Discharge or Resignation Clause Samples

The Discharge or Resignation clause outlines the procedures and conditions under which an individual, typically an employee or officer, may be formally released from their duties or may voluntarily step down from their position. This clause usually specifies the required notice period, any obligations for written notification, and the handling of ongoing responsibilities or company property upon departure. Its core function is to provide a clear and orderly process for ending the working relationship, thereby minimizing confusion and potential disputes between the parties involved.
Discharge or Resignation. (a) Employee may be discharged prior to the expiration of the term of this Agreement (1) for "Just Cause"; or (2) upon 60 days written notice, even if "Just Cause" does not exist. (b) For a discharge which occurs prior to a "Change in Control," as defined herein, "Just Cause" shall mean that the Company, acting in good faith based upon the information then known to the Company, determines that Employee has: (1) committed a material breach of his duties and responsibilities to the Company (other than as a result
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Discharge or Resignation. When an employee is discharged or resigns, payment will be made at the next regular payday. If requested, he will be given a certificate stating term of service and in what capacity he was employed.
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Discharge or Resignation. If Employee ceases to be an employee of the Company, by reason of the fact that he is discharged for cause, as determined solely and exclusively by the Board, or by reason of his resignation or voluntary action, all rights of Employee to exercise the Options granted hereunder shall terminate, lapse, and be forfeited at the time of Employee’s termination of employment.
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Discharge or Resignation. A. The Employer's Board of Directors may terminate the Executive's employment at any time, but any termination by the Employer's Board of Directors other than termination for cause, shall not prejudice the Employee's right to compensation or other benefits under this Agreement. The Executive shall have no right to receive compensation or other benefits for any period after termination for cause. Termination for cause shall include termination because of the Executive's personal dishonesty, incompetence, willful misconduct breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of this Agreement. B. If the Executive is suspended and/or temporarily prohibited from participating in the conduct of Shore Bank's affairs by a notice served under Section 8(e)(3) or (g)(1) of (the) Federal Deposit Insurance Act (12 U.S.C. 1818(e)(3) and (g) (1) the Employer's obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Employer may in its discretion (i) pay Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. C. If the Executive is removed and/or permanently prohibited from participating in the conduct of Shore Bank's affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(4) or (g)(1), all obligations of the Employer under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. D. If Shore Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act), all obligations under the contract shall terminate as of the date of default, but this paragraph (b)(4) shall not affect any vested rights of the contracting parties. E. All obligations under this Agreement shall be terminated, except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Employer: (1) by the Director or his or her designee at the time the Federal Deposit Insurance Corporation enters into an agreement to provide assistance to or on behalf of ...
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Discharge or Resignation. When an employee is discharged or resigns, payment will be made at the next regular payday. If requested, they will be CAR DEPARTMENT COLLECTIVE AGREEMENT October 1, 2022 – SEPTEMBER 30, 2027 given a certificate stating term of service and in what capacity they were employed.
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Discharge or Resignation. (i) In the event that the Employee's employment with the Company is terminated for any reason other than due to death or Disability, then the Company shall pay the Employee (A) any unpaid Base Salary through the Date of Termination, (B) plus an amount equal to the pro rated annual incentive for the fiscal year in which the Date of Termination occurs equal to the minimum annual incentive (determined without regard to any performance goals) provided in Section 3(b)(ii) multiplied by a fraction, the numerator of which is the number of days from the beginning of fiscal year until the Date of Termination, and the denominator of which is 365, plus (C) any previously vested benefits, such as previously vested retirement benefits, plus (D) any deferred compensation (including, without limitation, interest or other credits on such deferred amounts), any accrued vacation pay and any reimbursement for expenses incurred but not yet paid prior to such Date of Termination. Furthermore, the Company shall honor any rights previously vested in the Employee under a stock option or other similar plan or program. (ii) Furthermore, and in addition to the foregoing, in the event that the Employee's employment with the Company is terminated for any reason other than due to death or Disability, then the Company shall also pay the Employee an amount equal to the sum of his Base Salary for the balance of the Employment Term, plus the target annual incentive bonus scheduled for each year following the Date of Termination for the balance of the Employment Term (determined without regard to any performance goals). (iii) For purposes of this Agreement, "Date of Termination" means (A) in the case of Disability, the last day of the six month period referred to in Section 4(a), and (B) in all other cases, the actual date on which the Executive's employment terminates during the Term of Employment.
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Discharge or Resignation. Escrow Agent at any time may: (i) be discharged by the giving to it of a written notice of termination signed by Seller and Purchaser or (ii) resign hereunder by giving written notice of its resignation to the other parties hereto, in either case such discharge or resignation notice to be given at least thirty (30) days prior to the date specified for such discharge or resignation to take effect, and upon the effective date thereof, the Holdback then held by Escrow Agent hereunder shall be delivered by it to such person as may be mutually agreed upon and designated in writing by the other parties executing this Escrow Agreement, whereupon all of the Escrow Agent's obligations hereunder shall cease and terminate. If no such person shall have been designated by such date, the withdrawing Escrow Agent may petition any court of competent jurisdiction located in the State of Indiana for the appointment of a successor Escrow Agent. Such court may thereupon, after such notice, if any, as it may deem proper, appoint a successor Escrow Agent. If no new Escrow Agent is so appointed within thirty (30) days following such petition, Escrow Agent may deposit the Holdback with any court in the State of Indiana it reasonably deems appropriate, whereupon Escrow Agent shall be relieved of all further obligations hereunder. Any successor Escrow Agent appointed as provided in this Section 12 shall execute and deliver to the parties hereto an instrument in writing accepting such appointment hereunder, and thereupon the withdrawal of the predecessor Escrow Agent shall become effective, and all obligations of the predecessor Escrow Agent hereunder shall cease and terminate. The sole responsibility thereafter of the predecessor Escrow Agent shall be to deliver the Holdback to such successor Escrow Agent. For all purposes of this Escrow Agreement, the term "Escrow Agent" shall, subject to the provisions of this Section 12, also include any successor as Escrow Agent hereunder.
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Discharge or Resignation. (a) If an Optionee ceases to be an employee of the Company, by reason of the fact that he is discharged for cause, as determined solely and exclusively by the committee appointed by the Board to administer this Option (the "Committee"), all rights of the Optionee to exercise the Options granted hereunder shall terminate, lapse and be forfeited at the time of Optionee's termination of employment. (b) If an Optionee ceases to an employee of the Company by reason of his resignation or voluntary action, all rights of Optionee to exercise the Options granted hereunder shall terminate, lapse and be forfeited on the date which is 90 days following such resignation or voluntary action. The Option shall remain in full force and effect in all other respects. This Amendment shall be effective immediately.
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Discharge or Resignation. (a) Consultant may be discharged prior to the expiration of the term of this Agreement only for Just Cause. For the purpose of any provision of this Agreement, the termination of Consultant's engagement shall be deemed to have been for "Just Cause" only: (i) if termination of his engagement shall have been the result of an act or acts of dishonesty on the part of Consultant constituting a felony and resulting or intended to result directly or indirectly in gain or personal enrichment at the expense of the Company, or (ii) if during the Consulting Term there has been a breach by Consultant of the provisions of Section 1 above, relating to the provision of executive consulting services to the Company, or of Section 4, relating to Confidential Information and non-competition, and such breach results in demonstrable material injury to the Company, and
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Related to Discharge or Resignation

  • DISCHARGE OR SUSPENSION The Employer shall not discharge nor suspend any employee with- out just cause, but in respect to discharge or suspension shall give at least one (1) warning notice of a complaint against such employ- ee to the employee, in writing, and a copy of the same to the Union, except that no warning notice need be given to an employee before he/she is discharged if the cause of such discharge is dishonesty, drinking alcoholic beverages or being under the influence of drugs or in illegal possession of drugs during the workday (including meal period) or drunkenness, recklessness resulting in serious acci- dent while on duty, or the carrying of unauthorized passengers while on the job or offenses of equal seriousness. Except for seri- ous accidents, a driver will not be removed from the payroll during an investigation of an accident. The driver can be assigned to non-driving work during this period. Before disciplinary action is taken, a meeting shall be held with the employee and the employee shall have the right to choose a ▇▇▇▇▇▇▇ who is readily available and on the premises. In the case of discharge for any offense other than the above mentioned, including suspension, the disciplinary action will be held in abeyance for two (2) weeks to give the Local Union the opportunity to intervene prior to the action being taken. The warning notice, suspension or discharge as herein provided shall not remain in effect for a period of more than nine (9) months from the date of said warning notice, suspension or discharge. Any disciplinary action will list the violation(s) and be by proper written notice to the employee and the Union affected. Disci- plinary letters must be issued by the Company within ten (10) working days after the incident. Any employee may request an in- vestigation as to his/her discharge or suspension. Should such in- vestigation prove that an injustice has been done an employee, he/ she shall be reinstated. The C.P.A.P.G.C. or the impartial arbitrator shall have the authority to order full, partial or no compensation for time lost. Appeal from discharge or suspension must be taken with- in ten (10) days by written notice and a decision reached within thirty (30) days from the date of suspension or discharge. An em- ployee shall be given a copy of any Company form or document signed by the employee if requested. The Company will not use absenteeism or accidents in conjunction with any other disciplinary action.

  • Discharge Without Cause The Bank may discharge the Officer without Cause at any time after the occurrence of a Change of Control or Pending Change of Control, and in such event: (a) The Bank shall pay and deliver to the Officer (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements. (b) In addition to the Standard Termination Entitlements: (i) During the Assurance Period, the Bank shall provide for the Officer and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Officer’s resignation. The coverage provided under this section 6(b)(i) may, at the election of the Bank, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this section 6(b)(i). (ii) The Bank shall make a lump sum payment to the Officer (or, in the event of his death before payment, to his estate), in an amount equal to the value of the salary, bonus, short-term and long-term cash compensation that the Officer received in the calendar year preceding that in which the termination of employment with the Bank occurs to compensate the Officer for the payments the Officer would have received during the Assurance Period. Such lump sum shall be paid in lieu of all other payments of salary, bonus, short-term and long-term cash compensation provided for under this Agreement in respect of the period following any such termination. Such payment shall be made (without discounting for early payment) within thirty (30) days following the Officer’s termination of employment. The payments and benefits described in section 6(b) are referred to in this Agreement as the “Additional Change of Control Entitlements”.

  • Discharge for Cause If the Participant, prior to the Final Exercise Date, is discharged by the Company for “cause” (as defined below), the right to exercise this option shall terminate immediately upon the effective date of such discharge. “Cause” shall mean willful misconduct by the Participant or willful failure by the Participant to perform his or her responsibilities to the Company (including, without limitation, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or other similar agreement between the Participant and the Company), as determined by the Company, which determination shall be conclusive. The Participant shall be considered to have been discharged for “Cause” if the Company determines, within 30 days after the Participant’s resignation, that discharge for cause was warranted.

  • No Discharge or Diminishment of Guaranty The obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Guaranteed Obligations), including any claim of waiver, release, surrender, alteration or compromise of any of the Guaranteed Obligations, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the Guaranteed Obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by the failure of the Security Agent, the Administrative Agent or any other Secured Party to assert any claim or demand or to enforce any remedy under this Guaranty, the Credit Agreement, any other Loan Document or any other agreement, by any waiver or modification of any provision of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations, or by any other act or omission that may or might in any manner or to any extent vary the risk of any Guarantor or that would otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of the Guaranteed Obligations).

  • No Discharge or Diminishment of Guarantee The obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Obligations), including any claim of waiver, release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by the failure of the Administrative Agent or any Lender to assert any claim or demand or to enforce any remedy under the Credit Agreement, any other Loan Document or any other agreement, by any waiver or modification of any provision of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or omission that may or might in any manner or to the extent vary the risk of any Guarantor or that would otherwise operate as a discharge of each Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of all the Obligations).