Common use of Liquidation of Company Clause in Contracts

Liquidation of Company. In the event the Company plans to liquidate, prior to the liquidation of the Company the Company shall pay to Executive a lump sum payment equal to the remaining amount that would have been due Executive pursuant to Section 8(a) for the remainder of the Term of this Agreement; provided, however, that if the liquidation occurs after August 31, 1996, Executive shall also receive an additional one year's salary set forth in Section 8(a). In the event of a liquidation of the Company, this Agreement shall terminate and the Company shall have no further obligation to Executive except as set forth herein.

Liquidation of Company. In the event the Company plans to liquidate, prior to the liquidation of the Company the Company shall pay to Executive a lump sum payment equal to the remaining amount that would have been due Executive pursuant to Section 8(a) for the remainder of the Term of this Agreement; provided, however, that if the liquidation occurs after August 31, 19961999, Executive shall also receive an additional one year's salary set forth in Section 8(a). In the event of a liquidation of the Company, this Agreement shall terminate and the Company shall have no further obligation to Executive except as set forth herein.