Common use of Termination Without Cause by Company/Severance Clause in Contracts

Termination Without Cause by Company/Severance. Company may terminate Executive's employment under this Agreement without Cause at any time on thirty (30) days' advance written notice to Executive. In the event of such termination, the non-competition provision set forth as Section 1.4 of that certain Stock Purchase Agreement, of even date herewith, by and among Executive, American Energy Power Systems Inc., and Company (the "No-Compete Provision") shall, with respect to Executive, immediately become null and void, and Executive will receive the Standard Entitlements and a "Severance Package" that includes: (1) a severance payment equivalent to one year of Executive's Base Salary then in effect on the date of termination, payable in accordance with Company's regular payroll cycle; and (2) continued group health coverage at the Company's expense, for one year following the termination provided that Executive: (a) complies with all surviving provisions of this Agreement as specified in subsection 12.8 below; and (b) executes a full general release, releasing all claims, known or unknown, that Executive may have against Company arising out of or any way related to Executive's employment or termination of employment with Company. All other Company obligations to Executive will be automatically terminated and completely extinguished.