Common use of Effect of Termination of Employment on Compensation Clause in Contracts

Effect of Termination of Employment on Compensation. (a) If Executive’s employment hereunder shall terminate: (i) at the expiration of the term provided in Section 3.1 after either (x) Executive has given the Company written notice of non-renewal, or (y) the Company has given Executive written notice of non-renewal and provided Executive a Notice of Non-Compete Waiver pursuant to the terms of Section 7.1(c) below, (ii) for any reason described in Section 3.2(a) or 3.2(b), (iii) pursuant to Executive’s resignation for other than Good Reason, or (iv) by reason of Executive’s death, then all compensation and all benefits to Executive hereunder shall terminate contemporaneously with such termination of employment, except that Executive shall be entitled to (1) payment of all accrued and unpaid Base Salary earned to the Date of Termination as well as any Annual Bonus that has been earned pursuant to Section 4.2 for the calendar year ending on or prior to the Date of Termination but remains unpaid as of the Date of Termination (which Annual Bonus, if any, shall be paid in a lump sum at the time provided for payment in Section 4.2), (2) reimbursement for all incurred but unreimbursed expenses for which Executive is entitled to reimbursement in accordance with Section 4.5, and (3) benefits to which Executive is entitled under the terms of any applicable benefit plan or program.