Election By Executive. Executive’s employment may be terminated at any time by Executive upon not less than 30 days written notice by Executive to the Board.
Election By Executive. Executive's employment may be terminated at any time by Executive upon not less than ninety (90) days written notice by Executive to the Board of Directors. Upon such termination, the obligations of the Executive and Company under this Agreement shall immediately cease. In the event of termination pursuant to this paragraph, Executive shall be entitled to receive any accrued and unpaid base salary and any and all accrued, earned but unpaid bonuses or benefits described in Section 4 to which Executive is entitled on the date of such termination. All other rights Executive has under any benefit or stock option plans and programs shall be determined in accordance with the terms of such plans and programs.
Election By Executive. Executive's employment may be terminated at any time by Executive upon not less than thirty (30) days written notice by Executive to the Board. Except as otherwise set forth in this sub-paragraph (c), upon such termination the obligations of Executive and Company under this Agreement shall immediately cease. In the event of a termination pursuant to this paragraph, Company shall pay to Executive (i) Executive's accrued but unpaid Annual Salary and vacation pay through the effective date of the termination; (ii) Executive's accrued but unpaid Annual Bonus, if any; and (iii) business expenses incurred prior to the effective date of termination. Executive shall not be entitled to continue to participate in any employee benefit plans except to the extent provided in such plans for terminated participants, or as may be required by applicable law.
Election By Executive. Executive's employment may be terminated at any time by Executive upon not less than ninety (90) days written notice by Executive to the Board. With the exception of the covenants included in paragraph 3 above and as otherwise set forth is this subparagraph (c), upon such termination the obligations of Executive and Company under this Agreement shall immediately cease. In the event of a termination pursuant to this paragraph, Company shall pay to Executive (i) Executive's accrued but unpaid Annual Salary and vacation pay through the effective date of the termination; (ii) Executive's accrued but unpaid Annual Bonus, if any; and (iii) business expenses incurred prior to the effective date of termination. Executive shall not be entitled to continue to participate in any employee benefit plans except to the extent provided in such plans for terminated participants, or as may be required by applicable law.
Election By Executive. Executive may elect to purchase (at the same price and on the same terms and conditions (with the same rights, duties, obligations and privileges) as set forth in the Issuance Notice) up to the Pro Rata Portion (as defined below) of the total number of shares of capital stock (or other such securities) to be issued in the Subsequent Issuance (the "Issued Shares"). "Pro Rata Portion" means a percentage of the Issued Shares equal to the quotient obtained by dividing (i) the number of shares of outstanding Common Stock (including the number of shares of Common Stock issuable upon exercise of any vested, outstanding options for Common Stock that have been granted to Executive) that are held by Executive by (ii) the total number of shares of Common Stock then outstanding (including the number of shares of Common Stock issuable upon exercise of any vested, outstanding options for Common Stock granted to Executive, Ray Gross and Steven Ruzicka). If Executive exercises the preemptive xxxxx xxreundxx xxx xxx Xxxsequent Issuance includes more than one class of stock or securities, Executive shall be required to purchase the same strip of securities (i.e., classes of securities in the same proportion) as are being offered by the Employer.
Election By Executive. Executive may elect to purchase (at the same price and on the same terms and conditions (with the same rights, duties, obligations and privileges) as set forth in the Issuance Notice) up to the Pro Rata Portion (as defined below) of the total number of shares of capital stock (or other such securities) to be issued in the Subsequent Issuance (the "Issued Shares"). "Pro Rata Portion" means a percentage of the Issued Shares equal to the quotient obtained by dividing (i) the number of shares of outstanding Common Stock (including the number of shares of Common Stock issuable upon exercise of any vested, outstanding options for Common Stock that have been granted to Executive) that are held by Executive by (ii) the total number of shares of Common Stock then outstanding (including the number of shares of Common Stock issuable upon exercise of any vested, outstanding options for Common Stock granted to Executive, Paul Lucking and Steven Ruzicka). If Executive exercises the preemptxxx xxxxx xxreundxx xxx xxx Xxxsequent Issuance includes more than one class of stock or securities, Executive shall be required to purchase the same strip of securities (i.e., classes of securities in the same proportion) as are being offered by the Employer.
Election By Executive. Executive's employment may be terminated at any time by Executive upon not less than ninety (90) days written notice by Executive to the Board. With the exception of the covenants included in paragraph 3 above and as otherwise set forth in this sub-paragraph (c), upon such termination the obligations of Executive and Company under this Agreement shall immediately cease. In the event of a termination pursuant to this paragraph, Company shall pay to Executive (i) Executive's accrued but unpaid Annual Salary and vacation pay through the effective date of the termination; (ii) Executive's accrued but unpaid Annual Bonus, if any; and (iii) business expenses incurred prior to the effective date of termination. Executive shall not be entitled to continue to participate in any employee benefit plans except to the extent provided in such plans for terminated participants, or as may be required by applicable law.
Election By Executive. In the event of a merger or consolidation of the Company with, or transfer of all or substantially all of its assets to, any corporation or other party other than one in which is an Affiliate (each, a "Triggering Event"), Executive, for Good Reason (as defined below), may at any time, but no later than six calendar months after the consummation of such merger or consolidation or transfer of assets, elect, pursuant to Section 4.1, to cancel and terminate this Agreement. Any stock purchase transaction or series of transactions in which the existing single largest holder of common stock, Mr. Xxxxxx X. Xxxxx, or his successors or assigns, or any group of persons which includes Mr. Xxxxxx X. Xxxxx, or his successors or assigns, is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of the single largest portion of the total common stock outstanding or any reorganization of then affiliated entities, with no change in shareholders of the ultimate parent company, shall not be deemed to be a Triggering Event. Such election shall specify the date upon which Executive elects that this Agreement shall terminate to come to an end, which date shall be no sooner than 60 days after the date of such notice. Thereafter, this Agreement shall terminate and come to an end on the date specified in the notice aforesaid, and such termination shall be deemed to be an event of termination under Section 4.1. For purposes hereof, "Good Reason" shall mean (A) a substantial adverse change in Executive's status or position(s) as an executive officer of the Company or its Affiliates as in effect immediately prior to the Triggering Event, including, without limitation, any adverse change in Executive's status or position(s) as a result of a material diminution in duties or responsibilities (other than, if applicable, any such change directly attributable to the fact that the Company is no longer publicly owned) or the assignment to Executive of any duties or responsibilities which, in Executive's reasonable judgment, are inconsistent with such status or position(s) or any removal of Executive from or any failure to reappoint or reelect Executive to such position(s) (except in connection with the termination of Executive's employment for cause (as referred to in Section 4.4) or incapability, as a result of Executive's death, or by Executive other than for Good Reason); or (B) a reduction by the Company or its Affiliates in Executive's Basi...
Election By Executive. Executive may elect to terminate his employment at any time upon not less than 60 days written notice by Executive to the Board. In the event of a termination pursuant to this Section, Executive shall be entitled to receive any accrued and unpaid amounts earned pursuant to sections 4 and 5. All other rights Executive has under any benefit, ownership interest or stock option plans and programs shall be determined in accordance with the terms and conditions of such plans and programs as defined by applicable corporate policies.
Election By Executive. Executive’s employment may be terminated at any time by Executive upon not less than 30 days written notice by Executive to the Board. If Executive’s employment is terminated pursuant to this Section 12(c), Company shall pay to Executive (i) Executive’s accrued but unpaid Annual Salary and the value of unused paid time off through the effective date of the termination; (ii) business expenses incurred but unpaid prior to the effective date of termination; and (iii) the Relocation Adjustment, accrued but unpaid prior to the effective date of termination. All payments made pursuant to this paragraph shall be made less legal deductions. Executive shall not be paid the Relocation Adjustment for the remainder of the Payment Period and shall not be entitled to continue to participate in any employee benefit plans except to the extent provided in such plans for terminated participants, or as may be required by applicable law. The disposition of Executive’s options granted pursuant to Section 6 hereof shall be governed by the applicable terms and conditions of the Plan, if the option has been granted pursuant to the Plan, and any award agreement executed in respect of such options.
