Termination Notice definition
Examples of Termination Notice in a sentence
In the event of termination by the Company without Cause, Executive shall be entitled only to the Accrued Obligations through the Termination Notice Period and the pro-rata Annual Incentive Option vesting set for the below, and all unvested equity or long-term incentive awards shall be forfeited without consideration, subject to any more favorable treatment provided in the governing plan or award agreement.
The Company may, in its sole discretion, reduce all or any portion of the Termination Notice Period, relieve Executive of some or all of Executive’s duties and place Executive on a paid “garden leave,” during which Executive shall, subject to Executive’s timely execution and non-revocation of a Release, remain an employee of the Company, continue to receive Base Salary and benefits, and remain bound by all obligations under this Agreement until the end of the Termination Notice Period.
If SpinCo does not withdraw its Termination Notice within such period, such Termination Notice will be final and irrevocable (including as to any Interdependency Termination or Other Service Implications), and SpinCo shall reimburse Service Provider for all Early Termination Costs incurred by Service Provider as a result of such early termination.
Within a reasonable period of time following receipt of any Termination Notice (but in no event more than fifteen (15) Business Days following any receipt thereof), Service Provider shall provide SpinCo with written notice (a “Service Provider Notice”) of (i) any Early Termination Costs and (ii) whether termination of such Service will (A) require an Interdependency Termination or (B) otherwise affect the performance of any other Services (“Other Service Implications”).
SpinCo may withdraw its Termination Notice by delivering a withdrawal notice within ten (10) Business Days following the receipt of such Service Provider Notice.