Common use of Qualifying Termination of Employment Clause in Contracts

Qualifying Termination of Employment. Employee and Company acknowledge and agree that the Employee’s employment with the Company was terminated [by the Company without Cause] [by Employee for Good Reason] (a “Qualifying Termination”) as of the close of business on [DATE] (the “Termination Date”), without regard to whether Employee signs this Release or agrees to the following terms and conditions, and that such termination was treated as a Qualifying Termination by the Company. [Additionally, a Change in Control (as defined in the Employment Agreement) occurred on [DATE].] As of the Termination Date, it is mutually agreed that Employee is no longer [an employee] [or director] of the Company and no longer holds any positions or offices with the Company [except for his membership on the Company’s Board].