The "Effective Date of Resignation" clause specifies the exact date on which an employee's resignation takes effect, marking the termination of employment. This date may be agreed upon by both the employer and employee, and is critical for determining final pay, benefits, and the transition period for duties.
6.04 Voluntary Resignation. In the event the Executive voluntarily resigns his employment, the Executive shall (a) provide at least one (1) month prior written notice , (b) be entitled only to Annual Base Salary and subject to the requirements of Section 3.04 vacation pay accrued and owing up to the effective date of resignation and (c) have ninety (90) days after the effective date of resignation to exercise any options he holds in the Employer and otherwise in accordance with the terms of any stock option agreement, grant letter or similar document evidencing such options, that vested but are unexercised on or before the effective date of resignation. Any unvested options of the Employer held by the Executive on the effective date of resignation shall immediately be cancelled on the effective date of resignation and shall not be exercisable by the Executive thereafter. The Executive shall not be entitled to any compensation or damages whatsoever arising out of the cancellation of any options.
ii. an acceleration of the vesting of all of the Executive's unvested restricted share units ("RSUs"), if any, to the date of the Executive's termination or effective date of resignation. (b) Subject to Section 4 below, any severance payment to which Executive becomes entitled under Section 1(a) will be paid in a lump sum on the first regularly scheduled payroll date occurring after the Executive's release (as described in Section 3 below) becomes effective (but in any event, no later than March 15 of the calendar year following the calendar year containing the Executive's date of termination or effective date of resignation); provided, however, that if the maximum period during which the Executive can consider and revoke the release begins in one calendar year and ends in the subsequent calendar year, payment will not be made prior to the first regularly scheduled payroll date occurring in the subsequent calendar year (but in any event, it will be made no later than March 15 of such calendar year).
1. Effective Date of Resignation. I, the undersigned, hereby resign from any and all of my positions with Bit Brother Limited (the “Company”), including but not limited to my position as an independent director of the Board of Directors (the “Board”). I agree to execute any and all documents as may be necessary to confirm my resignation from such positions. I understand and agree that, (i) as of the date hereof, I am no longer authorized to conduct any business on behalf of the Company or to hold myself out as an agent or representative of the Company and (ii) I will continue to comply with all applicable terms of my employment agreement with the Company.
2. Resignation of Mr. Kurosaki Effective April 15, 2024, Mr. Morio Kurosaki resigned as a director and all other positions of the Board. Mr. Kurosaki’s decision to resign is due to his other professional obligations and not due to any disagreement with the Company, the Board or any member of the Company’s management. Mr. Kurosaki served as the Chair of the Audit Committee and as a member of the Compensation Committee, and the Nominating & Corporate Governance Committee of the Board. On April 12, 2024, on the disinterested recommendation of the Compensation Committee, the Board unanimously approved and authorized the issuance of immediately vested equity compensation equal to 15,000 shares that are due and payable pursuant to his year-to-date services through the effective date of resignation.
3.2 Resignation by Executive. Notwithstanding any other provision of this Agreement, Executive may resign from his employment under this Agreement without Good Reason by delivery of written notice to the Company. Any such notice of resignation shall effect termination three (3) months after Executive gives written notice to the Company of Executive’s resignation; provided that the Company may set a termination date at any time between the date of notice and the stated effective date of resignation, in which case Executive’s resignation shall be effective as of, and the date of termination of employment shall be, the date determined by the Company; provided further that Executive shall continue to be paid Base Salary and benefits, less applicable withholdings, which amounts shall be paid in accordance with the Company’s regular payroll practices for the entire three-month period. The Company shall also have the right during the period between the date of the notice and the stated effective date of resignation, or any part of that period, to place Executive on leave, paying Base Salary and benefits to which Executive is entitled as set forth above, less applicable withholdings, which amounts shall be paid in accordance with the Company’s regular payroll practices. During this leave period, if directed by the BoD, Executive shall not visit the Company’s premises or conduct any business on behalf of Company or hold himself out a representative or agent of the Company. For avoidance of doubt, in the event that the Company so shortens the time period between the date Executive gives written notice of Executive’s resignation and the effective date of Executive’s resignation, this shall not be construed as a termination by the Company without Cause. All outstanding equity awards shall be handled in accordance with the applicable incentive plans and award agreements.
(iii) “Good Reason” means, with respect to Employee, any of the following: (A) the Company decreases Employee’s Base Salary, (B) the Company relocates Employee’s principal place of employment to a location that is greater than fifty (50) miles from its then-existing location, (C) the Company materially diminishes Employee’s authority, duties or responsibilities, or (D) the Company materially breaches this Agreement or the Grant Agreement. Prior to any resignation for Good Reason, Employee is required to give written notice to the Company of his intent to resign for Good Reason, describing the reason for the resignation in sufficient detail in order to allow the Company the opportunity to address the situation. Such notice must be provided within sixty (60) days of the event(s) constituting Good Reason and must be given at least sixty (60) days in advance of the effective date of resignation. The Company shall be entitled to sixty (60) days after the date of Employee’s written notice during which it can cure the situation. If the situation has not been cured within sixty (60) days after the date of Employee’s written notice, Employee may then resign for Good Reason, by written notice, effective immediately, which date shall be the effective date of resignation. For avoidance of doubt, Good Reason shall not exist if the situation is remedied within the cure period described in the preceding sentences, or if Employee resigns without following the above procedures.
10.1This Agreement and the Employee's employment may be terminated as follows: (a)By Employee on Voluntary Resignation: Upon receipt by the Company of the Employee's resignation, in writing, which shall be provided not less than six (6) months prior to the effective date of resignation. In these circumstances, during the 6-month notice period, the Employee shall receive as full and sole compensation: (i) Base Salary at the then current rate of pay; and (ii) reimbursements that are due and owing Employee or that were earned or accrued on or before the effective date of termination, (collectively the "Accrued Obligations") together with any rights under the Company's employee benefit plans, including equity or equity-based compensation plans, which shall be governed solely by the terms of the Equity Plans. Employee agrees to faithfully perform and discharge all of her duties and responsibilities under this Agreement throughout the notice period until the effective date of her employment termination. At any time after receiving notice of Employee's resignation, the Company shall have the sole option to relieve Employee of her duties and/or to restrict Employee from accessing Company facilities or systems, communicating with Company employees or third parties about work-related matters, attending work-related events, or otherwise conducting business on Company's behalf. In all cases, the Employee will continue to be an employee throughout the notice period until the effective date of termination and will receive from the Company all Accrued Obligations through the effective date of resignation.
(d) For purposes of this Agreement, “Good Reason” shall mean (i) a material, adverse reduction in Employee’s authority, duties, or responsibilities (other than temporarily while Employee is physically or mentally incapacitated or as required by applicable law); (ii) Employee’s involuntary permanent relocation to any place that is more than 50 miles from the Company’s Los Angeles, California location at the time of Closing; or (iii) the Company’s uncured breach of a material provision of this Agreement. Prior to resignation for Good Reason, Employee is required to give written notice to the Company of the intent to resign for Good Reason, describing the reason for the resignation in sufficient detail in order to allow the Company the opportunity to address the situation. Such notice must be provided within thirty (30) days of the event(s) constituting Good Reason and must be given at least thirty (30) days in advance of the effective date of resignation. The Company shall be entitled to ninety (90) days after the date of Employee’s written notice during which it can cure the situation. If the situation has not been cured within ninety (90) days after the date of Employee’s written notice, Employee may then resign for Good Reason, by written notice, effective immediately, which date shall be the Effective Date of resignation.
4.Retirement. Upon the Grantee’s voluntary resignation from employment with the Company and its Subsidiaries by reason of Retirement (defined for this purpose as having attained age 62 with at least 10 years of service with Company and its Subsidiaries), and provided that the Grantee has furnished written notice to the Company at least three months in advance of the planned effective date of resignation by reason of Retirement, the PSU Award will remain outstanding and otherwise subject to the terms and conditions of this Agreement, and will vest and be paid on a pro rata basis (to the extent that the performance goals applicable to the PSU Award are achieved), with such proration to be determined based upon the portion of the full performance period during which the Grantee was employed by the Company and its Subsidiaries. Any shares of Stock earned pursuant to this PSU Award shall be delivered to the Grantee at the time they are delivered to other grantees generally and otherwise in accordance with Paragraph 2.
(i) if the Executive resigns from employment, the effective date of resignation specified in the written notice of resignation from the Executive; and
(a) By Employee on Voluntary Resignation: Upon receipt by the Company of the Employee's resignation, in writing, which shall be provided not less than six (6) months prior to the effective date of resignation. In these circumstances, during the 6-month notice period, the Employee shall receive as full and sole compensation: (i) Base Salary at the then current rate of pay; and (ii) reimbursements that are due and owing Employee or that were earned or accrued on or before the effective date of termination, (collectively the “Accrued Obligations”) together with any rights under the Company’s employee benefit plans, including equity or equity-based compensation plans, which shall be governed solely by the terms of the Equity Plans. Employee agrees to faithfully perform and discharge all of his duties and responsibilities under this Agreement throughout the notice period until the effective date of his employment termination. At any time after receiving notice of Employee’s resignation, the Company shall have the sole option to relieve Employee of his duties and/or to restrict Employee from accessing Company facilities or systems, communicating with Company employees or third parties about work-related matters, attending work-related events, or otherwise conducting business on Company’s behalf. In all cases, the Employee will continue to be an employee throughout the notice period until the effective date of termination and will receive from the Company all Accrued Obligations through the effective date of resignation;
5.5. Voluntary Termination If the Executive wishes to resign the Executive’s employment voluntarily, the Executive shall provide one (1) month notice in writing to the Corporation. The Corporation may waive such notice in whole or in part and assign transitional duties or require the Executive to work at home or another location (acting reasonably) by paying the Executive’s regular wages to the effective date of resignation. The Executive agrees that the Corporation may deduct from any payments hereunder the Executive’s benefit plan contributions which were regularly made during the term of this Agreement and the Executive’s employment in accordance with the terms of all plans. The Executive also agrees that such wavier or reassignment of duties and/or location by the Corporation will not constitute a termination of the Executive’s employment by the Corporation.
1. Separation of Employment. You have notified us of your intent to resign, effective December 1, 2023. Upon your execution of this document,you shall be deemed to have resigned, with an effective date of resignation of December 1, 2023 (the “Separation Date”). You acknowledge that from and after the Separation Date, you have no authority to, and shall not, represent yourself as an employee or agent of the Company. Until the Separation Date, you agree, under the direction of Synlogic, to assist Synlogic in the transition of work in connection with any of the duties you have performed at the Company, or otherwise perform any specific project(s) assigned to you by the Company.
The effective date of resignation is the official date when an employee’s resignation becomes effective, marking their last working day with the organization. This date is typically specified in the resignation letter and accepted by the employer. It is a crucial element in the resignation process as it sets the timeline for the employee’s departure and allows the organization to make necessary arrangements for their replacement or transition of duties.
You should use the effective date of resignation in the following scenarios:
When writing the effective date of resignation, follow these steps:
Mention the date in your resignation letter: Clearly state the effective date within the first few sentences of the letter.
Example:
I am writing to formally resign from my position as [Your Position] with [Company Name], with my last working day being [Effective Date].
Specify the exact date: Provide a specific date rather than a vague timeline.
Ensure it aligns with your notice period: Confirm that the effective date complies with any contractual notice period requirements.
Example:
As per my employment contract, I am providing a [notice period, e.g., “two-week”] notice, making my effective date of resignation [Effective Date].
The effective date of resignation is typically found in:
Including the effective date in these contracts ensures clear communication and compliance with organizational policies or legal requirements.
Try our AI contract analysis and extract important clauses and information from existing contracts.
< <
Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
The "Effective Date" clause specifies the date when the terms of the contract officially commence and become binding for the parties involved. This date is crucial as it marks the start of the contractual obligations and rights, often impacting timelines for performance and enforcement.
The "Effective Tangible Net Worth" clause refers to a company’s total assets minus intangible assets and liabilities, serving as a financial metric to assess the company's tangible book value. This clause is often used in loan agreements or financial covenants to ensure that the company maintains a minimum level of real asset value, safeguarding creditors' interests.
The Elapsed Time Method clause specifies that the time period for contractual obligations or project completion is measured in calendar days from a mutually agreed-upon start date, regardless of any delays or non-working days. This approach ensures a clear timeline that both parties adhere to, promoting accountability and streamlining project management.
Fill out the form and we will get in touch with you to give you a personal, customized demo of fynk.
Greetings!
I'm Markus, co-founder of fynk. After you've submitted the form, I'll swiftly get in touch with you.
Also, right after you submit your details, you can pick a time that works best for you for our meeting.
