Termination of Employment of Executive definition
Examples of Termination of Employment of Executive in a sentence
In the event of a Termination of Employment of Executive for Cause, the Executive will not be entitled to any further compensation for any period subsequent to the effective date of such Termination of Employment, except for payments, if any, payable in accordance with the then current plans and policies of Arrow and/or either of the Bank.
The Executive shall not be entitled to any further compensation from Arrow or the Bank for any period subsequent to the effective date of such Termination of Employment of Executive for Disability, except for payments, if any, payable in accordance with the then current plans and policies of Arrow or the Bank.
Such accounting firm or attorney shall provide its Section 4999 Determination, together with detailed supporting calculations and documentation to the Company and the Executive not later than thirty (30) days after the effective date of the Termination of Employment of Executive as a Retired Early Employee.
Upon the death of Executive during the Term of Employment hereunder (and simultaneous Termination of Employment of Executive upon Death), the Executive's estate or beneficiaries, as applicable, shall not be entitled to any further compensation for any period subsequent to the date of death, except for payments, if any, payable in accordance with the then current plans and policies of Arrow or the Bank, including death benefits.
The compensation of the Executive during any period of disability prior to the effective date of such Termination of Employment of Executive for Disability shall be the amounts normally payable to him in accordance with this Agreement, reduced by the sum of the amounts, if any, paid to the Executive for such period under disability benefit plans maintained by Arrow or the Bank.
If, as a result of the Executive's incapacity due to physical or mental illness, the Executive shall not have performed his duties hereunder on a full-time basis for six (6) consecutive months, Arrow and /or either of the Bank may effect a Termination of Employment of Executive for Disability upon thirty (30) days' written notice.
Arrow agrees to provide to Executive within ten days of the Termination of Employment of Executive, the form of separation and release agreement required by it.
Under no circumstances will Executive effect a Termination of Employment of Executive without Good Reason, except after delivery of advance written notice thereof to Arrow or the Bank, and the effective date of any such Termination of Employment of Executive without Good Reason shall be the thirtieth (30th ) day following delivery of such written notice, or such other day as may be mutually agreed upon by Arrow and the Executive.
Once such a determination has been made, the Chair of the Arrow Board and/or the Bank Board shall give notice to the Executive in writing setting forth the "for Cause" reasons Arrow and/or a Bank effected such Termination of Employment of Executive for Cause.
Any Termination of Employment of Executive for Cause by Arrow and/or either of the Bank shall require the affirmative vote of at least two-thirds (2/3) of the entire Arrow Board or either of the Bank Board (excluding Executive ifhe is a Board Member).