Common use of Expiration of Employment Period Clause in Contracts

Expiration of Employment Period. In the event either party elects not to extend the Employment Period pursuant to Section 1, unless Employee's employment is earlier terminated, Employee's termination of employment hereunder (whether or not Employee 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. Any expiration of the Employment Period due the Company’s nonrenewal of the Employment Period shall be deemed a termination of employment without Cause for purposes of this Agreement (and consequently Employee shall be entitled to the payments and benefits set forth in Section 2(c)). In the event of the expiration of the Employment Period due to Employee’s nonrenewal of the Employment Period, Employee shall be entitled to receive the Accrued Rights. Following such termination of Employee's employment hereunder as a result of either party's election not to extend the Employment Period, except as set forth in this Section 2(d), Employee shall have no further rights to any compensation or any other benefits under this Agreement.

Expiration of Employment Period. In the event either party elects not to extend the Employment Period pursuant to Section 1, unless Employee's ’s employment is earlier terminated, Employee's ’s termination of employment hereunder (whether or not Employee 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. Any expiration of the Employment Period due the Company’s nonrenewal of the Employment Period shall be deemed a termination of employment without Cause for purposes of this Agreement (and consequently Employee shall be entitled to the payments and benefits set forth in Section 2(c)). In the event of the expiration of the Employment Period due to Employee’s nonrenewal of the Employment Period, Employee shall be entitled to receive the Accrued Rights. Following such termination of Employee's ’s employment hereunder as a result of either party's ’s election not to extend the Employment Period, except as set forth in this Section 2(d), Employee shall have no further rights to any compensation or any other benefits under this Agreement.