Unauthorized Termination. Any attempt to terminate, revoke, rescind, modify, or violate the terms of this Agreement or any Control Agreement without the prior written consent of Secured Party.
Unauthorized Termination. Any attempt to terminate, revoke, rescind, modify, or violate the terms of this Security Agreement or any Control Agreement without the prior written consent of Bank.
Unauthorized Termination. If ETC shall terminate Mr. Xxxxxx'x xxxloyment hereunder prior to the expiration of the term hereof, other than "for cause" as set forth above, and recognizing that there is no right so to terminate such employment, then ETC shall promptly pay to Mr. Xxxxxx xx liquidated damages in immediately available funds all compensation for the remainder of the term hereof under section 3 above, all shares of Stock not theretofore issued to Mr. Xxxxxx xxxer section 10 above shall promptly be issued to him, and ETC must purchase all his ETC stock at the highest price that has ever been paid for such stock in an "arms length" transaction. Mr. Xxxxxx xxxll also receive an amount each year until the end of this contract term equal to what his yearly raises and bonuses would have been had he remained employed by ETC, and ETC must purchase the company car provided to Mr. Xxxxxx xxx transfer the title to him. If ETC shall remove Mr. Xxxxxx xxxm the offices set forth in section 2 above, or significantly change his duties as set forth therein, without his consent, then Mr. Xxxxxx xx his option may treat such actions as an unauthorized termination under this section 11. As further liquidated damages, Mr. Xxxxxx xxxl be treated as an early retiree and ETC must provide free medical insurance coverage to Mr. Xxxxxx xxx the rest of his life, and Mr. Xxxxxx xxxll have the option to participate in all pension and profit sharing programs as other ETC directors and employees.
Unauthorized Termination. If ETC shall terminate Xx. XxXxxxxxx'x employment hereunder prior to the expiration of the term hereof, other than "for cause" as set forth above, and recognizing that there is no right so to terminate such employment, then ETC shall promptly pay to Xx. XxXxxxxxx as liquidated damages an amount equal to twenty-five percent (25%) of all salary due for the remainder of the term hereof under Section 3 above, such amount payable at Xx. XxXxxxxxx'x current salary rate until the balance is paid. Additionally, she shall receive all commissions she would have received for one year after termination. Should there be a sale of ETC or change of control from ETC's current management, the following provisions will apply. Xx. XxXxxxxxx shall receive an amount each year until the end of this contract term equal to what her yearly salary, raises and bonuses would have been had she remained employed by ETC. If ETC shall remove Xx. XxXxxxxxx from the office set forth in Section 2 above, or significantly change her duties as set forth therein, without her consent, then Xx. XxXxxxxxx at her option may treat such actions as an unauthorized termination under this Section 10. As further liquidated damages, Xx. XxXxxxxxx shall be treated as an early retiree and ETC must provide free medical insurance coverage to Xx. XxXxxxxxx for the rest of her life, and Xx. XxXxxxxxx shall have the option to participate in all pension and profit sharing programs as other ETC officers and employees.
Unauthorized Termination. If ETC shall terminate Xx. Xxxxxxx'x employment hereunder prior to the expiration of the term hereof, other than "for cause" as set forth above, and recognizing that there is no right to terminate such employment, then ETC shall promptly pay to Xx. Xxxxxxx as liquidated damages an amount equal to twelve (12) months base salary. Such amounts shall be payable to Xx. Xxxxxxx at his current monthly salary rate
