ---------------------------------- above, the Severance Agreement shall be null and void and of no further force or effect.
Termination of Severance Agreement. The Company and the Executive acknowledge that the Transaction is currently contemplated to take the following form: the shares of SHI owned by the Company would be distributed to the Company’s stockholders pursuant to a tax-free spin-off of SHI and, immediately thereafter, SHI would be merged with Regis or a subsidiary of Regis and those SHI shares would be converted into shares of common stock of Regis. As a result of the Transaction under such form, SHI would become a wholly owned subsidiary of Regis. In addition, the Company and the Executive agree that at the time of the spin-off of SHI (the “Effective Time”), the Executive will cease to be an employee or director of the Company or any of its subsidiaries. In order to resolve all issues that could arise with respect to the Severance Agreement by reason of the Transaction and the Executive’s termination of employment, the Executive, on behalf of the Executive and any person claiming through the Executive, and the Company hereby (i) agree that the Transaction, however effected, shall not be deemed to constitute a Change in Control for purposes of the Severance Agreement and (ii) terminate effective immediately prior to the Effective Time the Severance Agreement and any and all rights the Executive may have to any payments or benefits pursuant to the Severance Agreement.
Termination of Severance Agreement. The Company and the Executive acknowledge that at the effective time of the Separation (the “Effective Time”), the Executive will cease to be an employee of the Company or any of its subsidiaries. In order to resolve all issues that could arise with respect to the Severance Agreement by reason of the Transaction, the Executive, on behalf of the Executive and any person claiming through the Executive, and the Company hereby (a) agree that the Transaction, however effected, including any actions taken in respect thereof or in connection therewith, shall not be deemed to constitute a Change in Control for purposes of the Severance Agreement and (b) terminate effective immediately prior to the Effective Time the Severance Agreement and any and all rights the Executive may have to any payments or benefits pursuant to the Severance Agreement.
Termination of Severance Agreement. The Severance Agreement entered into by the Company and the Executive dated August 31, 2011, is terminated and cancelled on the Effective Date.
Termination of Severance Agreement. The Severance Agreement shall terminate with effect from the Separation Date and Executive shall have no further rights or interests thereunder; provided, however, that notwithstanding the foregoing, Section IV (“Restrictive Covenants”) of the Severance Agreement shall survive such termination and remain in full force and effect (and, for clarity, the Date of Termination (as defined in the Severance Agreement) referenced in Section IV (“Restrictive Covenants”) of the Severance Agreement means and refers to the Separation Date).
Termination of Severance Agreement. The Severance Agreement is terminated effective immediately upon the effectiveness of this Agreement. This Agreement supersedes and replaces in full the Severance Agreement, which shall no longer be of any force and effect. Executive acknowledges that, immediately upon execution of this Agreement, he shall have no rights with respect to or arising in connection with the Severance Agreement, including, without limitation, the right to receive any payments or benefits from the Company in connection with the termination of his employment.
Termination of Severance Agreement. Executive and Heartland are parties to a Severance Agreement dated April 23, 1997 (the "Severance Agreement"). The parties agree that this Agreement shall supersede the Severance Agreement in all respects, and that the Severance Agreement shall be deemed terminated as of the effective date of this Agreement.
Termination of Severance Agreement. As of the Separation Date, that certain Severance Agreement, dated as of May 5, 2015, between the Company, XHR Management and Xxxx (the “Severance Agreement”), shall automatically terminate and be of no further force and effect, and none of the Company, XHR Management nor Xxxx shall have any further obligations thereunder; provided, however, that the covenants contained in Section 4 of the Severance Agreement (as modified by Section 4.1 below) shall survive the termination of Xxxx’x employment and the termination of the Severance Agreement and shall remain in full force and effect, and Xxxx hereby acknowledges that he remains bound by such covenants.
Termination of Severance Agreement. The Company and Employee agree that the Change of Control Severance Agreement dated as of May 1, 1996 and the Severance Agreement dated as of the same date which provides severance benefits to Employee in the event of Employee's termination under specified circumstances (the "1996 Agreements") shall be terminated as of the date Employee terminates his employment with the Company. Neither the Company nor Employee shall have any further obligations under the 1996 Agreements. Effective as of Employee's Last Day Worked (as defined below), Employee will resign as an officer and/or director of the Company and/or its subsidiaries or affiliates and, to the extent applicable, from all committees of which Employee is a member. Employee agrees to sign the attached letter of resignation immediately upon Employee's Last Day Worked.
Termination of Severance Agreement. Notwithstanding anything herein to the contrary, Company and Xxxx acknowledge and agree that the Severance Agreement, along with all of the rights, duties and obligations thereunder, will terminate upon expiration of the CEO Term, unless a Change in Control (as defined in the Severance Agreement) shall have occurred prior to the expiration of the CEO Term.
