End of Term of Employment Sample Clauses
End of Term of Employment. If the Executive and the Company have not on or prior to December 31, 2003 reached written agreement regarding the Executive's employment with the Company after December 31, 2003, then the Executive's term of employment shall end on December 31, 2003 (such an event being a "Non-Renewal") and the Executive shall elect (i) to cease being an employee of the Company without the receipt of a lump sum payment pursuant to Section 4.3.1, (ii) to cease being an employee of the Company and to receive a lump-sum payment pursuant to Section 4.3.1 or (iii) to remain an employee of the Company for a period elected pursuant to Section 4.3.2.
4.3.1 In the event the Executive shall make the election provided in Section 4.3(ii), the Company shall pay as severance within 30 days thereafter in a lump sum (discounted at the Discount Rate) an amount equal to, at the election of the Executive (which election shall be made by written notice to the Company prior to the end of such 30 day period), (i) the sum of six months of Base Salary and deferred compensation plus 50% of the Average Bonus or (ii) the sum of 12 months of Base Salary and deferred compensation plus the Average
End of Term of Employment. King’s employment with Water Now will automatically terminate at the expiration of the Term of Employment unless extended in accordance with the provisions of Section 1.
End of Term of Employment. At least 120 days prior to the Term Date, the Company and the Executive shall commence discussions regarding a renewal or extension of this Agreement on terms and conditions mutually agreeable to the parties. If at the Term Date, the parties have not agreed to an extension or renewal of this Agreement or on the terms of a new employment agreement and no Disability Period is in effect, then either party may terminate the Executive's employment on 60 days written notice to the other party, which notice may be delivered at any time on or after the November 1st immediately preceding the Term Date. If the Executive shall cause his employment with the Company to terminate on or after the Term Date, then the Executive shall receive Base Salary and deferred compensation through the effective date of termination and a pro rata bonus for the year in which such termination occurs calculated as provided in Section 4.2.1; provided, however, that if the Company has changed the terms or conditions of the Executive's employment from those provided for in this Agreement such that the Executive would have been able to terminate the term of employment pursuant to Section 4.2 if such Section 4.2 had been applicable at the time (without giving effect to any cure right of the Company), then the Executive shall be entitled to the additional benefits described in the next sentence. If the Company shall cause the Executive's employment to terminate on or after the Term Date for any reason (other than cause as defined in Section 4.1, in which case Section 4.1 shall apply, and other than for death or disability, in which case Section 5 or 6 shall apply), then in lieu of the provisions of Section 4.2, the Executive shall be entitled to receive Base Salary and deferred compensation through the effective date of such termination and a pro rata bonus for the year in which such termination occurs calculated as provided in Section 4.2.1 and shall be entitled to elect by delivery of written notice to the Company, within 30 days after such notice of termination is given, either (A) to cease being an employee of the Company and receive a lump sum payment (and credits) as provided in Section 4.3.2 or (B) remain an employee of the Company for a period of twelve months pursuant to Section 4.3.3 and receive the payments (and credits) provided in Section 4.3.3. The payments described in this Section 4.3 are in addition to any annual bonus otherwise payable pursuant to Section 3.2 hereof with resp...