Common use of Cancellation of Employment Agreement Clause in Contracts

Cancellation of Employment Agreement. (a) The Employment Agreement is hereby cancelled and shall be of no further force and effect as of the "Effective Date." The Effective Date shall be the later of the following dates: the date of the consummation of the Offer (as defined in the Merger Agreement), i.e. the date on which the shares tendered in the Offer are accepted for payment, and the date on which Xxxxxx is paid the consideration set forth in Section 1(b) below. As of the Effective Date, neither the Company nor Xxxxxx shall have any further rights or obligations under the Employment Agreement.

Cancellation of Employment Agreement. (a) The Employment Agreement is hereby cancelled and shall be of no further force and effect as of the "Effective Date." The Effective Date shall be the later of the following dates: the date of the consummation of the Offer (as defined in the Merger Agreement), i.e. the date on which the shares tendered in the Offer are accepted for payment, and the date on which Xxxxxx XxXxxxx is paid the consideration set forth in Section 1(b) below. As of the Effective Date, neither the Company nor Xxxxxx XxXxxxx shall have any further rights or obligations under the Employment Agreement.

Cancellation of Employment Agreement. (a) The Employment Agreement is hereby cancelled and shall be of no further force and effect as of the "Effective Date." The Effective Date shall be the later of the following dates: the date of the consummation of the Offer (as defined in the Merger Agreement), i.e. the date on which the shares tendered in the Offer are accepted for payment, and the date on which Xxxxxx Xxxxxxx is paid the consideration set forth in Section 1(b) below. As of the Effective Date, neither the Company nor Xxxxxx Xxxxxxx shall have any further rights or obligations under the Employment Agreement.