Common use of Rights and Remedies on Termination Clause in Contracts

Rights and Remedies on Termination. (i) If the Employee’s employment hereunder is terminated pursuant to §6(a), §6(b) or §6(c), by the Employee pursuant to §6(d) or pursuant to §3 in connection with the expiration of the Initial Term or any subsequent term hereunder, then the Employee (or his estate, as applicable) shall be entitled to receive his Base Salary through the date of termination or expiration. (ii) If the Employee’s employment hereunder is terminated by the Employer pursuant to §6(d), in connection with the Employer’s election not to renew the Term or any Renewal Term pursuant to §3 above, or by the Employee pursuant to §6(e), then the Employee shall be entitled to continue to receive payment, in accordance with the Employer’s then current payroll practices, of the Employee’s Base Salary in effect at the time of such termination (the “Termination Date”) for a twelve (12) month period following such termination (the “Severance Period”), provided, however, that (A) the Employee’s right to receive the foregoing payments is expressly conditioned upon receipt by the Employer within thirty (30) days following the Termination Date of a written release executed by the Employee, in form and substance satisfactory to the Employer, of any and all claims or causes of action of any nature relating directly or indirectly to such Employee’s employment or termination of employment by the Employer, and (B) in the event that the Employee breaches any of the covenants, terms or provisions of §§7, 8 or 9 hereof, without limiting any other rights that the Employer may have, the Employer’s obligation to make payments under this §6(f)(ii) shall immediately terminate. (iii) Except as otherwise set forth in this §6(f), the Employee shall not be entitled to any severance, bonus or other compensation after termination other than payment of any expense reimbursements under §5 hereof for expenses incurred in the performance of his duties prior to termination or benefits or compensation to which the Employee is entitled pursuant to applicable law (e.g. COBRA).