voluntary resignation in lieu of termination

Resignation for Good Reason means Executives resignation from all employee positions Executive then holds with the Company within sixty (60) days following any of the following events taken without Executives consent, provided Executive has given the Company written notice of such event within thirty (30) days after the first occurrence of such event and the Company has not cured such event within thirty (30) days thereafter: Constructive Discharge means termination of the Executive's employment by the Executive due to a failure of the Company to fulfill its obligations under this Agreement in any material respect including any reduction of the Executive's Base Salary or other compensation other than reductions applicable to all employees of the Company or failure to appoint or reappoint the Executive to the position specified in Section II hereof, or other material change by the Company in the functions, duties or responsibilities of the position which would reduce the ranking or level, responsibility, importance or scope of the position. A Voluntary Termination shall not include the Executives resignation with Good Reason following a Change in Control (as defined below). Resignation means the employee has decided to sever the employment. Voluntary termination occurs when an individual decides to leave the organization where they are currently employed. One of those disqualifying factors is "voluntary termination," or quitting your job. Resignation Effective Date has the meaning specified in Section 9.06(a). "In Lieu Of" Removal in Federal Service - InformedFED Sample 1: "Voluntary resignation letter in lieu of termination letter" "Dear Linda, Two months ago, you attended a meeting in my office for your annual employee review. This chapter covers separations by other than retirement. But, in some cases an employer will provide some form of compensation to account for the job loss. The choice to leave the organization falls squarely on their shoulders, meaning that the organization played little to no role in the actual choice. The termination of Executives employment as a result of Executives death or disability will not be deemed to be an Involuntary Termination Without Cause. Consider using an online letter format to ensure you're using the correct formatting for a resignation letter. . The federal government sometimes offers premium reductions for those under COBRA during times of national economic difficulty. Resigned in lieu of termination Definition | Law Insider One of the clear forms of voluntary termination is when an employee resigns. Begin the salutation of the letter with the word "Dear" followed by the recipient's name and a comma. PDF Chapter 31 - Separations by Other than Retirement - U.S. Office of Without Cause Termination or Terminated Without Cause means termination of the Executives employment by the Company other than due to death, disability, or Termination for Cause. In the event that Executive resigns without Good Reason as defined above in Section 5(d), Executive will be entitled only to the Accrued Benefits through the termination date. An Advice Letter Supplement is not a new filing, and there is no protest period unless indicated. A resignation is lieu of elimination, or RILOE, is an option available to Officers who are pending involuntary separation from the Service. It is understood and agreed that the Companys election to accelerate Executives notice of resignation shall not be deemed a termination by the Company without Cause for purposes of Section 4.1 of this Agreement or otherwise or constitute Good Reason (as defined in Section 4.1) for purposes of Section 4.1 of this Agreement or otherwise. Resignation for Good Reason As used herein, Good Reason shall mean the occurrence of any of the following, without Executives express written consent: (i) a material reduction of Executives duties or responsibilities; (ii) a material reduction in the Executives Base Salary without the express written consent of the Executive, other than an across-the-board reduction in compensation levels that applies to all senior executives generally; (iii) the relocation of Executives principal work location to a facility or a location that is 50 miles from the current geographic location at which Executive provides services; or (iv) a material breach by the Company of Sections 3 , 4 , 5 , 6 or 7 of this Agreement; provided, that no resignation for Good Reason shall be effective unless and until (A) Executive has first provided the Company with written notice specifically identifying the acts or omissions constituting the grounds for Good Reason within thirty (30) days after Executive has or should reasonably be expected to have had knowledge of the occurrence thereof, (B) the Company has not cured such acts or omissions within thirty (30) days of its actual receipt of such notice, and (C) the effective date of Executives termination for Good Reason occurs no later than ninety (90) days after the initial existence of the facts or circumstances constituting Good Reason. A voluntary termination, on paper, is a termination that is initiated by the employee. Resignation in lieu of termination. Termination Without Cause; Resignation for Good Reason If during the term of this Agreement either (A) the Executives employment with the Company and/or any of its parent, subsidiaries or affiliates is terminated for any reason other than death, disability or for Cause, or (B) the Executive resigns for Good Reason from employment with the Company and/or any of its parent, subsidiaries or affiliates, the Executive shall be entitled: to receive then current Base Salary for a period of twelve (12) months from the termination or resignation date, payable at such times as such Base Salary would be payable as if no such termination or resignation had occurred; to continue participation in the plans and arrangements described in clauses (b) and (f) of Section 4 (to the extent permissible by law and the terms of such plans and arrangements) for a period of twelve (12) months after such termination or resignation (the Continuation Period) or, to the extent at any time following termination of this Agreement and during the Continuation Period that the plans and arrangements described in clauses (b) and (f) of Section 4 are discontinued or terminated and no comparable plans in which the Executive is permitted to continue participation are established in their place, then to receive a gross bonus payment in an amount which after payment therefrom of all applicable federal and state income and employment taxes, will equal the pre-tax cost to the Company at the time of the termination or discontinuation of any such plans, attributable to the Executives participation in the plans and arrangements described in clauses (b) and (f) of Section 4 for the Continuation Period (the Benefits Termination Payment), less any portion which the Company has already paid on behalf of the Executive during the Continuation Period. The termination of Executives employment as a result of Executives death or disability will not be deemed to be an Involuntary Termination Without Cause. The "Notice of Resignation" means a written notice of resignation addressed to the Board and sent to the Company in accordance with the provisions of Section 6.4 hereof. E-Doc Note: . Voluntary resignation in good standing. Voluntary Resign (Surrender) in Lieu of Discipline definition If you quit your job because of intolerable work conditions or treatment, in certain circumstances, your resignation may be considered a termination. Proof of Disability means documented clinical findings that prove that You are Disabled. Notwithstanding the foregoing, a resignation shall not constitute a Constructive Termination unless the condition giving rise to such resignation continues uncured by the Company more than thirty (30) days following Executives written notice of such condition provided to the Company within ninety (90) days of the first occurrence of such condition and such resignation is effective within thirty (30) days following the end of such notice period. The Executive shall be entitled to give a Notice of Termination that his or her employment is being terminated for Good Reason at any time during the Contract Period, not later than twelve months after any occurrence of an event stated to constitute Good Reason. Executive shall not have the right to receive compensation or other benefits for any period after a Termination for Cause. One of those options is to submit a RILOE. Depending on the circumstances of your separation, you may be able to collect unemployment benefits and severance pay. The subsequent disability or obtaining of a new position by the Executive does not mitigate or cease the obligations of the Company under this paragraph. In the event that Executive resigns without Good Reason as defined above in Section 5(d), Executive will be entitled only to the Accrued Benefits through the termination date. Voluntary termination can occur when an individual is fired from their position. While you can leave voluntarily via resignation, your employer can also decide to terminate your employment. Voluntary Resignation Definition: 442 Samples | Law Insider The Executive will provide the Company a written notice which describes the circumstances being relied on for the termination with respect to the Agreement within ninety (90) days after the event giving rise to the notice. Sample 1 Sample 2 Sample 3 See All ( 54) Voluntary Resignation. The first thing to do is determine whether a work separation is voluntary or involuntary. Voluntary Termination for Good Reason means the Employee voluntarily resigns after the occurrence of any of the following (i) without the Employees express written consent, a material reduction of the Employees duties, title, authority or responsibilities, relative to the Employees duties, title, authority or responsibilities as in effect immediately prior to such reduction, or the assignment to Employee of such reduced duties, title, authority or responsibilities; provided, however, that a reduction in duties, title, authority or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Senior Vice-President of a business unit of the Company remains as such following a Change of Control) shall not by itself constitute grounds for a Voluntary Termination for Good Reason; (ii) without the Employees express written consent, a material reduction, without good business reasons, of the facilities and perquisites (including office space and location) available to the Employee immediately prior to such reduction; (iii) a reduction by the Company in the base salary of the Employee as in effect immediately prior to such reduction; (iv) a material reduction by the Company in the aggregate level of employee benefits, including bonuses, to which the Employee was entitled immediately prior to such reduction with the result that the Employees aggregate benefits package is materially reduced (other than a reduction that generally applies to Company employees); (v) the relocation of the Employee to a facility or a location more than thirty-five (35) miles from the Employees then present location, without the Employees express written consent; (vi) the failure of the Company to obtain the assumption of this agreement by any successors contemplated in Section 7(a) below; or (vii) any act or set of facts or circumstances which would, under California case law or statute constitute a constructive termination of the Employee. Should an employee bump into a class in another bar- gaining unit, then the layoff procedures applicable to that bargaining unit shall be controlling. 1. Termination for Just Cause means termination because of Executives personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, material breach of the Banks Code of Ethics, material violation of the Xxxxxxxx-Xxxxx requirements for officers of public companies that in the reasonable opinion of the Chief Executive Officer of the Bank or the Board will likely cause substantial financial harm or substantial injury to the reputation of the Bank, willfully engaging in actions that in the reasonable opinion of the Chief Executive Officer of the Bank or the Board will likely cause substantial financial harm or substantial injury to the business reputation of the Bank, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than routine traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of the contract. Involuntary Termination Without Cause means Executives dismissal or discharge other than for Cause. Involuntary Termination means (i) without the Employee's express written consent, the significant reduction of the Employee's duties or responsibilities relative to the Employee's duties or responsibilities in effect immediately prior to such reduction; provided, however, that a reduction in duties or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Chief Financial Officer of Company remains as such following a Change of Control and is not made the Chief Financial Officer of the acquiring corporation) shall not constitute an "Involuntary Termination"; (ii) without the Employee's express written consent, a substantial reduction, without good business reasons, of the facilities and perquisites (including office space and location) available to the Employee immediately prior to such reduction; (iii) without the Employee's express written consent, a material reduction by the Company in the Base Compensation or Target Incentive of the Employee as in effect immediately prior to such reduction, or the ineligibility of the Employee to continue to participate in any long-term incentive plan of the Company; (iv) a material reduction by the Company in the kind or level of. Notice of Termination for Good Reason means a notice that shall indicate the specific termination provision or provisions relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for Termination for Good Reason. State law and the terms of the employment contract determine how much notice you have to give in a termination or resignation situation. Provide training to all relevant managers and HR personnel on the company's termination procedure. Mandatory Retirement means termination of employment pursuant to the Companys mandatory retirement policy. What to Do When You Are Fired or Forced to Resign - The Balance Failure to timely provide such written notice or to timely resign employment means that Executive will be deemed to have consented to and irrevocably waived the potential Good Reason event. Voluntary Resignation means any termination of employment that is not involuntary and that is not the result of the employee's death, disability, early retirement or retirement. If the return to work date is within the pay period, you may pay the employee on the next regular payday. Voluntary Termination: A Brief Guide for HR - Careerminds In order for a resignation to constitute a Voluntary Resignation for Good Reason, Executive must provide written notice to the Company of the existence of the Good Reason Condition within thirty (30) days of the initial existence of such Good Reason Condition. For example, if Executive gives notice of his Voluntary Resignation and, before the 90 day notice period has expired, he is subject to an Involuntary Termination, only the rights and benefits available to him for Voluntary Resignation apply since the provisions governing Voluntary Resignation have a higher priority than those applicable to Involuntary Termination. Is Resigning in Lieu of Firing the Same as Quitting Your Job? Voluntary Termination for Good Reason means the Employee voluntarily resigns after the occurrence of any of the following (i) without the Employees express written consent, a material reduction of the Employees duties, title, authority or responsibilities, relative to the Employees duties, title, authority or responsibilities as in effect immediately prior to such reduction, or the assignment to Employee of such reduced duties, title, authority or responsibilities; provided, however, that a reduction in duties, title, authority or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Senior Vice-President of a business unit of the Company remains as such following a Change of Control) shall not by itself constitute grounds for a Voluntary Termination for Good Reason; (ii) without the Employees express written consent, a material reduction, without good business reasons, of the facilities and perquisites (including office space and location) available to the Employee immediately prior to such reduction; (iii) a reduction by the Company in the base salary of the Employee as in effect immediately prior to such reduction; (iv) a material reduction by the Company in the aggregate level of employee benefits, including bonuses, to which the Employee was entitled immediately prior to such reduction with the result that the Employees aggregate benefits package is materially reduced (other than a reduction that generally applies to Company employees); (v) the relocation of the Employee to a facility or a location more than thirty-five (35) miles from the Employees then present location, without the Employees express written consent; (vi) the failure of the Company to obtain the assumption of this agreement by any successors contemplated in Section 7(a) below; or (vii) any act or set of facts or circumstances which would, under California case law or statute constitute a constructive termination of the Employee.
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