Common use of RESILIATION Clause in Contracts

RESILIATION. 9.1. Except for the obligations surviving the termination of this agreement, the parties acknowledge and expressly accept that the present employment agreement can be terminated : o At any time for cause by the Employer by given a written notice to the Employee, without any other notice, indemnity in lieu of notice or any other indemnity whatsoever, except if required by law; o At any time, by the Employee, by given a written notice of six (6) months to the other party. However, the Employer can at its sole discretion replace the said notice by a compensatory indemnity equal to six (6) months of salary. The six (6) month notice or the indemnity, as the case may be, will be in lieu of any notice to which the Employee is entitled to and, consequently, subject to the following the Employee renounces to exercise or institute any recourse against the Employer regarding the said notice or indemnity. o At any time without cause, by the Employer, by given a written notice of three (3) months to the other party. However, the Employer can at its sole discretion replace the said notice by a compensatory indemnity equal to three (3) months of salary. In addition of the compensatory indemnity, the Employer will pay to the Employee, as liquidated damages for termination without cause, an amount represented the annual salary of the Employee, including the Bonus, for the last completed calendar year, payable on an annual basis until the employee reach the age of 65 years old. The three (3) month notice and the additional indemnity, will be in lieu of any notice to which the Employee is entitled to and, consequently, the Employee renounces to exercise or institute any recourse against the Employer regarding the said notice or indemnity. 9.2. Upon termination of this agreement, the Employee will return to the Employer all documents, material, equipment, software material, programs or any other item used, obtained or produced during the execution of the present employment agreement. Such items must also be considered confidential by the parties.

RESILIATION. 9.1. Except for the obligations surviving the termination of this agreement, the parties acknowledge and expressly accept that the present employment agreement can be terminated : o At any time for cause by the Employer by given a written notice to the Employee, without any other notice, indemnity in lieu of notice or any other indemnity whatsoever, except if required by law; o At any time, by the Employee, by given a written notice of six (6) months to the other party. However, the Employer can at its sole discretion replace the said notice by a compensatory indemnity equal to six (6) months of salary. The six (6) month notice or the indemnity, as the case may be, will be in lieu of any notice to which the Employee is entitled to and, consequently, subject to the following the Employee renounces to exercise or institute any recourse against the Employer regarding the said notice or indemnity. o At any time without cause, by the Employer, by given a written notice of three (3) months to the other party. However, the Employer can at its sole discretion replace the said notice by a compensatory indemnity equal to three (3) months of salary. In addition of the compensatory indemnity, the Employer will shall pay to the Employee, as liquidated damages for termination without cause, an amount represented the annual salary of the Employee, including the Bonus, for the last completed calendar year, payable on an annual basis until the employee reach the age of 65 years olddetermined pursuant Schedule 9.1 attached hereto. The three (3) month notice and the additional indemnity, indemnity will be in lieu of any notice to which the Employee is entitled to and, consequently, the Employee renounces to exercise or institute any recourse against the Employer regarding the said notice or indemnity. 9.2. Upon termination of this agreement, the Employee will return to the Employer all documents, material, equipment, software material, programs or any other item used, obtained or produced during the execution of the present employment agreement. Such items must also be considered confidential by the parties.

RESILIATION. 9.1. Except for the obligations surviving the termination of this agreement, the parties acknowledge and expressly accept that the present employment agreement can be terminated : o At any time for cause by the Employer by given a written notice to the Employee, without any other notice, indemnity in lieu of notice or any other indemnity whatsoever, except if required by law; o At any time, by the Employee, by given a written notice of six (6) months to the other party. However, the Employer can at its sole discretion replace the said notice by a compensatory indemnity equal to six (6) months of salary. The six (6) month notice or the indemnity, as the case may be, will be in lieu of any notice to which the Employee is entitled to and, consequently, subject to the following the Employee renounces to exercise or institute any recourse against the Employer regarding the said notice or indemnity. indemnity o At any time without cause, by the Employer, by given a written notice of three (3) months to the other party. However, the Employer can at its sole discretion replace the said notice by a compensatory indemnity equal to three (3) months of salary. In addition of the compensatory indemnity, the Employer will shall pay to the Employee, as liquidated damages for termination without cause, an amount represented the annual salary of the Employee, including the Bonus, for the last completed calendar year, payable on an annual basis until the employee reach the age of 65 years olddetermined pursuant Schedule 9.1 attached hereto. The three (3) month notice and the additional indemnity, indemnity will be in lieu of any notice to which the Employee is entitled to and, consequently, the Employee renounces to exercise or institute any recourse against the Employer regarding the said notice or indemnity. 9.2. Upon termination of this agreement, the Employee will return to the Employer all documents, material, equipment, software material, programs or any other item used, obtained or produced during the execution of the present employment agreement. Such items must also be considered confidential by the parties.