Common use of Election Not to Extend the Employment Period Clause in Contracts

Election Not to Extend the Employment Period. If the Company elects not to extend the Employment Period pursuant to Section 3.2 such that the Employment Period terminates prior to the fifth anniversary of the Agreement Date, the nonextension shall be treated as a Termination without Cause, for purposes of Section 7.4, as of the next scheduled Extension Date or such earlier date as determined by Company. For the avoidance of doubt, an election by the Company not to extend the Employment Period pursuant to Section 3.2 such that the Employment Period terminates beyond the fifth anniversary of the Agreement Date shall not constitute a Termination without Cause and in such event Executive's termination of employment hereunder (whether or not Executive continues as an employee of the Company thereafter) shall be deemed to occur on the close of business on the day immediately preceding the next scheduled Extension Date or such earlier date as determined by Company. Upon such Termination of Employment, Executive shall be entitled to receive:

Election Not to Extend the Employment Period. If the Company elects not to extend the Employment Period pursuant to Section 3.2 such that the Employment Period terminates prior to the fifth anniversary of the Agreement Date, the nonextension shall be treated as a Termination without Cause, for purposes of Section 7.4, as of the next scheduled Extension Date or such earlier date as determined by Company. For the avoidance of doubt, an election by the Company not to extend the Employment Period pursuant to Section 3.2 such that the Employment Period terminates beyond the fifth anniversary of the Agreement Date shall not constitute a Termination without Cause and in such event Executive's ’s termination of employment hereunder (whether or not Executive continues as an employee of the Company thereafter) shall be deemed to occur on the close of business on the day immediately preceding the next scheduled Extension Date or such earlier date as determined by Company. Upon such Termination of Employment, Executive shall be entitled to receive: