Termination Defined Sample Clauses

Termination Defined. This Agreement shall automatically terminate upon the occurrence of any of the following events: (a) death of the Employee while insured under the Policy; or (b) the bankruptcy, receivership or dissolution of the Corporation; or (c) the termination of employment of the Employee with the Corporation (other than by reason of the Employee’s Retirement); or (d) the Employee’s notice of his intent to exercise his right to surrender the Policy, pursuant to Article 1.2 (b)(i); or (e) the written Agreement of the Employee and the Corporation; or (f) the removal of the Employee from the Corporation’s “A” or “B” payroll group. Notwithstanding anything else in this Agreement to the contrary, the Corporation has the unilateral right at any time to terminate, amend or discontinue the Agreement and to receive the Corporate Interest described in Article 4.4 in such event. Notwithstanding the language of this Article or any other provision of this Agreement, the Corporation, in its sole discretion, may delay termination of this Agreement if it is determined by the Corporation that adverse tax consequences with respect to the Corporation and/or the Employee can be avoided through such delay, or in order to increase the cash value in the Policy available to Employee. Alternatively or in addition to delaying the termination of this Agreement, the Corporation may in its sole discretion choose to reduce the amount due to the Corporation from the Employee’s Policy as Corporate Interest pursuant to Article 4.4 in order to increase the cash value in the Policy available to Employee.

Termination Defined. This Agreement shall automatically terminate upon the occurrence of any of the following events: (a) the bankruptcy, receivership or dissolution of the Corporation; (b) the termination of employment of the Employee with the Corporation (other than by reason of death, retirement, or disability); (c) the Employee's notice of her intent to exercise her right to surrender the Policy, pursuant to Subsection 1.2(b)(i) of Article 1, above; (d) the mutual written Agreement of the Employee and the Corporation; or (e) the payment to the Corporation of the Corporate Interest determined pursuant to Section 4.3 below and in the manner so described.

Termination Defined. The term "termination" shall mean termination by the Company of the employment of Employee with the Company for any reason other than cause (as defined below), or resignation of Employee upon the occurrence of a "change in control" (as defined below). The term "cause" means gross misconduct or willful and material breach of this Agreement by Employee. For purposes of this Agreement, each of the following specified events shall be deemed a "change of control": (i) any third person, including a "group" as defined in Sections 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, becomes the beneficial owner of shares of the Company or of proxies or other rights pertaining to the Company which carry 25 percent or more of the total number of votes for the election of the Board of Directors of the Company or with respect to a merger, consolidation or sale; (ii) as result of, or in connection with, any cash tender offer, merger, or other business combination of the foregoing, the persons who were directors of the Company immediately prior to such event cease to constitute a majority of the Board of Directors of the Company; (iii) the approval of an agreement providing either for a transaction or series of transactions by which the Company will cease to be an independent publicly-owned company or for a sale, lease or other disposition of all or substantially all of the assets of the Company; or (iv) following any public offering of securities of the Company during any period of 24 consecutive months as a result of which the persons who were members of the Company's Board of Directors at the commencement of the period cease for any reason to constitute a majority of the Company's Board of Directors.

Termination Defined. The Corporation reserves the right to terminate this Agreement for any reason. This Agreement shall automatically terminate upon the occurrence of any of the following events: (a) The bankruptcy, receivership or dissolution of the Corporation. (b) The Executive's retirement from the Corporation; provided, however, if the retirement occurs within ten years after the date the Policy was issued or before an amount equal to the Corporate Interest can be withdrawn from the policy without incurring tax under the Code Section 7702(f)

Termination Defined. This Agreement shall automatically ------------------- terminate upon the occurrence of any of the following events: (a) the bankruptcy, receivership or dissolution of the Corporation; (b) the Employee's termination of employment with the Corporation (including permanent and total disability); or (c) the written agreement of the Employee and the Corporation. Also, if the Employee so elects, this Agreement shall terminate upon the occurrence of a Change in Control, as defined in Section 5.10

Termination Defined. For purposes of the adjustments set forth in this Section 2.07, a termination of the Peanuts Agreement or the MOA Agreement followed by the execution of an agreement providing for substantially similar rights or services shall not constitute a termination for purposes of triggering an adjustment to the Purchase Price.

Termination Defined. Notwithstanding anything to the contrary in this Agreement, any reference to “termination” of the Executive’s employment for any reason shall refer to a termination of employment which constitutes a “separation from service” within the meaning of Section 409A of the Code.

Termination Defined. For the purpose of this Agreement only, termination shall occur when a super majority of the governing body votes to terminate the Employee at a duly authorized public meeting.

Termination Defined. Termination," as that term is employed herein, ------------------- shall additionally mean: A significant reduction in the nature, status or scope of the Executive's duties, responsibilities or authorities without the effective consent of the Executive.