Common use of Resignation or Termination Clause in Contracts

Resignation or Termination. Upon termination of employment with VPI, whether voluntary or involuntary, commissions earned and payable to the Sales Manager under the Plan will be paid. With respect to Sales In Process at the time of termination, employee will be paid a portion of the Commission he/she would have otherwise been entitled, allocated according to the proportion of work completed, which allocation is to be determined in the sole discretion of the President of VPI and such commissions will be paid immediately upon completion of the Sale. The following schedule defines the value associated with each step of the Sale in Progress. Payment to a terminated Sales Manager will follow this schedule: Booked 30% Shipped 20% Cutover 20% Accepted & Paid 30% /s/ _______ Initial Upon termination of employment the Sales Manager shall promptly return to the Company all Company property, cash advances, correspondence, customer files, and other papers and materials in his possession which relate to the business of the Company.

Resignation or Termination. Upon termination of employment with VPI, whether voluntary or involuntary, commissions earned and payable to the Sales Manager under the Plan will be paid. With respect to Sales In Process at the time of termination, employee will be paid a portion of the Commission he/she would have otherwise been entitled, allocated according to the proportion of work completed, which allocation is to be determined in the sole discretion of the President of VPI and such commissions will be paid immediately upon completion of the Sale. The following schedule defines the value associated with each step of the Sale in Progress. Payment to a terminated Sales Manager will follow this schedule: Booked 30% Shipped 20% Cutover 20% Accepted & Paid 30% /s/ _______ Initial Upon termination of employment the Sales Manager shall promptly return to the Company all Company property, cash advances, correspondence, customer files, and other papers and materials in his possession which relate to the business of the Company.