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Deemed Resignation
Deemed Resignation contract clause examples
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Resignation; Last Day of Employment. Executive's last day of employment with the Company will be May 5, 2017 (“Separation Date”). Executive hereby resigns effective as of the Separation Date from any office held by the Executive with the Company or its subsidiaries. The Executive shall remain an employee of the Company from the Effective Date through and including the Separation Date. Executive acknowledges that the Company has paid or will pay Executive all accrued wages through that date, including any accrued unused vacation, and has refunded or will refund any accumulated contributions to the Company’s Employee Stock Purchase Plan for the current offering period, where applicable and appropriate as of the Separation Date, whether or not Executive signs this Agreement. Executive acknowledges and agrees that his accrued but unused vacation as of March 1, 2017 is $14,980. Except as set forth herein, Executive’s participation in the Company’s 401(k) plan and other employee benefits programs will cease as of the Separation Date. The Executive agrees that he is not entitled to any other salary, bonus, equity or other compensation from the Company except as expressly set forth herein.

Voluntary Resignation; Termination For Cause. If Executive's employment with the Company terminates # voluntarily by Executive (other than for Good Reason during the period following a Change in Control) or # by the Company for Cause, then Company shall have no duty to make any payments or provide any benefits to Executive pursuant to this Agreement other than the amount of Executive's Base Salary and Over-Time Allowance, if any, accrued through the Termination Date. The use of the term "Cause"in [Section 3.01.b.i] in no way limits the right of the Company to terminate Executive's employment pursuant to the provisions of this Article III. The Company must notify the Executive, in writing, that the Executive is being terminated for Cause, and such notice shall identify in reasonable detail the facts and events that the Company believes constitute Cause.

Resignation of the Issuing Bank. The Issuing Bank may resign as the Issuing Bank upon thirty days prior written notice to the Administrative Agent, Revolving [[Organization B:Organization]] and the Borrower. Upon any such notice of resignation, the Required Revolving [[Organization B:Organization]] shall have the right, upon five Business Days’ notice to the Borrower, to appoint a successor Issuing Bank with the written consent of the Borrower; provided, # no such consent of the Borrower shall be required while an Event of Default exists and # such consent shall not be unreasonably withheld, delayed or conditioned, and shall be deemed to have been given unless the Borrower shall have objected to such appointment by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; provided, failing such appointment, the retiring Issuing Bank may appoint, on behalf of the Revolving [[Organization B:Organization]], a successor Issuing Bank from among the Revolving [[Organization B:Organization]] or any other financial institution; provided, in no event shall any such successor Issuing Bank be a Defaulting Lender or a Disqualified Institution. At the time any such resignation shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced the Issuing Bank. From and after the effective date of any such resignation, # any successor to the Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and # references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous the Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the resignation of the Issuing Bank hereunder, the resigning Issuing Bank shall remain a party hereto to the extent that Letters of Credit issued by it remain outstanding and shall continue to have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit.

Sole Agreement Regarding Resignation Benefits. Executive understands and agrees that he has no entitlement to payments or benefits as result of his resignation under the Executive Severance and Non-Compete Agreement. Upon execution of this Agreement, the Executive Severance and Non-Compete Agreement shall be of no further force and effect.

Resignation of Offices Upon Termination. Upon termination of Executive’s employment for any reason, Executive agrees that he shall resign from all offices and positions he holds with the Company or any of its affiliates; and further agrees that he shall execute such documents as shall be reasonably necessary to give effect to such resignations.

The Facility Agent may resign and appoint one of its Affiliates acting through an office in the United Kingdom as successor by giving notice to the Lenders and the Borrower.

Effect of Resignation or Removal. With effect from the Resignation Effective Date # the retiring [[Administrative Agent:Organization]] 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 [[Administrative Agent:Organization]] on behalf of the or the L/C Issuer under any of the Loan Documents, the retiring [[Administrative Agent:Organization]] shall continue to hold such collateral security until such time as a successor [[Administrative Agent:Organization]] is appointed) and # except for any indemnity payments or other amounts then owed to the retiring [[Administrative Agent:Organization]], all payments, communications and determinations provided to be made by, to or through the [[Administrative Agent:Organization]] shall instead be made by or to each [[Organization A:Organization]] and the L/C Issuer directly, until such time, if any, as the Required appoint a successor [[Administrative Agent:Organization]] as provided for above. Upon the acceptance of a successor’s appointment as [[Administrative Agent:Organization]] hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring [[Administrative Agent:Organization]] (other than as provided in [Section 3.01(g)] and other than any rights to indemnity payments or other amounts owed to the retiring [[Administrative Agent:Organization]] as of the Resignation Effective Date), and the retiring [[Administrative Agent:Organization]] 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). The fees payable by the to a successor [[Administrative Agent:Organization]] shall be the same as those payable to its predecessor unless otherwise agreed between the and such successor. After the retiring [[Administrative Agent:Organization]]’s resignation hereunder and under the other Loan Documents, the provisions of this Article and [Section 11.04] shall continue in effect for the benefit of such retiring [[Administrative Agent:Organization]], its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring [[Administrative Agent:Organization]] was acting as [[Administrative Agent:Organization]].

We refer to the Facilities Agreement. This is a Resignation Letter. Terms defined in the Facilities Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter.

"Resignation Letter" means a letter substantially in the form set out in [Schedule 6] (Form of Resignation Letter).

Service on the Board of Directors. On the earlier to occur of the date of Early Termination or the Termination Date, Abrams shall tender his resignation as a member of the Company’s Board of Directors, effective as of such date. Such resignation shall be in the form attached hereto as [Exhibit A] (“Resignation”), which Resignation shall be executed and held by counsel for the Company and delivered to the Company effective on the date of Early Termination or the Termination Date, as the case may be (the “Effective Date”).

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