Common use of Qualified Termination Clause in Contracts

Qualified Termination. If your employment termination is not a Qualified Termination, your employment and this Agreement will automatically terminate and the Company will pay you (or in the case of death, your designated beneficiary or, if no beneficiary has been designated by you, your estate) your base salary earned and vacation pay accrued but unused as of the termination date. To the extent you qualify for either short term disability and/or long term disability insurance in accordance with the terms and conditions of the Company's plans, the Company may offset any such insurance payments against any amounts paid to you, including any such payment made pursuant to this Agreement.