Termination; Restrictive Covenants Clause Samples
The 'Termination; Restrictive Covenants' clause defines the rules and consequences surrounding the end of an agreement, as well as the ongoing obligations that restrict certain actions by the parties after termination. Typically, this clause outlines the conditions under which the contract can be ended, such as for cause or upon notice, and specifies post-termination restrictions like non-compete, non-solicitation, or confidentiality obligations. Its core function is to protect the interests of the parties by ensuring that sensitive information, client relationships, or competitive advantages are not unfairly exploited after the contractual relationship ends.
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Termination; Restrictive Covenants. In the event of a termination by the Company without Cause or a resignation by Executive for Good Reason, Executive will be entitled to: (a) One year continuation of Base Salary at customary payroll intervals.
Termination; Restrictive Covenants. Upon the Termination Date, the Executive shall be deemed to have immediately resigned from any and all officer, director (unless otherwise directed in writing by the Company) and other positions the Executive then holds with the Company and its Affiliates (and this Agreement shall constitute notice of resignation by the Executive without any further action by the Executive), and the Executive agrees to execute and deliver such further instruments as are requested by the Company in furtherance of the foregoing. Except as expressly provided in Section 4.2, all rights the Executive may have to compensation and employee benefits from the Company or its Affiliates shall terminate immediately upon the Termination Date.
Termination; Restrictive Covenants. Except for a termination that occurs at the end of the Term, this Agreement and the Executive’s employment may only be terminated during the Term (i) by the Company for “Cause” as defined in the Omnicom Group Inc. Senior Executive Restrictive Covenant and Retention Plan (the “SERC”), (ii) due to the Executive’s death, or (iii) pursuant to a resignation by the Executive for any reason; provided, that a resignation by the Executive from the role of CEO will not be considered a resignation by the Executive to the extent the Executive remains employed by the Company pursuant to this Agreement. The restrictive covenants under the SERC regarding non-competition, non-solicitation, non-servicing, protection of confidential information, etc. shall be incorporated herein by reference. The Board shall have the right at any time during the Term to relieve the Executive of his duties and responsibilities and to place him on a paid leave-of-absence status, provided that during the remainder of the Term, the Executive shall remain an employee of the Company and shall continue to receive his then current base salary compensation and other benefits as provided in this Agreement or any other agreement between the Executive and the Company or any of its parents or Affiliates, including continued vesting in the PRSUs (defined below), restricted stock units and any options to purchase common stock of OGI. For purposes of this Agreement, the term “Affiliate” shall have the same meaning as set forth in the Executive PRSU Agreement (defined below).