Common use of Employee’s Employment Clause in Contracts

Employee’s Employment. IS TERMINATED BY THE COMPANY WITHOUT CAUSE OR BY EMPLOYEE FOR GOOD REASON, HIS RIGHT TO RECEIVE SEVERANCE PAY SHALL BE CONDITIONED UPON HIS EXECUTION OF A GENERAL RELEASE IN A FORM SATISFACTORY TO THE COMPANY, AND SUCH PAYMENT SHALL BE HIS EXCLUSIVE REMEDY IN ANY ACTION ARISING OUT OF THE TERMINATION OF HIS EMPLOYMENT. Employee is under no obligation to mitigate, or attempt to mitigate, his damages in order to receive the Severance Pay. The amount of any payments provided for in this Agreement shall not be reduced, offset, or subject to recovery by the Company by reason of any compensation earned by Employee as the result of employment by another employer or by self-employment after the Date of Termination.

Employee’s Employment. IS TERMINATED BY THE COMPANY WITHOUT CAUSE OR BY EMPLOYEE FOR GOOD REASON, HIS RIGHT TO RECEIVE SEVERANCE PAY SHALL BE CONDITIONED UPON HIS EXECUTION OF A GENERAL RELEASE IN A FORM SATISFACTORY TO THE COMPANY, AND SUCH PAYMENT SHALL BE HIS EXCLUSIVE REMEDY IN ANY ACTION ARISING OUT OF THE TERMINATION OF HIS EMPLOYMENT. Employee is under no obligation to mitigate, or attempt to mitigate, his damages in order to receive the Severance Payseverance pay. The the amount of any payments provided for in this Agreement agreement shall not be reduced, offset, or subject to recovery by the Company company by reason of any compensation earned by Employee as the result of employment by another employer or by self-employment after the Date of Termination.