Term and Termination Clause Example from Business Contracts

Term and Termination. This Agreement hereunder shall commence on the date hereof and the Independent Director's services shall commence on the Effective Date and 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 of the Company and applicable law; (b) Resignation of the Independent Director as a director of the Company upon 14 days written notice to the Board of Directors of the Compa...ny; (c) Disqualification of the Independent Director as a director of the Company in accordance with the By-Laws of the Company; (d) Termination of this Agreement by the Company upon 14 days written notice, in the event of breach of Section 2 hereof or any of the requirements specified in Section 3 hereof is not satisfied, as determined by the Company in its sole discretion; or 4 (e) Failure of the stockholders of the Company to re-elect the Independent Director at the Company's annual shareholders' meeting. View More