Common use of Obligations of Employer Upon Termination Clause in Contracts

Obligations of Employer Upon Termination. If this Agreement shall be terminated either by the Employer or by the Employee, or upon Employee’s death, the Employer shall pay to the Employee or his estate, as the case may be, in a lump sum in cash within 30 days after the Date of Termination, (i) the aggregate of the Employee's Base Salary owing as contemplated by Section 5.3 through the Date of Termination, if not theretofore paid, (ii) in the case of compensation previously deferred by the Employee, all amounts of such compensation previously deferred and not yet paid by the Employer, (iii) payments required by Sections 5.3(a), (b) or (c), and (iv) reimbursable expenses not yet paid. Executive Employment Agreement YouChange Holdings Corp. The lump sum payment required herein will only take place if the amount of such payment is less than 10% of the surplus cash of Employer. Otherwise, the amounts to be paid under this section will be paid as though the termination did not take place. All other obligations of the Employer and rights of the Employee hereunder shall terminate effective as of the Date of Termination.