Example ContractsClausesDeemed Resignation
Deemed Resignation
Deemed Resignation contract clause examples

Resignation of Offices Upon Termination. Upon termination of Executive’s employment for any reason, Executive agrees that Executive will be deemed to resign from all offices and positions Executive holds with the Group (including, without limitation, on the board of directors or board of manager of any member of the Group); and further agrees that Executive shall execute such documents as shall be reasonably necessary to give effect to such resignations.

Termination on Account of Resignation. Employee may, at any time, terminate Employee’s employment by voluntary resignation by giving the Company at least thirty (30) days prior written notice of the effective date of such termination. In the event of Employee’s termination of employment due to voluntary resignation not covered by Section 5.1(d), neither the COBRA Cash Stipend nor the Severance Pay shall be provided under this Agreement and all rights, duties, and obligations of the Parties under this Agreement, other than those obligations expressed in Article IV and Article VI, and Employee’s right to receive Earned Pay, vested benefits under any Employee Benefit Plans and vested RSUs and options, shall cease as of the employment termination date. The Earned Pay shall be paid in accordance with the Company’s applicable policies and applicable law. Any vested benefits to which Employee is entitled under the Employee Benefit Plans and vested RSUs and options shall be paid in accordance with the terms of the governing plan documents and agreements.

Cosmos shall have received a written resignation from each of the directors and officers of [[Organization B:Organization]] effective as of the Closing.

Effect of Resignation or Removal. With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) # the retiring or removed shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the on behalf of the Lenders or the L/C Issuers under any of the Loan Documents, the retiring or removed shall continue to hold such collateral security until such time as a successor is appointed) and # except for any indemnity payments or other amounts then owed to the retiring or removed , all payments, communications and determinations provided to be made by, to or through the shall instead be made by or to each and each L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor as provided for above. Upon the acceptance of a successor’s appointment as hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) (other than as provided in [Section 3.01(g)] and other than any rights to indemnity payments or other amounts owed to the retiring or removed as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this [Section 9.06]). The fees payable by the to a successor shall be the

Voluntary Resignation; Termination for Cause. If the Employee’s employment with the Company terminates other than as a result of an Involuntary Termination or Resignation For Good Reason, then the Employee will not be entitled to receive severance change in control benefits as defined in this Section 2 or other severance or benefits except for those (if any) as may then be established under the Company’s then existing severance and benefits plans and practices or pursuant to other written agreements with the Company.

becoming eligible for other employer-sponsored group health plan coverage, and # the expiration of Executive’s rights under COBRA (the “COBRA Period”). Executive agrees to immediately notify the Company when, at any time during the COBRA Period, Executive becomes eligible for other employer-sponsored medical, dental and/or vision coverage in connection with new employment or self-employment. In the event that the benefits provided herein would subject the Company or any of its affiliates to any tax or penalty under the Patient Protection and Affordable Care Act or Section 105(h) of the Code, Executive and the Company agree to work together in good faith to restructure the foregoing benefit. In the event of death or Disability of the Executive during the COBRA Period, the Company shall pay or reimburse Executive’s spouse for COBRA premiums until the COBRA Period would have otherwise expired absent Executive’s death or Disability.

In addition to the rights of any Domestic Swing Line Lender pursuant to [Section 11.06(f)], subject to the appointment and acceptance of a successor Domestic Swing Line Lender, any Domestic Swing Line Lender may resign as a Domestic Swing Line Lender at any time upon forty-five (45) days’ prior written notice to the Administrative Agent and [[Released U.K. Borrowers:Organization]], in which case, such Domestic Swing Line Lender shall be replaced in accordance with [Section 2.04(g)(i)].

Resignation from Offices and Directorships. Effective as of February 28, 2017 (the "Termination Date"), Executive resigns from his position as Senior Executive Vice President and Chief Revenue Officer of the Companies, as well as from all director, officer or other positions he holds on behalf of the Companies (which for the avoidance of doubt, and in conformity with the definition of "Companies," shall include Holdings, and all of their subsidiaries and divisions). Executive agrees to sign all appropriate documentation, if any, prepared by the Companies to facilitate these resignations; provided that Executive understands that such resignations are self-effectuating and are effective on the Termination Date.

Restrictive Covenants. Executive agrees that, following the Resignation Effective Date, he will continue to be subject to, and shall comply with, all of the terms set forth in Section 7 of the Employment Agreement, and the terms thereof shall be deemed to be incorporated herein by this reference as though fully set forth herein.

Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

Next results

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.