Resignation; Hold Harmless Sample Clauses
The 'Resignation; Hold Harmless' clause outlines the process by which a party, often an agent or representative, may voluntarily step down from their position and be protected from liability for actions taken during their tenure. Typically, this clause specifies the notice requirements for resignation and stipulates that the resigning party will not be held responsible for claims or damages arising from their legitimate actions performed while serving. Its core function is to provide a clear mechanism for resignation while safeguarding the departing party from future legal claims related to their official duties, thereby ensuring a smooth transition and reducing potential disputes.
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Resignation; Hold Harmless. Effective as of the Employer’s execution of this Agreement, the Employer and the Executive agree that the Executive voluntarily resigned his employment, and any other positions including, but not limited to, any position as officer, director or secretary, that he ever held with the Employer Entities. Employer Entities shall take all necessary and immediate action to formally and legally remove the Executive from any such positions and to make all appropriate timely regulatory filings as may be required to effectuate such removal. Notwithstanding anything to the contrary herein, the Employer Entities shall continue to hold harmless and indemnify the Executive as provided in that certain Indemnification Agreement dated February 20, 2011 (the “Indemnity Agreement”) with respect to Executive’s Corporate Status (as that term is defined in the Indemnity Agreement). Executive and Employer agree that the Executive was on an unpaid leave of absence and not accruing any benefits or wages from March 9, 2012 through the date of his execution of this Agreement.