Common use of Termination by the Officer Clause in Contracts

Termination by the Officer. The Officer may voluntarily terminate this Agreement by providing thirty days notice to the Company, in which event the Company shall have no further obligation to the Officer hereunder from the date of such termination and the Officer shall have no further obligation to the Company hereunder except the duty to not disclose Confidential Information in accordance with Section 1.5. In the event the Officer's employment with the Company and the Bank is terminated due to the Officer's death, the Company shall have no further obligation to the Officer, his heirs or legatees hereunder from the date of such termination, except to pay any benefits due under the Compensation and Benefit Plans. In the event the Officer's employment with the Company and the Bank is terminated due to the Officer's Permanent Disability, the Company shall have no further obligation to the Officer, hereunder from the date of such termination, except, to pay any benefits due under the Compensation and Benefit Plans.

Appears in 2 contracts

Samples: Management Continuity Agreement (Illini Corp), Management Continuity Agreement (Illini Corp)

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Termination by the Officer. The Officer officer may voluntarily terminate this Agreement by providing thirty days notice to the Company, in which event the Company shall have no further obligation to the Officer hereunder from the date of such termination and the Officer shall have no further obligation to the Company hereunder except the duty to not disclose Confidential Information in accordance with Section 1.5. In the event the Officer's employment with the Company and the Bank is terminated due to the Officer's death, the Company shall have no further obligation to the Officer, his heirs or legatees hereunder from the date of such termination, except to pay any benefits due under the Compensation and Benefit Plans. In the event the Officer's employment with the Company and the Bank is terminated due to the Officer's Permanent Disability, the Company shall have no further obligation to the Officer, hereunder from the date of such termination, except, to pay any benefits due under the Compensation and Benefit Plans.

Appears in 2 contracts

Samples: Management Continuity Agreement (Illini Corp), Management Continuity Agreement (Illini Corp)

Termination by the Officer. The Officer may voluntarily terminate this Agreement by providing thirty days two weeks notice to the Company, in which event the Company shall have no further obligation to the Officer hereunder from the date of such termination (except the payment of any accrued benefits), and the Officer shall have no further obligation to the Company hereunder except the duty to not disclose Confidential Information in accordance with Section 1.5. In the event the Officer's employment with the Company and the Bank is terminated due to the Officer's death, the Company shall have no further obligation to the Officer, his heirs or legatees hereunder from the date of such termination, except to pay any benefits due under the Compensation and Benefit Plans. In the event the Officer's employment with the Company and the Bank is terminated due to the Officer's Permanent Disability, the Company shall have no further obligation to the Officer, hereunder from the date of such termination, except, except to pay any benefits due under the Compensation and Benefit Plans.Benefit

Appears in 1 contract

Samples: Employment Agreement (Central Illinois Light Co)

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Termination by the Officer. The Officer may voluntarily terminate this Agreement by providing thirty days notice to the Company, in which event the Company shall have no further obligation to the Officer hereunder from the date of such termination and the Officer shall have no further obligation to the Company hereunder except the duty to not disclose Confidential Information in accordance with Section 1.5. In the event the Officer's employment with the Company and the Bank is terminated due to the Officer's death, the Company shall have no further obligation to the Officer, his heirs or legatees hereunder from the date of such termination, except to pay any benefits due under the Compensation and Benefit Plans. In the event the Officer's employment with the Company and the Bank is terminated due to the Officer's Permanent Disability, the Company shall have no further obligation to the Officer, hereunder from the date of such termination, except, to pay any benefits due under the Compensation and Benefit Plans.the

Appears in 1 contract

Samples: Management Continuity Agreement (Illini Corp)

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