Common use of Termination Not for Cause Clause in Contracts

Termination Not for Cause. In the event that COMPANY terminates this Agreement without cause, COMPANY shall, subject to the conditions set forth in Section 6(b), below, continue to pay EXECUTIVE his salary at the level in effect at the time of termination for a period of twelve (12) months, plus any accrued, but unused vacation, and less any applicable payroll and withholding taxes or other legally required deductions, provided EXECUTIVE first executes the Waiver and Release, attached to this Agreement as Appendix B. The salary continuation for EXECUTIVE shall be paid in the same manner and at the same intervals as if EXECUTIVE continued his employment during that one year period. COMPANY reserves the right to pay the one-year salary continuation amount in a lump sum, discounted to present value using a discount factor or 6%. No other compensation or benefits shall be due to EXECUTIVE.