Grouped Into 2 Collections of Similar Clauses From Business Contracts
This page contains Termination By Executive clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Termination By Executive. Executive may terminate employment with the Company at any time for any reason or no reason at all, upon four weeks' advance written notice. During such notice period Executive shall continue to diligently perform all of Executive's duties hereunder. The Company shall have the option, in its sole discretion, to make Executive's termination effective at any time prior to the end of such notice period as long as the Company pays Executive all compensation to which Executive is entitled up through ...the last day of the four-week notice period. Thereafter all obligations of the Company shall cease. (b) Termination for Good Reason After Change of Control. Executive's termination shall be for "Good Reason" if Executive provides written notice to the Company of the Good Reason within thirty (30) days of the event constituting Good Reason and provides the Company with a period of thirty (30) days to cure the event constituting Good Reason and the Company fails to cure the Good Reason within that period. For purposes of this Agreement, "Good Reason" shall mean any of the following events if (i) the event is effected by the Company without the consent of Executive and (ii) such event occurs within six (6) months following a Change of Control (as hereinafter defined): (A) a change in Executive's position with Company or its successor which materially reduces Executive's level of responsibility; (B) a material reduction in Executive's Base Salary, except for reductions that are comparable to reductions generally applicable to similarly situated executives of the Company or its successor; or (C) a relocation of Executive's principal place of employment by more than fifty (50) miles. In such event Executive may terminate his employment for Good Reason, in which case Executive will be eligible to receive an amount equal to six (6) months of Executive's then-current Base Salary payable in the form of salary continuation, paid in accordance with the Company's regularly established payroll practices; provided that Executive signs and returns to the Company the Release and any applicable revocation period shall have expired, all within sixty (60) days following the date Executive's employment terminates. Payments shall commence on the first payroll period beginning after the Executive has executed and returned the Release and the applicable revocation period has expired (the "Release Execution Period"); provided, however, that if the Release Execution Period begins in one calendar year and ends in another calendar year, payments shall not begin until the second calendar year. Such Severance shall be reduced by any remuneration paid to Executive because of Executive's employment or self-employment during the severance period. Executive agrees to provide Company with information regarding such remuneration within five (5) days of receipt. Thereafter all obligations of the Company or its successor under this Agreement shall cease. (c) "Change of Control." For purposes of this Agreement, "Change of Control" shall mean the occurrence of an event outside of the ordinary course of business which is described below: (i) On the date that any one person or more than one person acting as a group (other than the Company, any corporation, partnership, trust or other entity controlled by the Company, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company) acquires ownership of equity in the Company or that, together with equity already owned by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the equity of the Company other than as a result of an acquisition of securities directly from the Company; or (ii) On the date that any one person or more than one person acting as a group (other than the Company, any corporation, partnership, trust or other entity controlled by the Company, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company) acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value of more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions.View More
Termination By Executive. Executive may terminate employment with the Company at any time for any reason or no reason at all, upon four weeks' advance written notice. During such notice period Executive shall continue to diligently perform all of Executive's duties hereunder. The Company shall have the option, in its sole discretion, to make Executive's termination effective at any time prior to the end of such notice period as long as the Company pays Executive all compensation to which Executive is entitled up through ...the last day of the four-week four week notice period. Thereafter all obligations of the Company shall cease. (b) Termination for Good Reason After Change of Control. Executive's termination shall be for "Good Reason" if Executive provides written notice to the Company of the Good Reason within thirty (30) days of the event constituting Good Reason and provides the Company with a period of thirty (30) twenty (20) days to cure the event constituting Good Reason and the Company fails to cure the Good Reason within that period. For purposes of this Agreement, "Good Reason" shall mean any of the following events if (i) the event is effected by the Company without the consent of Executive and (ii) such event occurs within six (6) months following a Change of in Control (as hereinafter defined): (A) a change in Executive's position with Company or its successor Employer which materially reduces Executive's level of responsibility; (B) a material reduction in Executive's Base Salary, except for reductions that are comparable to reductions generally applicable to similarly situated executives of the Company or its successor; Company; or (C) a relocation of Executive's principal place of employment by more than fifty (50) miles. In such event Executive may terminate his employment for Good Reason, in which case Executive will be eligible to receive an amount equal to six (6) months of Executive's then-current Base Salary payable in the form of salary continuation, paid in accordance with the Company's regularly established payroll practices; provided that Executive signs and returns to the Company the Release and any applicable revocation period shall have expired, all within sixty (60) days following the date Executive's employment terminates. Payments shall commence on the first payroll period beginning after the Executive has executed and returned the Release and the applicable revocation period has expired (the "Release Execution Period"); provided, however, that if the Release Execution Period begins in one calendar year and ends in another calendar year, payments shall not begin until the second calendar year. continuation. Such Severance shall be reduced by any remuneration paid to Executive because of Executive's employment or self-employment during the severance period. Executive agrees to provide Company with information regarding such remuneration within five (5) days of receipt. Thereafter all obligations of the Company or its successor under this Agreement shall cease. (c) "Change of Control." For purposes of this Agreement, "Change of Control" shall mean the occurrence of an event outside a change in ownership or control of the ordinary course of business which is described below: (i) On the date that Company effected through a merger, consolidation or acquisition by any one person or more than one person acting as a related group of persons (other than the Company, any corporation, partnership, trust or other entity controlled an acquisition by the Company, Company or any trustee, fiduciary or other person or entity holding securities under any by a Company-sponsored employee benefit plan or trust by a person or persons that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Company) acquires ownership Securities Exchange Act of equity in the Company or that, together with equity already owned by such person or group, constitutes 1934) of securities possessing more than fifty percent (50%) of the total fair market value or total combined voting power of the equity outstanding securities of the Company other than as a result of an acquisition of securities directly from the Company; or (ii) On the date that any one person or more than one person acting as a group (other than the Company, any corporation, partnership, trust or other entity controlled by the Company, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company) acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value of more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions. Company. View More
Termination By Executive. Executive may voluntarily terminate employment for any reason effective upon 60 days' prior written notice to the Company, in which case no severance payments shall be due.
Termination By Executive. Executive may voluntarily terminate employment for any reason effective upon 60 days' prior written notice to the Company, in which case no severance payments or benefits shall be due.
