Termination by Resignation definition
Termination by Resignation pursuant to Section 3.1(e) of the Employment Agreement and (2) for purposes of Company’s nonqualified deferred compensation plans, the Transition Date shall be the date of your “separation from service” as determined under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). From the date of this Letter Agreement until the Transition Date, you will continue in your current capacity as Chief Financial Officer and an Executive Officer, managing the business and your team in a “business as usual” manner. As of the date of this Letter Agreement, you agree and acknowledge that the terms of this Letter Agreement supersede and replace any rights you may have upon a termination of employment under Section 3.2 of your Employment Agreement and as of the Transition Date, the term of your employment as CFO under the Employment Agreement shall expire.
Examples of Termination by Resignation in a sentence
In such case, termination on or after this date shall be treated as a Termination by Resignation or Retirement under Section 4(e) of this Agreement.
Employee shall not be entitled to any bonus or benefits other than Base Salary following Termination by Resignation.