Common use of Severance of Employment Relationship Clause in Contracts

Severance of Employment Relationship. Employee and Ticketmaster agree and acknowledge that Employee will cease to be employed by Ticketmaster effective as of , 200 (the “Termination Date”). Employee hereby confirms his/her agreement and understanding that as of such Termination Date: (a) Employee will have no further continuing right to be employed by Ticketmaster; (b) Employee will no longer hold himself/herself out as an employee of Ticketmaster; (c) Employee will have received all compensation, expense reimbursement and other benefits to which he/she is or may be entitled to receive as an employee of Ticketmaster through the Termination Date, including but not limited to payment for all accrued but unused vacation time; and (d) Employee will have returned to Ticketmaster any and all documents, agreements, records, instruments, office equipment, keys and other property of Ticketmaster (and copies thereof) that are in his/her possession or under his/her control, if any. [Add if Employee was previously granted stock options and was terminated for cause after discussing with the General Counsel of Ticketmaster: Furthermore, Employee understands and agrees that he/she has been terminated for cause, and that any stock options that had been granted to him/her have been cancelled pursuant to the terms of his/her stock option agreement.]

Severance of Employment Relationship. Employee and Ticketmaster agree and acknowledge that Employee will cease to be employed by Ticketmaster effective as of , 200 20 (the “Termination Date”). Employee hereby confirms his/her agreement and understanding that as of such Termination Date: (a) Employee will have no further continuing right to be employed by Ticketmaster; (b) Employee will no longer hold himself/herself out as an employee of Ticketmaster; (c) Employee will have received all compensation, expense reimbursement and other benefits to which he/she is or may be entitled to receive as an employee of Ticketmaster through the Termination Date, including but not limited to payment for all accrued but unused vacation time; and (d) Employee will have returned to Ticketmaster any and all documents, agreements, records, instruments, office equipment, keys and other property of Ticketmaster (and copies thereof) that are in his/her possession or under his/her control, if any. [Add if Employee was previously granted stock options and was terminated for cause after discussing with the General Counsel of Ticketmaster: Furthermore, Employee understands and agrees that he/she if he has been terminated for cause, and that any stock options that had been granted to him/her him will have been cancelled pursuant to the terms of his/her his stock option agreement.]