Term and Termination Clause Example from Business Contracts

Term and Termination. The term of this Agreement and the Independent Director's services hereunder shall be for one (1) year from the Effective Date, unless terminated as provided for in this Section 5. This Agreement and the Independent Director's services hereunder shall terminate upon the earlier of the following: (a) Removal of the Independent Director as a director of the Company, upon proper Board or stockholder action in accordance with the By-Laws and Articles of Incorporation of the Company and applicable la...w; (b) Resignation of the Independent Director as a director of the Company upon written notice to the Board of Directors of the Company; (c) Director's failure to be reelected by the Company's stockholders at a meeting duly called for such purpose; or (d) Termination of this Agreement by the Company, in the event any of the requirements specified in Section 3 hereof is not satisfied, as determined by the Company in its sole discretion. View More