Effects of Termination for Cause. In the event this Agreement is terminated for Cause, all obligations under this Agreement by the Company shall cease as of the effective receipt date of the Notice of Termination by Employee. The Company shall pay the Fixed Annual Compensation up to the date of termination, and have no further obligations to Employee under this Agreement. Additionally, in the event this Agreement is terminated for Cause, the Employee is prohibited from taking employment with a direct competitor of the Company for a period of one year. The Company may also pursue damages and injunctive relief from Employee as compensation for its damages. Employee, on the other hand, may initiate legal action against the Company in the event Employee finds the termination unjustified.
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Samples: Employment Agreement, Executive Employment Agreement (Gawk Inc.), Executive Employment Agreement (Xumanii, Inc.)
Effects of Termination for Cause. In the event this Agreement is terminated for Cause, all obligations under this Agreement by the Company shall cease as of the effective receipt date of the Notice of Termination by Employee. The Company shall pay the Fixed Annual Compensation up to the date of termination, and have no further obligations to Employee under this Agreement. Additionally, in the event this Agreement is terminated for Cause, the Employee is prohibited from taking employment with a direct or indirect competitor of the Company for a period of one yearthree year after the termination. The Company may also pursue damages and injunctive relief from Employee as compensation for its damages. Employee, on the other hand, may initiate legal action against the Company in the event Employee finds the termination unjustified.
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