Termination Procedure Clause Example from Business Contracts

Termination Procedure. (a) Notice of Termination. Any termination of the Executive's employment by the Company or by the Executive shall be communicated by a written Notice of Termination to the other party hereto in accordance with Section 8. For purposes of this Agreement, a "Notice of Termination" shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and the Date of Termination, and shall set forth in reasonable detail the facts and circumstances claimed to provid...e a basis for termination of the Executive's employment hereunder pursuant to the provision so indicated. (b) Date of Termination. "Date of Termination" shall mean: (i) if the Executive's employment is terminated on account of the Executive's Disability, thirty (30) days after a Notice of Termination has been provided pursuant thereto (provided that the Executive shall not have returned to the performance of the Executive's duties on a full-time basis during such thirty (30) day period); (ii) if the Executive's employment is terminated for Cause, the date specified in the Notice of Termination provided pursuant thereto; and (iii) if the Executive's employment is terminated for any other reason, the date on which a Notice of Termination is provided or any later date (within thirty (30) days) set forth in such Notice of Termination. (c) Termination for Good Reason. Notwithstanding anything herein to the contrary, no event or condition described in Section 5(e) shall constitute "Good Reason" unless (i) the Executive gives the Company notice of the termination for Good Reason within ninety (90) days of the initial existence of the event or condition constituting Good Reason and (ii) the Executive gives the Company thirty (30) days' prior written notice of such termination due to Good Reason and the Company fails to cure such event or condition within the thirty (30) day period. View More