Employment Provision Sample Clauses

Employment Provision. Upon the retirement of the Executive or the termination of the Executive’s employment with the Bank for any reason, the Executive may within 90 days of such retirement or termination of employment at his or her option either purchase the Bank’s interest in the policy in the manner set forth in Paragraph V herein, or assign and transfer complete ownership in the policy to the Bank. If the Executive fails to exercise such option within the period allowed, the Executive shall be deemed to have elected to assign the policy to the Bank and in that event the Bank shall be authorized to take all such action in the name of the Executive and as his or her attorney-in-fact to confirm and complete such assignment. The Bank and the Executive agree that each shall use its or his best efforts to determine and carry out the Executive’s decision under this Paragraph within such 90 day period, and prior to the due date of the first premium under the policy to become due subsequent to the Executive’s retirement or other termination of employment, even if such due date is earlier than the last day of the 90 day period otherwise allowed by this Paragraph.
Sample 1
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Employment Provision. This Agreement will terminate itself without fault from either party, without transfer, right, license or obligation granted and without any payment due, if a written employment agreement (hereinafter the "Employment Agreement") has not been signed between Licensor and Licensee on or prior to the 1st day of December, 1996.
Sample 1
Employment Provision 
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Related to Employment Provision

  • Termination of Employment Agreement (a) Effective as of the Effective Date and immediately prior to the Effective Time, the Employment Agreement is hereby terminated and shall be of no further force or effect whatsoever; provided, however, that, and notwithstanding anything in this Agreement to the contrary, such termination shall be contingent on the closing of the Merger.

  • Termination of Employment with Severance Benefits (a) The Executive shall be entitled to the severance benefits described in section 9(b) in the event that:

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Termination of Employment and Severance Benefits The Executive’s employment hereunder shall terminate under the following circumstances:

  • Effect of Termination of Employment The provisions of this Section 6 shall apply in the event of termination of Executive’s employment, pursuant to Section 5, or otherwise.

  • OBLIGATIONS SURVIVE TERMINATION OF EMPLOYMENT Executive agrees that any and all of Executive’s obligations under this Agreement, including but not limited to Exhibits B and C, shall survive the termination of employment and the termination of this Agreement.

  • Employment Termination This Agreement and the employment of the Executive shall terminate upon the occurrence of any of the following:

  • Employment at Will Nothing in this Agreement or in the Plan shall confer upon Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any Parent or Subsidiary employing or retaining Participant) or of Participant, which rights are hereby expressly reserved by each, to terminate Participant’s Service at any time for any reason, with or without cause.

  • Employment of Executive Employer hereby agrees to employ Executive, and Executive hereby agrees to be and remain in the employ of Employer, upon the terms and conditions hereinafter set forth.

  • Termination of Employment; Change in Control (i) For purposes of the grant hereunder, any transfer of employment by the Optionee among the Corporation and the Subsidiaries shall not be considered a termination of employment. If the Optionee's employment with the Corporation is terminated for Cause (as defined in the last Section hereof), the Option, whether or not then vested, shall be automatically terminated as of the date of such termination of employment. If the Optionee's employment with the Corporation shall terminate other than by reason of Retirement (as defined in the last Section hereof), Disability (as defined in the last Section hereof), death or Cause, the Option (to the extent then vested) may be exercised at any time within ninety (90) days after such termination (but not beyond the Term of the Option). The Option, to the extent not then vested, shall immediately expire upon such termination. If the Optionee dies or becomes Disabled (A) while employed by the Corporation or (B) within 90 days after the termination of his or her employment other than for Cause or Retirement, the Option (to the extent then vested) may be exercised at any time within one year after the Optionee's death or Disability (but not beyond the Term of the Option). The Option, to the extent not then vested, shall immediately expire upon such death or disability. If the Optionee's employment terminates by reason of Retirement, the Option shall (A) become fully and immediately vested and exercisable and (B) remain exercisable for three years from the date of such Retirement (but not beyond the Term of the Option).

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