Common use of Compensation of Contractor on Termination Clause in Contracts

Compensation of Contractor on Termination. Upon termination of this Agreement by the Company for cause, the Contractor shall be entitled to receive as its full and sole compensation in discharge of obligations of the Company to the Contractor under this Agreement all sums due and payable under this Agreement to the date of termination and the Contractor shall have no right to receive any further payments; provided, however, that the Company shall have the right to offset against any payment owing to the Contractor under this Agreement any damages, liabilities, costs or expenses suffered by the Company by reason of the fraud, negligence or wilful act of the Contractor, to the extent such right has not been waived by the Company. Upon termination of this Agreement by the Company without cause, the Contractor shall be entitled to a severance payment equivalent to three months of the cash compensation fee specified in section 3.1. Any options or shares unvested at the time of termination shall be cancelled and returned to treasury.

Compensation of Contractor on Termination. Upon termination of this Agreement by the Company for causepursuant to section 4.2, the Contractor shall be entitled to receive as its full and sole compensation in discharge of obligations of the Company to the Contractor under this Agreement all sums due and payable under this Agreement to the date of termination and the Contractor shall have no right to receive any further payments; provided, however, that the Company shall have the right to offset against any payment owing to the Contractor under this Agreement any damages, liabilities, costs or expenses suffered by the Company by reason of the fraud, negligence or wilful act of the Contractor, to the extent such right has not been waived by the Company. Upon termination of If the Company elects to terminate this Agreement by the Company without causeotherwise than pursuant to section 4.2, the Contractor shall be entitled to a severance payment equivalent all sums due and payable to three months the Contractor until the expiration of the cash compensation fee specified in section 3.1. Any options or shares unvested at the time of termination shall be cancelled and returned to treasuryTerm.

Compensation of Contractor on Termination. Upon termination of this Agreement by the Company for causeunder Section 4.2 of this Agreement, the Contractor shall be entitled to receive as its full and sole compensation in discharge of obligations of the Company to the Contractor under this Agreement all sums due and payable under this Agreement to the date of termination and the Contractor shall have no right to receive any further payments; provided, however, that the Company shall have the right to offset against any payment owing to the Contractor under this Agreement any damages, liabilities, costs or expenses suffered by the Company by reason of the fraud, negligence or wilful willful act of the Contractor, to the extent such right has not been waived by the Company. Upon termination of this Agreement by the Company without cause, the Contractor shall be entitled to a severance payment equivalent to three months of the cash compensation fee specified in section Section 3.1. Any options or shares unvested at the time of termination shall be cancelled and returned to treasury.