Common use of At-Will Employment; Termination Clause in Contracts

At-Will Employment; Termination. The Company and Executive acknowledge that Executive’s employment is and shall continue to be at-will, as defined under applicable law, and that Executive’s employment with the Company may be terminated by either party at any time for any or no reason, with or without notice. If Executive’s employment terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, award or compensation other than as provided in this Agreement. Executive’s employment under this Agreement shall be terminated immediately on the death of Executive. Upon Executive’s employment termination for any reason, the Employer shall pay to Executive (or to the Executive’s representative or estate, in the event of his death or Permanent Disability), within ten (10) days after the date of termination, an amount equal to the sum of (i) Executive’s Base Salary accrued through the date of termination, (ii) any bonus earned and approved by the Compensation Committee as of the date of termination under the Company’s bonus program, but not yet paid to Executive, (iii) any amounts payable under any of the employee benefit plans of the Company in accordance with the terms of such plans, (iv) any accrued but unpaid vacation, in accordance with the terms of the Company’s vacation plan, and (v) any unreimbursed expenses incurred by Executive under Section 4(d). Such payments, rights and benefits described in clauses (i) through (v) of this Section 5(a) are collectively referred to hereinafter as the “Accrued Obligations.”