Common use of Benefits on Cessation of Employment Clause in Contracts

Benefits on Cessation of Employment. Unless otherwise agreed by the parties or as otherwise provided for by applicable law, upon cessation of employment with the Company for any reason, regardless of whether the cessation is voluntary or involuntary or constitutes termination with or without cause or adequate notice: (a) the Executive shall cease to participate in the Employee Benefits and shall not be entitled to any further benefits thereunder; and (b) the Executive shall be solely responsible for obtaining personal benefit plans to replace any or all Employee Benefits, including, without limitation, medical/hospital and extended health care benefits.