Common use of Special Right of Termination Clause in Contracts

Special Right of Termination. Notwithstanding anything herein to the contrary, but subject to the provisions of Section 3(a), from the occurrence of the Change in Control event until the end of the one-year period following the consummation of the Change in Control (as defined below), the Executive may terminate his employment for any or no reason by delivering a Notice of Termination, to Main, specifying that the Notice is being given pursuant to this Section 5(c); and such termination will be deemed for all purposes to constitute a resignation for Good Reason. In such event, the Executive will be entitled to the payments and benefits described in Section 6.

Appears in 2 contracts

Sources: Employment Agreement (Main Street Bancorp Inc), Employment Agreement (Main Street Bancorp Inc)

Special Right of Termination. Notwithstanding anything herein to the contrary, but subject to the provisions of Section 3(a), from the occurrence of the Change in Control event until the end of the one-year period following the consummation of the Change in Control (as defined below), the Executive may terminate his employment for any or no reason by delivering a Notice of Termination, to Mainthe Corporation, specifying that the Notice is being given pursuant to this Section 5(c); and such termination will be deemed for all purposes to constitute a resignation for Good Reason. In such event, the Executive will be entitled to the payments and benefits described in Section 6.

Appears in 1 contract

Sources: Employment Agreement (First Priority Financial Corp.)

Special Right of Termination. Notwithstanding anything herein to ---------------------------- the contrary, but subject to the provisions of Section 3(a), from the occurrence of the Change in Control event until the end of the one-year period following the consummation of the Change in Control (as defined decked below), the Executive may terminate his employment for any or no reason by delivering a Notice of Termination, to Main, specifying that the Notice is being given pursuant to this Section 5(c); and such termination will be deemed for all purposes to constitute a resignation for Good Reason. In such event, the Executive will be entitled to the payments and benefits described in Section 6.

Appears in 1 contract

Sources: Employment Agreement (Main Street Bancorp Inc)

Special Right of Termination. Notwithstanding anything herein to the contrary, but subject to the provisions of Section 3(a), from within the occurrence later of the Change in Control event until the end of (i) the one-year period following the consummation occurrence of the a Change in Control (as defined below), or (ii) the period ending January 3, 2000, if a Change in Control occurs before such date, the Executive may terminate his employment for any or no reason by delivering a written notice, similar to a Notice of Termination, to Main, specifying that the Notice is being given pursuant to this Section 5(c); and such termination will be deemed for all purposes to constitute a resignation for Good Reason. In such event, the Executive he will be entitled to the payments and benefits described in Section 6.

Appears in 1 contract

Sources: Employment Agreement (Main Street Bancorp Inc)