Condition to Severance. In the event Executive breaches any of the covenants contained in Section 9, then (A) the Company shall have no further obligation to make Termination Payments to Executive or to continue to provide the Executive Benefits to Executive during the Severance Period, and (B) any unexercised Option shall be forfeited and be cancelled.
Appears in 3 contracts
Samples: Executive Employment Agreement (Parlux Fragrances Inc), Executive Employment Agreement (Parlux Fragrances Inc), Executive Employment Agreement (Parlux Fragrances Inc)
Condition to Severance. In the event Executive breaches any of the covenants contained in Section 910, then (A) the Company shall have no further obligation to make Termination Payments to Executive or to continue to provide the Executive Benefits to Executive during the Severance Period, and (B) any unexercised Option shall be forfeited and be cancelled.
Appears in 2 contracts
Samples: Executive Employment Agreement (Parlux Fragrances Inc), Executive Employment Agreement (Parlux Fragrances Inc)
Condition to Severance. In the event Executive breaches any of the covenants contained in Section 9, then (A) the Company shall have no further obligation to make Termination Payments to Executive or to continue to provide the Executive Benefits to Executive during the Severance PeriodExecutive, and (B) any unexercised Option shall be forfeited and be cancelled.
Appears in 1 contract
Samples: Executive Employment Agreement (Parlux Fragrances Inc)
