Common use of Termination With Compensation Clause in Contracts

Termination With Compensation. The Company shall have the right to terminate the Agreement without cause any time by giving the Executive one year's notice of the termination date. Under such circumstances, the Company shall pay any unpaid Basic Compensation and Bonuses, if any, that have accrued through the date of termination, and shall continue to pay to the Executive the Basic Compensation which accrues for one year following the termination date (the "Termination Compensation"), and the Company shall have no other liability or obligation to the Executive. The Executive shall not be entitled to any Termination Compensation unless the Executive executes and delivers to the Company a release, in a form satisfactory to the Company, whereby the Executive releases the Company from any obligations and liabilities of any type with exception to the Termination Compensation as provided herein. The Termination Compensation shall be provided in consideration for the above-specified release.

Termination With Compensation. The Company shall have the right to terminate the this Agreement without cause at any time by giving the Executive one year's 15 days notice of the termination date. Under such circumstances, the Company shall pay any unpaid Basic Compensation and Bonuses, if any, that have accrued through the date of termination, and shall continue to pay to the Executive the Basic Compensation which accrues for one year six months following the termination date end of the Employment Term (the "“Termination Compensation"”), and as of the termination date, the Company shall have no other liability or obligation to the Executive. The Executive shall not be entitled to any Termination Compensation unless the Executive executes and delivers to the Company a release, in a form satisfactory to the Company, whereby the Executive releases the Company from any obligations and liabilities of any type with exception to the Termination Compensation as provided herein. The Termination Compensation shall be provided in consideration for the above-specified release.