Common use of Expiration of Employment Period Clause in Contracts

Expiration of Employment Period. For clarification, if Executive’s employment is terminated due to the normal expiration of the Employment Period or is terminated within 60 days after the Employment Period End Date (in each case, for reasons other than Cause, death, Disability or Retirement), this Agreement will terminate without further obligations to Executive, other than for (i) the payment of Accrued Obligations if and to the extent applicable as described in Section 6(a)(i), (ii) the payment of the Pro Rata Bonus if and to the extent applicable as described in Section 6(a)(iii)(B), (iii) the payment of the Severance Benefits (subject to the Executive’s execution of the Release) if and to the extent applicable as described in Section 6(a)(iii)(A), and (iv) the timely payment or provision of Other Benefits if and to the extent applicable as described in Section 6(a)(ii). Notwithstanding anything to the contrary in this Agreement, if the Agreement is not renewed and a new employment agreement is not offered and the Executive remains an employee of the Company in any capacity, Executive’s employment will not be governed by this Agreement and Executive will be an at-will employee. In that instance, Executive remains subject to the Restrictions on Conduct described in Section 11. Further, the parties agree that the benefits provided under Section 2(b) herein are intended to be in lieu of, and not in addition to, comparable benefits provided under Section 6.