Common use of Termination Upon Expiration of Agreement Clause in Contracts

Termination Upon Expiration of Agreement. If Executive’s employment is not terminated in accordance with subparagraphs 7.1-7.6, this Agreement will expire exactly one year from the Effective Date. In the event of expiration of this Agreement, Executive shall be entitled to receive only the Standard Entitlements earned through the date of expiration. All other Company obligations to Executive pursuant to this Agreement will become automatically terminated and completely extinguished. Executive will not be entitled to receive the Severance Package described in subparagraph 7.2 above.