Common use of Resignation Date Clause in Contracts

Resignation Date. Employee and the Company acknowledge and agree that the Recitals set forth in Paragraph 1 are accurate. Employee and the Company agree that Employee will continue to perform his current CFO duties and responsibilities on a full time basis through April 30, 2012 pursuant to the terms of the Employment Agreement. Employee’s last day of employment (April 30, 2012) is referred to herein as the “Termination Date.” As of the Termination Date, Employee will resign and be relieved of the duties and responsibilities of his position, and will have no authority to and may not represent himself as an employee or agent of the Company for any purpose. Notwithstanding the foregoing, (a) Employee will immediately relinquish his title and responsibilities as Chief Financial Officer, but not his title as Executive Vice President, at such time as the Company appoints a new Chief Financial Officer or another person is designated by the Company to act as the Company’s Principal Financial Officer, but will continue to provide full time transition services as requested by the Company through April 30, 2012, and (b) the Company may elect to instruct Employee to cease performing services on behalf of the Company before April 30, 2012, in which case the Company will continue to pay Employee Base Salary (as defined in the Employment Agreement) and provide benefits pursuant to Section 5D of the Employment Agreement through April 30, 2012.