Common use of Termination for Cause or Resignation Clause in Contracts

Termination for Cause or Resignation. In the event Employee's employment with Employer is terminated by Employer for Cause or Employee resigns, neither Employer nor any parent, subsidiary or affiliate company of Employer shall have any obligation to Employee under this Agreement or otherwise, except for accrued but unpaid salary and vacation as of the Date of Termination or as otherwise may be expressly required by law, no further Option Shares shall become Eligible Shares and all unexercised Options shall terminate thirty (30) days following the Date of Termination, at which time, such Options shall no longer be exercisable to any extent whatsoever.