Termination by Employee after Material Change Sample Clauses

Termination by Employee after Material Change. Subject to the provisions of Articles Three and Four above, Employee shall have the right to terminate his employment at any time within a period of 180 days after any “material change”. Such termination shall be effective upon giving of notice by Employee to employer. For purposes hereof, “material change” means (i) any sale or other transfer of all or substantially all of the Employer’s assets, (ii) any merger, consolidation, share exchange, tender offer, or other similar transaction involving the Employer, unless the surviving entity is under control by the same person(s) or entity(ies) as the Employer was prior to the transaction, (iii) any change in control of the Employer as a result of a proxy contest or otherwise, or (iv) any plan is approved to liquidate or dissolve the Employer. If Employee terminates his employment pursuant to this section, Employer shall continue to pay to Employee for a period of one (1) year, an amount equal to one hundred percent (100%) of his then current Base Salary in installments on the same dates as the Employer makes payroll payments under its customary practice. Employee shall only be entitled to receive the Bonus pursuant to the Annual Incentive Plan for the year in which such termination occurs prorated and accrued to the date of termination. In such case Employee shall not be entitled to receive, unless otherwise required by law, any subsequent Other Benefits.
Sample 1
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Termination by Employee after Material Change. Employee shall have the right to terminate his employment at any time within a period of 180 days after any "material change". For purposes hereof, "material change" means (i) any sale or other transfer of all or substantially all of the Employer's assets, (ii) any merger, consolidation, share exchange, tender offer, or other similar transaction involving the Employer, unless the surviving entity is under control by the same person(s) or entity(ies) as the Employer was prior to the transaction, (iii) any change in control of the Employer as a result of a tender offer, proxy contest or otherwise, or (iv) any plan is approved to liquidate or dissolve the Employer.
Sample 1
Termination by Employee after Material Change. Subject to the provisions of Articles Three and Four above, Employee shall have the right to terminate his employment at any time within a period of 180 days after any "material change". Such termination shall be effective upon giving of notice by Employee to employer. For purposes hereof, "material change" means (i) any sale or other transfer of all or substantially all of the Employer's assets, (ii) any merger, consolidation, share exchange, tender offer, or other similar transaction involving the Employer, unless the surviving entity is under control by the same person(s) or entity(ies) as the Employer was prior to the transaction,
Sample 1
Termination by Employee after Material Change. Employee shall have the right to terminate his employment at any time within a period of 180 days after any "material change". For purposes hereof, "material change" means (i) any sale or other transfer of all or substantially all of the Employer's assets, (ii) any merger, consolidation, share exchange, tender offer, or other similar transaction involving the Employer, unless the surviving entity is under control by the same person(s) or entity(ies) as the Employer was prior to the transaction, (iii) any change in control of the Employer as a result of a tender offer, proxy contest or otherwise, or (iv) any plan is approved to liquidate or dissolve the Employer. If Employee's employment is terminated by the Employee pursuant to this Section 5.06, the Employer shall continue to pay to Employee for a period of one (1) year, an aggregate amount equal to (a) one hundred percent (100%) of his then current Base Salary, plus (b) one hundred percent (100%) of the Bonus earned and paid during the 12 months prior to the date of termination; provided, however, that if within the 2-year period prior to the date of termination the Employer has modified the Annual Incentive Plan so as to reduce the potential amount of Bonus that Employee could earn, then the amount under this (b) shall be one hundred percent (100%) of the average-12 month Bonus earned and paid during the 24 months prior to the date of termination (for example, if Employee had received a Bonus of $92,000 during the 1st through 12th month of such 24-month period and a Bonus of $0 during the 13th through 24th month of such 24-month period, then Employee would receive $46,000 under this (b), in installments on the same dates as the Employer makes payroll payments under its customary practice, In addition, for a period of one year following the termination of his employment, Employee shall continue to receive the same Other Benefits (provided the Other Benefits plans so permit, or, if the Other Benefits plans do not so permit, a substantially equivalent benefit shall be provided to Employee.
Sample 1

Related to Termination by Employee after Material Change

  • Termination by Employer (i) Employer may terminate this Agreement upon written notice for Cause. For purposes hereof, "

  • Termination by Employee (a) Employee may terminate his employment under this Agreement at any time upon thirty (30) days notice to the Company. Employee, at the request of the Company and for a period not to exceed such thirty (30) days as requested by the Company, shall continue to render his services in accordance with this Agreement and shall be paid his regular salary plus performance bonuses and receive his normal benefits up to the Termination Date.

  • Voluntary Termination by Employee Subject to Section 12 hereof, the Employee may voluntarily terminate employment with the Bank during the term of this Agreement, upon at least 90 days' prior written notice to the Board of Directors, in which case the Employee shall receive only his compensation, vested rights and employee benefits up to the date of his termination (unless such termination occurs pursuant to Section 10(d) hereof or within the Protected Period, in Section 12(a) hereof, in which event the benefits and compensation provided for in Sections 10(d) or 12, as applicable, shall apply).

  • Termination by Employee with Good Reason Employee may terminate his employment with Good Reason by providing the Company thirty (30) days’ written notice setting forth with reasonable specificity the event that constitutes Good Reason, which written notice, to be effective, must be provided to the Company within sixty (60) days of the occurrence of such event. During such thirty (30) day notice period, the Company shall have a cure right (if curable), and if not cured within such period, Employee’s termination will be effective upon the date immediately following the expiration of the thirty (30) day notice period, and Employee shall be entitled to the same payments and benefits as provided in Section 8(d) above for a termination without Cause, it being agreed that Employee’s right to any such payments and benefits shall be subject to the same terms and conditions as described in Section 8(d) above. Following such termination of Employee’s employment by Employee with Good Reason, except as set forth in this Section 8(e), Employee shall have no further rights to any compensation or any other benefits under this Agreement.

  • Termination by Employee without Good Reason Employee may terminate Employee’s employment under this Agreement at any time without Good Reason, upon thirty (30) days’ prior written notice to Employer. In the event of a termination described in this Section 4(d), Employer shall pay to Employee all of Employee’s Accrued Obligations.

  • Termination by Employer for Cause Employer may terminate Employee’s employment hereunder for “Cause” upon notice to Employee. “Cause” for this purpose shall mean any of the following:

  • Termination by Executive with Good Reason Executive may terminate Executive’s employment with Good Reason by providing the Company fifteen (15) days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason, which written notice, to be effective, must be provided to the Company within sixty (60) days of the occurrence of such event. During such fifteen (15) day notice period, the Company shall have a cure right (if curable), and if not cured within such period, Executive’s termination will be effective upon the date immediately following the expiration of the fifteen (15) day notice period, and Executive shall be entitled to the same payments and benefits as provided in Section 8(d) above for a termination without Cause, it being agreed that Executive’s right to any such payments and benefits shall be subject to the same terms and conditions as described in Section 8(d) above. Following termination of Executive’s employment by Executive with Good Reason, except as set forth in this Section 8(e), Executive shall have no further rights to any compensation or any other benefits under this Agreement.

  • Voluntary Termination by Executive The Executive may voluntarily terminate his employment for any reason and such termination shall take effect 30 days after the receipt by Company of the Notice of Termination. Upon the effective date of such termination, Executive shall be entitled to (a) accrued and unpaid Salary and vacation through such termination date; and (b) all other compensation and benefits that were vested through such termination date. In the event Executive is terminated without notice, it shall be deemed a termination by the Company for Cause.

  • Notice of Termination by Employer 4.3.1(a) In order to terminate the employment of an employee the employer must give to the employee the following notice: Period of Service Period of Notice 1 year or less l week 1 year and up to the completion of 3 years 2 weeks 3 years and up to the completion of 5 years 3 weeks 5 years and over 4 weeks

  • Voluntary Termination by the Executive Without Good Reason If the Executive terminates employment without Good Reason, the Executive shall receive the Base Salary and expense reimbursement to which the Executive is entitled through the date on which termination becomes effective.

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