Common use of Offset Rights Against Termination Pay Clause in Contracts

Offset Rights Against Termination Pay. Subject to the terms of any ------------------------------------- written agreement relating to Advances, in the event of termination of employment of executive, the Executive agrees that the Company (and/or its Subsidiaries) shall have the right to offset the amount of any and all outstanding Advance(s) against any salary or wages due, or any other amounts due to the Executive from the Company, and that any remaining balance of the Advance(s) shall be repaid by the Executive within thirty (30) days after the Executive's termination date. If such Advance(s) are not repaid within said thirty (30) days, simple interest shall accrue on the unpaid balance at the rate of ten percent (10%) per annum. The Executive agrees to pay all costs of collection incurred by the Company (and/or its Subsidiaries) with respect thereto, including reasonable attorneys' fees and legal costs.