Common use of Departure Date Clause in Contracts

Departure Date. The parties agree and acknowledge that the Executive’s employment with the Company terminated effective [Insert Date] (the “Departure Date”). Except as otherwise provided in this Agreement, the Executive acknowledges that, as of the Departure Date, his participation in all of the Company’s benefit and compensation plans ceased in accordance with the terms of the applicable plan. As of the Departure Date, the Executive will have no authority to make and will not make any representations, offers, promises, commitments, obligations, agreements, adjustments, or contracts on behalf of the Company. In addition, the Company will pay to the Executive all vested and accrued benefits which accrued prior to the Departure Date.

Departure Date. The parties agree and acknowledge that the Executive’s employment with the Company terminated effective [Insert Date] (the “Departure Date”). Except as otherwise provided in this Agreement, the Executive acknowledges that, as of the Departure Date, his the Executive’s participation in all of the Company’s benefit and compensation plans ceased in accordance with the terms of the applicable plan. As of the Departure Date, the Executive will have no authority to make and will not make any representations, offers, promises, commitments, obligations, agreements, adjustments, or contracts on behalf of the Company. In addition, the Company will pay to the Executive all vested and accrued benefits which accrued prior to the Departure Date.