Common use of Expiration at Election of Employer Clause in Contracts

Expiration at Election of Employer. In the event the Employment Period expires because of an election by Employer to allow the Employment Period to expire at the end of its then stated term as provided in Section 2 hereof, Employer shall pay to Executive (a) Base Salary for the twelve (12) month period following the date of termination (calculated at its then current rate per year), payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (b) when due pursuant to the provisions of Section 4.2, the Bonus for the Bonus Year in which the Employment Period expired prorated as provided in said Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 4.2. Employer shall have no obligation to continue any other benefits provided for in Section 4 past the date of termination.

Expiration at Election of Employer. In the event the Employment Period expires because of an election by Employer to allow the Employment Period to expire at the end of its then stated term as provided in Section 2 hereof, Employer shall pay to Executive (a) Base Salary for the twelve thirty (1230) month period following the date of termination (calculated at its then current rate per year), payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (b) when due pursuant to the provisions of Section 4.2, the Bonus for the Bonus Year in which the Employment Period expired prorated as provided in said Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 4.2. Employer shall have no obligation to continue any other benefits provided for in Section 4 past the date of termination.

Expiration at Election of Employer. In the event the Employment Period ---------------------------------- expires because of an election by Employer to allow the Employment Period to expire at the end of its then stated term as provided in Section 2 hereof, Employer shall pay to Executive (a) Base Salary for the twelve (12) month period following the date of termination (calculated at its then current rate per year), payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (b) when due pursuant to the provisions of Section 4.2, the Bonus for the Bonus Year in which the Employment Period expired prorated as provided in said Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 4.2. Employer shall have no obligation to continue any other benefits provided for in Section 4 past the date of termination.

Expiration at Election of Employer. In the event the Employment Period expires because of an election by Employer to allow the Employment Period to expire at the end of its then stated term as provided in Section 2 hereof, Employer shall pay to Executive (a) Base Salary for the twelve eighteen (1218) month period following the date of termination (calculated at its then current rate per year), payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (b) when due pursuant to the provisions of Section 4.2, the Bonus for the Bonus Year in which the Employment Period expired prorated as provided in said Section 4.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 4.2. Employer shall have no obligation to continue any other benefits provided for in Section 4 past the date of termination.