Executive Employment Agreement Termination For Cause
As a general rule, no severance pay should be paid to the manager if the employment contract is not renewed for one reason among others: the duration of the employment expires (although this is not always the case for longer-term managers); the executive resigns, dies or leaves as a result of a disability; or the executive is terminated “for an important reason.” (iii) the loss of any of the securities or positions of the Executive, as described in this Agreement; Provided, however, that the election of a vice-president or honorary president is not considered a loss of title or position; Faced with these unpleasant options, some boards of directors may decide to keep an executive until the end of the contract term, although this can be damaging to the association, as the organization cannot afford to pay both the severance pay and the successor`s salary. Other boards negotiate compromise compensation to avoid litigation or public litigation. Let`s look at (a). . .