German to English Law/Patents Business/Commerce (general) employment contract

I'm not getting the idea of the whole sentence. This is the part of the contract called "Termination of Employment," including for retirement, and the last clause is:

Die Gesellschaft ist berechtigt, den Arbeitnehmer jederzeit, insbesondere nach erfolgter Kündigung, unter Anrechnung des noch anstehenden Urlaubs bei Fortzahlung der ihm zustehenden Vergütung von der Arbeitsleistung freizustellen.

My draft doesn't make much sense:
"The Company is entitled to release the Employee at any time, especially after termination, taking into account the remaining vacation allowance, with continued payment of the remuneration due to him."

The employment is already terminated, so why is the company entitled to "release" the employee? Or does freistellen mean something else here?

TIA!