Common use of Cancellation of Employment Agreement Clause in Contracts

Cancellation of Employment Agreement. On the Effective Date, the Company and the Executive hereby agree that the Employment Agreement shall be cancelled and of no further force or effect and the Company shall have no obligation to the Executive under the terms of the Employment Agreement. Executive acknowledges that as of the Effective Date, Executive is an “at-will” employee of the Company. Notwithstanding the foregoing, the Executive confirms and acknowledges that Section 8 of the Employment Agreement shall survive the termination of the Employment Agreement.

Cancellation of Employment Agreement. On the Effective Date, the Company and the Executive hereby agree that the Employment Agreement shall be cancelled and of no further force or effect and the Company shall have no obligation to the Executive under the terms of the Employment Agreement. Executive acknowledges that as of the Effective Date, Executive is an “at-will” employee of the Company. Notwithstanding the foregoing, the Executive confirms and acknowledges that Section Sections 8 and 9 of the Employment Agreement shall survive the termination of the Employment Agreement.