Common use of Obligations of the Company in the Event of Termination Clause in Contracts

Obligations of the Company in the Event of Termination. In the event of the termination of Executive’s employment hereunder, all rights of Executive under this Agreement, including all rights to compensation, shall end and Executive shall only be entitled to be paid the amounts set forth in this Paragraph 5 below; provided, that, the obligation of the Company to make any payment required pursuant to this Paragraph 5 (other than any amounts of Executive’s Base Salary previously earned and accrued and any amounts payable on account of accrued but unused vacation) is conditioned upon (i) execution and delivery by Executive to the Company of a release agreement in favor of the Company, its affiliates and their respective officers, directors, employees, agents and equity holders in respect of Executive’s employment with the Company and the termination thereof in a form substantially as set forth in Exhibit A attached hereto (the “Release”), and (ii) such Release, once executed by Executive and delivered to the Company, becoming irrevocable and final under applicable law. Promptly following Executive’s termination, the Company shall deliver to him an execution-ready Release and, in the event that Executive fails to deliver the executed Release to the Company or the Executive delivers an executed Release but such Release does not become irrevocable and final under applicable law on or before the last day of the period during which payment may be made under the following provisions of this Paragraph 5, then Executive shall forfeit any payment required pursuant to this Paragraph 5 (other than any amounts of Executive’s Base Salary previously earned and accrued and any amounts payable on account of accrued but unused vacation).

Appears in 2 contracts

Samples: Employment Agreement, Employment Agreement (Blockbuster Inc)

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Obligations of the Company in the Event of Termination. In the event of the termination of Executive’s employment hereunder, all rights of Executive under this Agreement, including all rights to compensation, shall end and Executive shall only be entitled to be paid the amounts set forth in this Paragraph 5 below; provided, that, the obligation of the Company to make any payment required pursuant to this Paragraph 5 (other than any amounts of Executive’s Base Salary previously earned and accrued and any amounts payable on account of accrued but unused vacation) is conditioned upon (i) execution and delivery by Executive to the Company of a release agreement in favor of the Company, its affiliates and their respective officers, directors, employees, agents and equity holders in respect of Executive’s employment with the Company and the termination thereof in a form substantially as set forth in Exhibit A B attached hereto (the “Release”), and (ii) such Release, once executed by Executive and delivered to the Company, becoming irrevocable and final under applicable law. Promptly following Executive’s termination, the Company shall deliver to him an execution-ready Release and, in the event that Executive fails to deliver the executed Release to the Company or the Executive delivers an executed Release but such Release does not become irrevocable and final under applicable law on or before the last day of the period during which payment may be made under the following provisions of this Paragraph 5, then Executive shall forfeit any payment required pursuant to this Paragraph 5 (other than any amounts of Executive’s Base Salary previously earned and accrued and any amounts payable on account of accrued but unused vacation).

Appears in 2 contracts

Samples: Employment Agreement (Blockbuster Inc), Employment Agreement (Blockbuster Inc)

Obligations of the Company in the Event of Termination. In the event of the termination of Executive’s employment hereunder, all rights of Executive under this Agreement, including all rights to compensation, shall end and Executive shall only be entitled to be paid the amounts set forth in this Paragraph 5 6 below; provided, that, the obligation of the Company to make any payment required pursuant to this Paragraph 5 6 (other than any amounts of Executive’s Base Salary previously earned and accrued and any amounts payable on account of accrued but unused vacation) is conditioned upon (i) execution and delivery by Executive to the Company of a release agreement in favor of the Company, its affiliates and their respective officers, directors, employees, agents and equity holders in respect of Executive’s employment with the Company and the termination thereof in a form substantially as set forth in Exhibit A B attached hereto (the “Release”), and (ii) such Release, once executed by Executive and delivered to the Company, becoming irrevocable and final under applicable law. Promptly following Executive’s termination, the Company shall deliver to him an execution-ready Release and, in the event that Executive fails to deliver the executed Release to the Company or the Executive delivers an executed Release but such Release does not become irrevocable and final under applicable law on or before the last day of the period during which payment may be made under the following provisions of this Paragraph 56, then Executive shall forfeit any payment required pursuant to this Paragraph 5 6 (other than any amounts of Executive’s Base Salary previously earned and accrued and any amounts payable on account of accrued but unused vacation).

Appears in 1 contract

Samples: Employment Agreement (Blockbuster Inc)

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Obligations of the Company in the Event of Termination. In the event of the termination of Executive’s employment hereunder, all rights of Executive under this Agreement, including all rights to compensation, shall end and Executive shall only be entitled to be paid the amounts set forth in this Paragraph 5 below; provided, that, the obligation of the Company to make any payment required pursuant to this Paragraph 5 (other than any amounts of Executive’s Base Salary previously earned and accrued and any amounts payable on account of accrued but unused vacation) is conditioned upon (i) execution and delivery by Executive to the Company of a release agreement in favor of the Company, its affiliates and their respective officers, directors, employees, agents and equity holders in respect of Executive’s employment with the Company and the termination thereof in a form substantially as set forth in Exhibit A B attached hereto (the “Release”), and (ii) such Release, once executed by Executive and delivered to the Company, becoming irrevocable and final under applicable law. Promptly following Executive’s termination, the Company shall deliver to him an execution-ready Release and, in the event that Executive fails to deliver the executed Release to the Company or the Executive delivers an executed Release but such Release does not become irrevocable and final under applicable law on or before the last day of the period during which payment may be made under the following provisions of this Paragraph 5, then Executive shall forfeit any payment required pursuant to this Paragraph 5 (other than any amounts of Executive’s Base Salary previously earned and accrued and any amounts payable on account of accrued but unused vacation).

Appears in 1 contract

Samples: Employment Agreement (Blockbuster Inc)

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