Common use of COMPENSATION FOR LOSS OF EMPLOYMENT Clause in Contracts

COMPENSATION FOR LOSS OF EMPLOYMENT. (1) Where an officer’s employment is terminated due to the sale of a ship or change of the registry or flag or management, he or she shall be compensated with two (2) months basic salary for such loss of employment provided similar continuous employment in the same position in the Company is not available. An officer so terminated shall also be entitled to termination notice in accordance with clause 15 of this Agreement.

COMPENSATION FOR LOSS OF EMPLOYMENT. (1) Where an officer’s 's employment is terminated due to the sale of a ship or change of the registry or flag or management, he or she shall be compensated with two (2) months months’ basic salary for such loss of employment provided similar continuous employment in the same position in the Company is not available. An officer so terminated shall also be entitled to termination notice in accordance with clause 15 13 of this Agreement.

COMPENSATION FOR LOSS OF EMPLOYMENT. (1) Where an officer’s employment is terminated due to the sale of a ship or ship, lay up, change of the registry or flag flag, change of management of a vessel or managementdue to any other reasons, he or she shall be compensated with two (2) months basic months’ salary for such loss of employment provided similar continuous employment in the same position in the Company is not available. An officer officer’s employment so terminated shall also be entitled to termination notice in accordance with clause 15 14 of this Agreement.

COMPENSATION FOR LOSS OF EMPLOYMENT. (1) Where an officer’s employment is terminated due to the sale of a ship or change of the registry or flag or management, he or she shall be compensated with two (2) months months’ basic salary for such loss of employment provided similar continuous employment in the same position in the Company is not availableemployment. An officer officer’s employment so terminated shall also be entitled to termination notice in accordance with clause 15 12 of this Agreement.

COMPENSATION FOR LOSS OF EMPLOYMENT. (1) Where an officer’s 's employment is terminated due to the sale of a ship or change of the registry or flag or management, he or she shall be compensated with two (2) months months’ basic salary for such loss of employment provided similar continuous employment in the same position in the Company is not available. An officer so terminated shall also be entitled to termination notice in accordance with clause 15 Clause 13 of this Agreement.