Basic Rights at Termination Clause Samples
The 'Basic Rights at Termination' clause defines the fundamental entitlements and obligations of the parties when their agreement ends. Typically, this clause outlines what each party must do upon termination, such as returning confidential information, settling outstanding payments, or ceasing use of intellectual property. Its core function is to ensure a clear and fair process at the end of the contractual relationship, minimizing disputes and protecting the interests of both parties during the transition.
Basic Rights at Termination. In the event Executive’s employment with the Company is terminated for any reason, Executive will be entitled to any (a) unpaid Base Salary accrued up to the effective date of termination; (b) benefits or compensation as provided under the terms of any employee benefit and compensation agreements or plans applicable to Executive; (c) unreimbursed business expenses required to be reimbursed to Executive in accordance with and subject to Company’s policies applicable thereto; and (d) rights of indemnification to which Executive may be entitled as of the Termination Date under the Company’s Certificate of Incorporation, Bylaws, this Agreement, or separate indemnification agreement, as applicable. In addition, Executive will be entitled to the amounts and benefits specified in Section 11 of this Agreement, to the extent applicable.