Common use of Termination of Existing Agreement Clause in Contracts

Termination of Existing Agreement. Any employment agreement between the parties hereto which is in effect on the date hereof is hereby terminated and replaced and superseded by this Agreement effective on the Term Commencement Date. All payments, of Base Salary or otherwise, made by the Company under any such existing agreement with respect to any period commencing on or after the Term Commencement Date shall be credited against the corresponding payment obligations of the Company under this Agreement with respect to such period.

Termination of Existing Agreement. Any employment agreement The Employment Agreement between the parties hereto which is in effect on the date hereof is hereby terminated and replaced and superseded by this Agreement Agreement, effective on the Term Commencement Effective Date. All payments, of Base Salary or otherwise, made by the Company under any such existing agreement with respect to any period commencing on or after the Term Commencement Effective Date shall be credited against the corresponding payment obligations of the Company under this Agreement with respect to such period.