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.

Related to Forced Termination

  • Covered Termination means the termination of Executive’s employment by the Company without Cause or by Executive for Good Reason, and shall not include a termination due to Executive’s death or disability.

  • Automatic Termination shall have the meaning set forth in Section 2.3.2.

  • Good Reason Termination means a termination of employment or service initiated by the Participant upon or after a Change of Control upon one or more of the following events:

  • Qualified Termination has the meaning set forth in Section 4(b).

  • Disability Termination means termination by the Company of the Executive’s employment by reason of the Executive’s incapacitation due to disability. The Executive will be deemed to be incapacitated due to disability if at the end of any month the Executive is unable to perform substantially all of the Executive’s duties under this Agreement in the normal and regular manner due to illness, injury or mental or physical incapacity, and has been unable so to perform for either (i) three consecutive full calendar months then ending, or (ii) 90 or more of the normal working days during the 12 consecutive full calendar months then ending. Nothing in this paragraph alters the Company’s obligations under applicable law, which may, in certain circumstances, result in the suspension or alteration of the foregoing time periods.