No Employment Contract; Termination. This Agreement is not an employment contract and by execution hereof the parties do not intend to create an employment contract. If, through no fault of Employee, the Company liquidates substantially all of its assets, or permanently terminates its operations, Employee’s obligations under Paragraphs 1(a) and 1(b) shall also terminate.
No Employment Contract; Termination. This Agreement will not in any way constitute an employment agreement between Employer and Executive and it will not oblige Executive to continue in the employ of Employer, nor will it oblige Employer to continue to employ Executive, but it will merely require Employer to pay benefits hereunder to Executive under the agreed upon circumstances. In addition, provided a Change in Control has not occurred, this Agreement shall terminate and be of no further force or effect one year from the date Executive ceases to be a Board-elected officer or an employee eligible for this Agreement (as determined by the Board of Directors of Employer in its sole discretion and reflected in the minutes of Board of Directors after notice to such Executive).
No Employment Contract; Termination. This Agreement will not in any way constitute an employment agreement between Employer and Executive and it will not oblige Executive to continue in the employ of Employer, nor will it oblige Employer to continue to employ Executive, but it will merely require Employer to pay benefits hereunder to Executive under the agreed upon circumstances. In addition, provided a Change in Control has not occurred, this Agreement shall terminate and be of no further force or effect one year from the date Executive ceases to be an employee SECTION 8
No Employment Contract; Termination. This Agreement is not an employment contract and by execution hereof the parties do not intend to create an employment contract. This Agreement does not effect the Employee's rights under his existing employment contract.
No Employment Contract; Termination. This Agreement is not an employment contract and by execution hereof the parties do not intend to create an employment contract. Employee's obligations under Paragraph 1(a) herein shall terminate, and the term of Employee's obligations under Paragraph 1(b) shall be reduced to 12 months post-termination, if Employee is terminated by the Company without cause or through no fault of Employee, including convenience of the Company, layoff, or incapacity; provided, however, that, in each such case, if Employee receives severance pay or consulting income from the Company, at the annual rate of least 80% of Employee's salary at the time of termination, then Employee's obligations under Paragraph 1(a) shall continue for the period that he receives such severance pay or consulting income (the "Severance Period"), and the term of his obligations under Paragraph 1(b) shall be tolled during the Severance Period. Notwithstanding the foregoing, in the event that Employee is terminated for incapacity, Employee's obligations under Paragraph 1(a) and 1(b) shall fully revive, assuming Employee's incapacity is removed, upon the Company's offer to Employee of a comparable position with the Company, at not less than Employee's salary at the time of termination. If, through no fault of Employee, the Company liquidates substantially all of its assets, or permanently terminates its operations, Employee's obligations under Paragraphs 1(a) and 1(b) shall also terminate.
