Common use of Inventory Liquidation Clause in Contracts

Inventory Liquidation. In the event the Executive leaves the Company (for any reason, with or without Cause or for Good Reason) prior to a Change of Control and within 36 months after the Commencement Date, then the Company will have the option to require the Executive to extend his employment at his then current annual base salary for a period of up to three months or until such time prior to three months that the Executive liquidates and sells the inventory purchased in connection with the Huttig-Grip product line expansion at or above landed cost (the “Final Separation Date”), and Company will defer payment of any severance or payout hereunder until the Final Separation Date.