Common use of Termination Obligation Clause in Contracts

Termination Obligation. (i) Upon termination of this Agreement, Executive shall be deemed to have resigned from all offices and Board of Directors positions then held with the Company. (ii) All of Executive's obligations under Sections 4 and 5 and all of the Company's rights and remedies with respect thereto shall survive termination of this Agreement. (iii) If the Executive leaves the Company with cause, the Company reserves the right to buy back up to 75% of Executive's stock. The value of this stock will be determined by the closing bid on the date of termination of Executive and will be paid over a five year period based on an interest bearing note provided to Executive. The funding of this "buyback" will be provided by an insurance policy or other means specifically established for this purpose.

Termination Obligation. (i) Upon termination of this Agreement, Executive shall be deemed to have resigned from all offices and Board of Directors positions then held with the Company. (ii) All of Executive's obligations under Sections 4 and 5 and all of the Company's rights and remedies with respect thereto shall survive termination of this Agreement. (iii) If the Executive leaves the Company with cause, the Company reserves the right to buy back up to 75% of Executive's stock. The value of this stock will be determined by the closing bid on the date of termination of Executive and will be paid over a five year period based on an interest bearing note provided to Executive. The funding fUnding of this "buyback" will be provided by an insurance policy or other means specifically established for this thjs purpose.