Common use of Resignation as CEO Clause in Contracts

Resignation as CEO. The Executive hereby resigns all positions as an officer and employee of the Company, including his CEO position, effective as of the Effective Date. Likewise, Executive hereby resigns all positions as an employee, director, representative or agent of all Company subsidiaries, whether direct or indirect, and Company affiliates effective as of the Effective Date. The Executive will remain and does not resign his position as a Director on the Company’s Board of Directors (the “Board”).