Common use of Rights and Payments Upon Termination Clause in Contracts

Rights and Payments Upon Termination. In the event Executive is disabled or his employment terminates during the Employment Period, the Company shall provide Executive with the payments set forth below. Executive acknowledges and agrees that the payments set forth in this Section 6 constitute liquidated damages for termination of his employment during the Employment Period and that prior to receiving any such payments under Section 6 and as a material condition thereof, Executive shall, if requested by the Company, sign and agree to be bound by a general release of claims against the Company and its affiliates related to Executive's employment (and termination of employment) with the Company in such form as the Company's Board deems appropriate. Upon Executive's termination of employment for any reason, upon the request of the Board, he shall resign any officerships, directorships or other positions that he then holds with the Company or any of its affiliates.

Rights and Payments Upon Termination. In the event Executive is disabled or his employment terminates during the Employment Period, the Company shall provide Executive with the payments set forth below. Executive acknowledges and agrees that the payments set forth in this Section 6 constitute liquidated damages for termination of his employment during the Employment Period and that prior to receiving any such payments under Section 6 and as a material condition thereof, Executive shall, if requested by the Company, sign and agree to be bound by a general release of claims against the Company and its affiliates related to Executive's ’s employment (and termination of employment) with the Company in such form as the Company's ’s Board deems appropriate. Upon Executive's ’s termination of employment for any reason, upon the request of the Board, he shall resign any officerships, directorships or other positions that he then holds with the Company or any of its affiliates.