Term and Termination Clause Example from Business Contracts

Term and Termination. 7.1 This Agreement shall be effective beginning on the date hereof and continuing until the last day of Director's current term as a director of the Corporation, unless earlier terminated as provided in this Section. This Agreement shall automatically renew upon the date of Director's reelection as a director of the Corporation. 7.2 The term of service as a Director under this Agreement is as specified in the bylaws of the Corporation, unless earlier terminated as provided in this Section. 7.3 D...irector may at any time, and for any reason, resign from such position subject to any other contractual obligation or any obligation imposed by operation of law. 7.4 Director may be removed from the Board or any Committee, with or without cause. 7.5 This Agreement shall automatically terminate upon the death or disability of Director or upon his resignation or removal from the Board. For purposes of this Section, "disability" shall mean the inability of Director to perform the Services for a period of at least fifteen (15) consecutive days. 7.6 In the event of any termination of this Agreement, Director agrees to return any materials received from the Corporation pursuant to Section 3 of this Agreement except as may be necessary to fulfill any outstanding obligations hereunder. Director agrees that the Corporation has the right of injunctive relief to enforce this provision. 7.7 Upon termination of this Agreement, the Corporation shall promptly pay Director all unpaid compensation due, pursuant to Section 5 above, and expense reimbursements incurred, if any, as of the date of termination, upon receipt of reasonable documentation. 2 8. Proprietary Information, Inventions and Non-Competition. Director shall, concurrently with the execution of this Agreement, enter into a Proprietary Information, Inventions and Non-Competition Agreement with the Corporation substantially in the form attached hereto as Exhibit B. View More