Termination and Resignation Clause Example from Business Contracts

Termination and Resignation. Your membership on the Board may be terminated, with or without cause, by the holders of a majority of the Company's shares of common stock entitled to vote at an election of directors. Your membership on the Board or on any Board committee(s) shall be terminated if you become of unsound mind or are prohibited by law from being so. You may also terminate your membership on the Board or on any Board committee(s) for any or no reason by delivering your written notice of resignation to the Company ...("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will be subject to the Company's obligations to pay you any compensation (including the vested portion of the Shares) that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation. Any Shares that have not vested as of the effective date of such termination or Resignation shall be forfeited and cancelled. View More