Upon either a Termination Sample Clauses
The 'Upon either a Termination' clause defines the actions or obligations that arise when either party terminates the agreement. Typically, this clause outlines the steps both parties must take following termination, such as settling outstanding payments, returning confidential information, or ceasing use of proprietary materials. Its core function is to ensure a clear and orderly process for winding down the contractual relationship, minimizing disputes and clarifying each party's responsibilities after the agreement ends.
Upon either a Termination. For Cause or a Voluntary Termination without Good Reason, for the 180 days following the date of termination, the Employers shall have the right to purchase (i) all but not less than all of the Vested Securities, at a price equal to the Full Value thereof on the date of termination, and/or (ii) all but not less than all other Initial Securities, at cost, plus, in the case of the Subordinated Debentures, accreted discount thereon through and including the date of such purchase, and/or (iii) all but not less than all of the Vested Purchased Shares, at a price equal to the Fair Market Value thereof on the date of termination, and/or (iv) all but not less than all other Purchased Shares which are unvested on the date of such termination, at cost, provided, that the proceeds shall first be used to pay any outstanding principal of and interest accrued but not paid under the Note. The Executive shall not have the right to require the Employer to repurchase such Vested Securities, Initial Securities, Vested Purchased Shares and Initial Purchased Shares.
Upon either a Termination. For Cause or a Voluntary Termination without Good Reason, for the 180 days following the date of termination, the Employers shall have the right to purchase (i) all but not less than all of the Vested Securities, at a price equal to the Full Value thereof on the date of termination, and/or (ii) all but not less than all other Initial Securities, at cost, plus, in the case of the Subordinated Debentures, accreted discount thereon through and including the date of such purchase; the Executive shall not have the right to require the Employer to repurchase such Vested Securities or other Initial Securities.