Common use of Effect of Termination on Other Positions Clause in Contracts

Effect of Termination on Other Positions. If, on the date of termination of employment with the Company, the Executive is a member of the Board of Directors of the Company or any of the Company's direct subsidiaries, (a direct subsidiary shall be defined as any subsidiary in which the Company owns a majority interest) or holds any other position with the Company, or other direct subsidiaries of the Company, the Executive shall be deemed to have resigned from all such positions as of the date of his termination of employment with the Company. Executive agrees to execute such documents and take such other actions as the Company may request to reflect such resignation.