Termination after Employment Term Clause Samples

Termination after Employment Term. After the expiration of the Employment Term, the Employee or the Company may terminate Employee's employment by the Company on 30 days' written notice. As of the termination date, the Company shall have no further liability or obligation to the Employee hereunder except that the Company shall provide the Employee with any unpaid Salary and Fringe Benefits that may have accrued through the date of termination, and the Company shall either pay the Employee as severance compensation one year's salary, payable in accordance with the Company's customary payroll practices, or, at the sole option of the Company, release the Employee from his covenants not to compete with the Company described in the Reorganization Agreement and this Agreement. The Employee agrees that he shall not be entitled to any such severance compensation unless and until he delivers the release contemplated by Section 6(b) hereof, which severance compensation shall be treated as Termination Compensation for the purposes of this Agreement.