Common use of Expiration at Election of Employer Clause in Contracts

Expiration at Election of Employer. If the Employment Period expires on its then stated expiration date without Employer having offered to Executive at least a one year renewal or extension of the Employment Period on its then current terms, Employer shall pay to Executive (a) Base Salary for the twelve (12) month period following the date of termination (calculated at the Base Salary rate in effect as of the date of termination), payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (b) when and if due pursuant to the provisions of Section 3.2, the Bonus for the Bonus Year in which the Employment Period expired prorated as provided in said Section 3.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 3.2. Employer shall have no obligation to continue any other benefits provided for in Section 3 past the date of termination, except as provided in Section 3.4.

Expiration at Election of Employer. If the Employment Period expires on its then stated expiration date without Employer having offered to Executive at least a one year renewal or extension of the Employment Period on its then current terms, Employer shall pay to Executive (a) Base Salary for the twelve eighteen (1218) month period following the date of termination (calculated at the Base Salary rate in effect as of the date of termination), payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (b) when and if due pursuant to the provisions of Section 3.2, the Bonus for the Bonus Year in which the Employment Period expired prorated as provided in said Section 3.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 3.2. Employer shall have no obligation to continue any other benefits provided for in Section 3 past the date of termination, except as provided in Section 3.4.

Expiration at Election of Employer. If the Employment Period ---------------------------------- expires on its then stated expiration date without Employer having offered to Executive at least a one year renewal or extension of the Employment Period on its then current terms, Employer shall pay to Executive (a) Base Salary for the twelve (12) month period following the date of termination (calculated at the Base Salary rate in effect as of the date of termination), payable in equal installments at the times Base Salary would have been paid had the Employment Period not been terminated, (b) when and if due pursuant to the provisions of Section 3.2, the Bonus for the Bonus Year in which the Employment Period expired prorated as provided in said Section 3.2 and (c) if applicable, the Bonus for the last full Bonus Year pursuant to Section 3.2. Employer shall have no obligation to continue any other benefits provided for in Section 3 past the date of termination, except as provided in Section 3.43.6.