No Cause definition
Examples of No Cause in a sentence
No Cause shall exist until the Company has given Executive written notice describing the circumstances giving rise to Cause in reasonable detail and, to the extent such circumstances are susceptible to remedy, Executive has failed to remedy such circumstances within fifteen (15) days of receiving such notice.
This agreement may be Terminated For No Cause by any of the parties with a prior notice of 6 months if terminated within a period of 24 months from the closing date or with a notice of 3 months if terminated after 24 months from the closing date.
In addition, all outstanding stock options granted to Employee under the Company's stock option plans will immediately vest upon a No Cause Termination or a Constructive Termination prior to the expiration of the term of this Agreement and will continue to be fully exercisable until the earlier of 90 days after the Termination Date or the original expiration date of said options.
In addition, in the event of Executive's death following a No Cause Termination or an Employee-Initiated Termination, any Base Salary payable to Executive under this Section 4.2 and not yet paid on the date of Executive's death shall be paid to Executive's designated beneficiary, if any, or if none, his surviving spouse or, if none, his estate (collectively, the "Beneficiary").
The failure of any successor to or assignee of the Employer's business and/or assets in such transaction to expressly assume all obligations of Employer hereunder shall be deemed a termination for No Cause, pursuant to Section 5.1.5.
No Cause shall be deemed to exist unless the Board has determined, by a resolution adopted with the affirmative votes of at least eight of its members, that Cause exists.
Employer's obligation to pay salary continuation benefits to Officer in the event of Officer's termination for Disability, Poor Performance or No Cause shall immediately cease in the event that Officer obtains employment for compensation (whether as an employee, independent contractor, consultant or otherwise) with any person or entity.
However, so long as you remain employed by us after a Change of Control, your options, SARs or Other Rights would not be accelerated, and if your employment was terminated by us under Section 10.1 (Employer’s For Cause Termination), other than by reason of death or disability, or by you under Section 10.4 (Employee’s No Cause Termination), your stock options, SARs or Other Rights would be exercisable only to the extent they were exercisable at the date of termination.
Employer may, in its sole and absolute discretion, terminate this Agreement and Officer's employment by giving Notice of Termination at any time for no reason, or for any reason whatsoever other than Death, Disability, Cause or Poor Performance ("No Cause").
In the event of a No Cause Termination, the restrictions set forth in Section 8 shall no longer apply to Employee, provided that Employee is in compliance with any and all material provisions that survive the termination of this Agreement.