Common use of Termination of Employment and Severance Clause in Contracts

Termination of Employment and Severance. The Executive’s employment with the Company will terminate on the last day of the Initial Term or any Extended Term, as the case may be, upon Non-Renewal by either party. The parties further acknowledge that the Executive’s employment with the Company may be terminated at any time prior in accordance with this Section 6 and that upon such termination the Executive shall be entitled to (1) accrued but unpaid salary and accrued but unused vacation in accordance with the policy of the Company and (2) any vested stock options or other vested equity-based compensation previously granted but only in accordance with and subject to the terms of any agreements relating thereto executed by the Executive and the Company. Otherwise, the Executive shall be entitled to no compensation or benefits except as set forth in this Section 6.