Termination of Employment Agreement Contract Clauses (78)

Termination of Employment Agreement. Effective as of the Effective Time, and contingent upon the consummation of the Merger, the Employment Agreement shall terminate in its entirety and shall thereafter be null and void. Except as specifically set forth herein, none of the Parties shall have any rights or interests under the Employment Agreement after the Effective Time. Section 2. Consideration. In exchange for Executive's agreement to terminate the Employment Agreement, the Employer shall pay or cause to be paid to Executive on D...ecember 3, 2021 the amounts described in Section 5(d) of the Employment Agreement. The Parties acknowledge and agree that $1,902,290 represents the full amount due under Section 5(d)(i), and payment of such amount is in full satisfaction of any rights of Executive to a "Severance Amount" under the Employment Agreement. Section 3. Restrictive Covenants. Executive acknowledges and agrees that the restrictive covenants set forth in Section 8 of the Employment Agreement (the "Restrictive Covenants") shall continue in full force and effect for the specified period. The Restrictive Covenants are incorporated by reference as if fully restated herein. For purposes hereof, the Parties acknowledge and agree that the term "Financial Institution" shall hereinafter include the Farm Credit System. Section 4. Indemnification. The Parties acknowledge and agree that Executive's rights to indemnification in Section 9 of the Employment Agreement (the "Indemnification Rights") shall continue in full force and effect. The Indemnification Rights are incorporated by reference as if fully restated herein. Section 5. Release. Notwithstanding any provision of this Cancellation Agreement to the contrary, Executive's rights to payment under Section 2 above, to the extent attributable to any Severance Amount, shall be paid to Executive only if, as of the Effective Time, Executive executes and delivers to the Employer a general release and waiver of claims, in a form that is substantially similar to the release attached hereto as Exhibit A (the "Release"), and does not revoke the Release before the expiration of any statutory revocation period. Section 6. Governing Law. This Agreement shall be construed in accordance with the laws of the State of Wisconsin, without regard to the conflict of law provisions of any jurisdiction. View More

Termination of Employment Agreement. Effective as of the date hereof, the Employment Agreement shall be deemed terminated by the mutual consent of Erickson and the Company. Hereafter, neither Erickson nor the Company shall have further rights, duties or obligations thereunder and no further performance or consideration, by either party, which may be called for or related to the Employment Agreement shall be required.

Termination of Employment Agreement. The parties hereto agree for purposes of this Agreement, that Employee's employment with the Company will be terminated effective as of September 9, 2016 (the "Separation Date"), such date being 30 calendar days after the delivery of the Termination Notice. Each of the Company and Employee agree and acknowledge that Employee received his salary, health and other benefits through such date and will not after such date perform any further duties or render services as an employee or in any other se...rvice capacity to the Company or any of its affiliates, subsidiaries or parent corporations. In exchange for the payments, benefits, and other agreements of the Company set forth in this Agreement, Employee and Company hereby (i) waive any advance notice requirement set forth in the Employment Agreement and (ii) agree that the Employment Agreement was terminated and canceled effective as of the Separation Date with no compensation, benefits, damages, obligations or other payments owing to Employee thereafter (other than as specifically set forth in this Agreement). View More