Common use of Termination Defined Clause in Contracts

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.