Common use of Effect of Termination of Employment for Cause Clause in Contracts

Effect of Termination of Employment for Cause. In the event that the Company terminates the employment of Xxxxx for Cause, Xxxxx shall cease to be an employee of Company and shall cease to have any power or authority of his position as of the effective date of the termination. In such event, Xxxxx shall be entitled to and his sole remedies shall be: (i) his then current Base Salary through the date of the termination of his employment, which shall be paid in a single lump sum not later than 15 days following his termination of employment; (ii) any incentive awards earned but not yet paid (if any), which shall be paid in a single lump sum not later than 15 days following his termination of employment; and (iii) other or additional benefits then due and earned in accordance with applicable plans or programs of the Company. Xxxxx shall not be entitled to participate in any incentive awards for the year (or other applicable incentive award plan period) in which he is terminated and shall not be entitled to receive Severance Compensation (as hereafter defined) as set forth in Section 6.3 below or any other additional compensation of any kind. Notwithstanding the foregoing, in the event that Xxxxx is terminated for Cause, Xxxxx shall nonetheless remain bound by the provisions of Sections 8 and 9 of this Agreement, and shall continue to abide by the restrictions thereof for the duration provided therein.

Effect of Termination of Employment for Cause. In the event that the Company terminates the employment of Xxxxx Xxxxxxx for Cause, Xxxxx Xxxxxxx shall cease to be an employee of Company and shall cease to have any power or authority of his position as of the effective date of the termination. In such event, Xxxxx Xxxxxxx shall be entitled to and his sole remedies shall be: (i) his then current Base Salary through the date of the termination of his employment, which shall be paid in a single lump sum not later than 15 days following his termination of employment; (ii) any incentive awards earned but not yet paid (if any), which shall be paid in a single lump sum not later than 15 days following his termination of employment; and (iii) other or additional benefits then due and earned in accordance with applicable plans or programs of the Company. Xxxxx Xxxxxxx shall not be entitled to participate in any incentive awards for the year (or other applicable incentive award plan period) in which he is terminated and shall not be entitled to receive Severance Compensation (as hereafter defined) as set forth in Section 6.3 below or any other additional compensation of any kind. Notwithstanding the foregoing, in the event that Xxxxx Xxxxxxx is terminated for Cause, Xxxxx Xxxxxxx shall nonetheless remain bound by the provisions of Sections 8 and 9 of this Agreement, and shall continue to abide by the restrictions thereof for the duration provided therein.