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

Election Not to Extend the Employment Term. In the event either party elects not to extend the Employment Term pursuant to Section 1, unless Executive's employment is earlier terminated pursuant to paragraphs (a), (b), (c) or (d) of this Section 7, 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 last day of the then-current Employment Term, without further extension.

Election Not to Extend the Employment Term. In the event either party elects not to extend the initial or any extended Employment Term pursuant to Section 11(b), unless Executive's ’s employment is earlier terminated pursuant to paragraphs (a), (b), (c) or (d) of this Section 7, 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 last day of the then-current Employment Term, without further extension.