Forced Termination definition

Forced Termination means a termination of the Executive's employment during the First Employment Period for (i) the willful and continued failure (following written notice thereof to the Executive and a reasonable opportunity to cure) of the Executive substantially to perform the Executive's duties under this Agreement (other than as a result of Incapacity) or (ii) illegal conduct or gross misconduct by the Executive, in either case that is willful and results in material and demonstrable damage to the business or reputation of the Company.
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Examples of Forced Termination in a sentence

  • In the event of a Forced Termination by Buyer, Buyer shall pay Members an amount equal to Company Transaction Costs plus the Audit Fees, provided that such amount shall be capped at $250,000.

  • If Executive's employment is terminated by Company pursuant to a Forced Termination during the First Employment Period, or if Executive voluntarily terminates employment during the First Employment Period, the Company shall pay Executive the Annual Salary through the date of termination to the extent not yet paid, and Company shall have no further obligations under this Agreement.

  • The Company may terminate the Executive's employment and the First Employment Period pursuant to (i) a Forced Termination immediately upon notice to the Executive or (ii) for any other reason upon 30 days written notice to the Executive.