Common use of Termination upon the Expiration of the Term Clause in Contracts

Termination upon the Expiration of the Term. Upon termination of this Agreement upon the scheduled expiration of the Term pursuant to Section 3.4, above, Employer shall pay to Executive, on the Termination Date, an amount equal to (i) all accrued and unpaid salary and other compensation payable to Executive by Employer and all accrued and unused vacation and sick pay payable to Executive by Employer with respect to services rendered by Executive to Employer through the Termination Date; and, (ii) an amount equal to twelve (12) months salary based upon the then existing salary of Executive, payable in the same manner as salary would have been paid to Executive had he continued to work for Employer hereunder.