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Provision: Compensation, Commissions - Post Termination

Sample Provision

If this agreement is terminated by the company on 14 days notice, the company will pay commission as provided above on net sales from sales in connection with orders made before such termination when and as collected on the date of the company's normal pay cycle. If this agreement is terminated by the company for cause or terminated by you, commission shall be due or payable to you only with respect to any net sales from sales obtained by you that the company received on or before the effective dates of such termination or at a time in the company's sole discretion and judgment. The company may assert against you any and all rights that it has or may have as a result of your actions resulting in the termination of this agreement for cause. If this agreement is terminated by you on 14 days notice, the company may, in its sole judgment and discretion, terminate this agreement at any time during such notice period in which event the company will pay commissions, as hereinabove defined, on "net sales" in connection with sales made until midnight on the date of such termination, when and as collected, subject to the current company collection deadlines. In no event will the company pay, or will you be entitled to receive any commissions on net sales from sales in connection with any sales made after termination of your employment with the company, whether such termination is by you or by company and whether it is for cause or not. In the event this agreement expires or is terminated, you should promptly return to company all property of company then in your custody, possession or control.

Sample Provision

(a) any event and executive staff or if executive's voluntary resignation is accepted by the company, based salary payments and all other compensation to be paid pursuant to this agreement shall cease immediately; provided, however, in the event of death the estate of executive shall receive any base salary due and not yet paid as well as any bonus compensation earned but not yet paid through the date of the executive's death. In the event of resignation, the executive shall receive any base salary due and not yet paid through the date of the resignation of executive takes effect, as well as any bonus compensation earned but not yet paid.

(b) if, during the term of employment, company terminates the employment of executive for cause, a company shall immediately have the right to terminate this agreement without further obligation.

(c) if, during the term of employment, the executive's employment is terminated other than for cause, then, provided that executive remains ready, willing and able to render exclusive services to company, executive shall continue to be paid the amounts provided for in this agreement.

Nothing herein shall obligate company to utilize executive's services, and company shall have fulfilled all of its obligations hereunder by payment to executive of the applicable amounts set forth in this paragraph. The payments provided in this paragraph are in lieu of any other severance payment or protection under any plan that may now or hereafter exist.

Employment Contract Provision Index