Termination Compensation Benefits Clause Samples

Termination Compensation Benefits. If this Agreement is terminated by the Company without cause (as specified in Paragraph 5.d hereof), Employee agrees that in lieu of any other compensation or payment, and as liquidated damages, and in complete satisfaction of any and all liabilities which the Company may have or have had to Employee, the Company shall pay Employee and Employee shall accept an amount equal to the Base Salary in effect on the date of termination for the balance of the term of this Agreement, which amount shall be payable, at the option of the Company, either as and when such Base Salary would have been paid pursuant to this Agreement, or in a lump-sum payment. Upon the payment of the amount set forth herein, each party agrees to and does release the other party, its subsidiaries, affiliates, successors and assigns, if any, from all liabilities, damages, claims, or demands of any kind whatsoever arising as a result of the employment of Employee by the Company, excepting and excluding therefrom the obligations of Employee pursuant to the provisions of Paragraph 7 hereof.

Termination Compensation Benefits