Common use of Rights of Termination; Severance Payments Clause in Contracts

Rights of Termination; Severance Payments. Upon termination of this Agreement and the Employee's employment, the Employee shall be entitled to receive all compensation earned under this Agreement to the date of termination. In the event of termination pursuant to Paragraph 4.02C, the Employee shall be entitled to, and the Company shall pay the Employee, severance pay in al amount equal to one years' pay payable within 10 days of termination. In the event of termination of this Agreement for any reason provided in this Article V, other than Paragraph 4.02C or if the Employee resigns prior to this expiration of the term of this Agreement, except as provided above, all rights and obligations of the Company and Employee under this Agreement shall cease immediately, except that the Employee's obligations under Paragraph 3.01, 3.01 and 4.01 herein shall survive such termination and thereafter Employee shall have no right to receive any compensation hereunder except as set forth in this Paragraph, or to the extent Employee is prohibited from competing under 3.01, compensation shall continue for the non-compete period.

Rights of Termination; Severance Payments. Upon termination of this Agreement and the Employee's employment, the Employee shall be entitled to receive all compensation earned under this Agreement to the date of termination. In the event of termination pursuant to Paragraph 4.02C5.02C, the Employee shall be entitled to, and the Company shall pay the Employee, severance pay in al an amount equal to one years' ninety days (90) pay payable within 10 days of termination. In the event of termination of this Agreement for any reason provided in this Article V5, other than Paragraph 4.02C 5.02C or if the Employee resigns prior to this expiration of the term of this Agreement, except as provided above, all rights and obligations of the Company and Employee under this Agreement shall cease immediately, except that the Employee's obligations under Paragraph 3.01, 3.01 4.01 and 4.01 5.01 herein shall survive such termination and thereafter Employee shall have no right to receive any compensation hereunder except as set forth in this Paragraph, or to the extent Employee employee is prohibited from competing under 3.01, compensation shall continue for the non-compete period.