Common use of Further Services Clause in Contracts

Further Services. Unless Employee's employment terminates prior to February 28, 1998, upon the termination of the term of this Agreement, Employee and Employer shall enter into a written employment agreement for the provision of services by Employee to Employer as needed on an hourly basis. Such services shall be compensated at an hourly rate of $170.00 and shall consist of the giving of advice and assistance to Employer in matters with respect to which the Employee has unique knowledge because of his position and experience as an officer of the Employer; provided, however, that no more than 515 hours of service shall be required of Employee pursuant to this Section 10. Employee shall, during the performance of such 515 hours of service, continue to be provided the same group health, disability and life insurance coverages as were being provided to Employee on February 27, 1998. At such time as the Employer adopts a plan of liquidating, Employer shall pay Employee a cash lump sum amount equal to the difference, if any, between $87,500 and the aggregate amount of cash compensation Employee has them received pursuant to this Section 10. In addition, for a period of nine months after (i) such time as Employee completes such 515 hours of service, or if earlier, (ii) the date on which Employer adopts a plan of liquidation, the Employer shall provide the same group health, disability and life insurance coverages as were being provided to the employee immediately prior to such termination.

Further Services. Unless Employee's employment terminates prior to February 28, 1998, upon the termination of the term of this Agreement, Employee and Employer shall enter into a written employment agreement for the provision of services by Employee to Employer as needed on an hourly basis. Such services shall be compensated at an hourly rate of $170.00 80.00 and shall consist of the giving of advice and assistance to Employer in matters with respect to which the Employee has unique knowledge because of his position and experience as an officer of the Employer; provided, however, that no more than 515 hours of service shall be required of Employee pursuant to this Section 10. Employee shall, during the performance of such 515 hours of serviceservices, continue to be provided the same group health, disability and life insurance coverages as were being provided to Employee on February 27, 1998. At such time as the Employer adopts a plan of liquidatingliquidation, Employer shall pay Employee a cash lump sum amount equal to the difference, if any, between $87,500 40,625 and the aggregate amount of cash compensation Employee has them then received pursuant to this Section 10. In addition, for a period of nine months after (i) such time as Employee completes such 515 hours of service, or or, if earlier, (ii) the date on which Employer adopts a plan of liquidation, the Employer shall provide the same group health, disability and life insurance coverages as were being provided to the employee immediately prior to such termination.