RESIGNATION AS CHAIRMAN OF THE BOARD Sample Clauses
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RESIGNATION AS CHAIRMAN OF THE BOARD. Executive hereby resigns from his current position as the Company's Chairman of the Board, which resignation shall become effective without further action from Executive or the Board as of the date that ▇▇. ▇▇▇▇ ▇▇▇▇▇ resigns as the Company's CEO, and Executive shall continue to chair all Board and shareholder meetings until such time that his resignation as Chairman becomes effective. Thereafter, Executive shall continue to serve as a Director of the Company until such time that he resigns, his successor is appointed, or he is removed as a Director, in accordance with the Company's bylaws and/or applicable law. Following the Employment Continuation Period (defined in Section 4(b) below) and so long as he is a non-employee Director of the Company, Executive shall be eligible for compensation and future stock options, in accordance with the terms and conditions of the Company's 1998 Non-Employee Directors' Plan.
RESIGNATION AS CHAIRMAN OF THE BOARD. Employee shall have the right, at his option, to resign as Chairman of the Board during the term hereof upon written notice to the Company, at which time Employee shall no longer have an obligation to perform his employment hereunder and shall be required to provide consulting services to the Company as the Company may reasonably request from time for the remainder of the term hereof; provided that in no event shall Employee be required to provide in excess of twenty (20) hours of services to the Company per week.