Termination on the Target Resignation Date Clause Samples
The 'Termination on the Target Resignation Date' clause allows a contract or agreement to be automatically or optionally terminated if a specified individual, often a key executive or employee, resigns on a predetermined date. In practice, this clause sets a clear trigger—such as the resignation of a CEO or founder by a certain date—upon which the agreement ends, releasing both parties from further obligations. This mechanism is typically used to manage risk and provide certainty, ensuring that the agreement does not continue if a critical person is no longer involved, thereby protecting the interests of the parties in the event of significant personnel changes.
Termination on the Target Resignation Date. If your employment terminates as planned on the Target Resignation Date, then the Company shall pay you the following amounts, on the following schedule: (a) the Accrued Obligations, on the Target Resignation Date; and (b) a lump sum of $5,000, payable on the 60th day following your termination of employment provided that before that date you have signed and not timely revoked a general release of known and unknown claims in substantially the form set forth on in Exhibit A hereto.