Eligible Termination definition

Eligible Termination means the involuntary termination of Participant’s employment without Cause, provided that at the time of such termination Participant is a Senior Officer and has completed at least ten (10) years of service as a Senior Officer.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Eligible Termination means either (i) a Termination Without Cause by the Company, or (ii) a Resignation With Good Reason by the Employee.

Eligible Termination means (a) an involuntary termination of employment with a Participating Company by reason of a reduction in force program, job elimination or unsatisfactory performance in the execution of an Eligible Employee's duties or (b) a resignation mutually agreed to in writing by the Participating Company and the Eligible Employee. Notwithstanding the foregoing, an Eligible Termination shall not include (w) a unilateral resignation, (x) a termination by a Participating Company for Cause, (y) a termination as a result of a sale (whether in whole or in part, of stock or assets), merger or other combination, spinoff, reorganization or liquidation, dissolution or other winding up or other similar transaction involving a Participating Company; or (z) any termination where an offer of employment is made to the Eligible Employee of a comparable position at a Participating Company concurrently with his or her Eligible Termination.

Examples of Eligible Termination in a sentence

• I understand that I will not be eligible for the Executive Alternative Work Arrangement, including the post-employment benefits described therein if my termination from employment is not an Eligible Termination.

• Without limiting the foregoing, Employee agrees that he/she will not be eligible for the Executive Alternative Work Arrangement, including the post-employment benefits described therein, if Employee’s termination of employment is not an Eligible Termination.

• I hereby agree to execute an Executive Alternative Work Arrangement Employment Agreement in a form substantially similar to the one attached hereto as Exhibit A, within 90 days prior to my relinquishment of full-time status, which agreement will become effective automatically on the day following my Eligible Termination.

• By electing to participate in the Executive Alternative Work Arrangement, Employee hereby agrees to execute an Executive Alternative Work Arrangement Employment Agreement, in a form substantially similar to the one attached hereto as Exhibit A, within 90 days prior to Employee’s relinquishment of full-time status, which agreement will become effective automatically on the day following Employee’s Eligible Termination.

• Without limiting the foregoing, Employee agrees that he/she will not be eligible for the Executive Alternative Work Arrangement, including the post-employment benefits described therein if Employee’s termination of employment is not an Eligible Termination.

More Definitions of Eligible Termination

Eligible Termination means a termination (not involving death, Disability, Retirement or Cause); pursuant to a notice of termination delivered to the Participant by the Corporation or pursuant to a request that the Participant submit a resignation as an employee.

Eligible Termination means Employee is no longer employed by the Company or one of its Affiliates due to: (a) a material diminution of Employee’s authority, duties, reporting relationship, or base compensation, or relocation of Employee’s office by more than 50 miles, provided that Employee has given the Company notice and 30 days to cure such diminution or relocation, which notice must be given within 90 days of the effective date of the diminution or of the Company’s notice to Employee of relocation; (b) an involuntary termination of Employee’s employment with the Company due to death or Disability; or (c) the Company or an Affiliate's termination of Employee without Cause.

Eligible Termination shall have the meanings as defined in the Retirement Plan.

Eligible Termination means an Employee’s involuntary termination of employment with a Participating Company due to (i) the closing of an office or business location, (ii) a reduction in force, (iii) a downsizing, (iv) the restructuring, reorganization or reengineering of a business group, unit or department, or (v) a job elimination; provided, however, that a termination of employment with a Participating Company for any of the following reasons shall not constitute an Eligible Termination:

Eligible Termination means the termination of an Associate's employment with the Company or a Subsidiary, other than on account of death, Disability or Retirement, (i) by him or her for Good Reason or (ii) by the Company or a Subsidiary other than for Cause (or other than at a time when Cause existed).

Eligible Termination shall have the meaning as defined in the CIT Group Inc. Retirement Plan, effective January 1, 2007, as amended from time to time (the “Retirement Plan”). A “Non-RIF Termination” shall have the meaning attributed to it in the Company’s Employee Severance Plan, as amended from time to time (the “Employee Severance Plan”). The definitions of Retirement, Normal Retirement Age, Period of Benefit Service, Eligible Termination and Non-RIF Termination are applicable irrespective of whether the Participant is eligible to participate in the Retirement Plan and/or the Employee Severance Plan.

Eligible Termination means a termination of Employee’s employment with Verso either (1) by Verso without Cause (and other than due to Employee’s death or Disability) or (2) by Employee for Good Reason. For clarity, if Employee ceases to be employed by Verso Corporation or one of its subsidiaries (referred to in this paragraph as the “Verso group of companies”), but continues immediately thereafter to be employed by any other company in the Verso group of companies, such transition of Employee’s employment within the Verso group of companies will not be considered a termination of Employee’s employment by Verso.