Expiration of the Term of Employment. Notwithstanding anything herein to the contrary, in no event shall any termination by reason of expiration of the Term of Employment pursuant to Section 2 hereof constitute a termination without Cause hereunder and, upon such expiration, Executive shall have the same entitlements as are provided in Section 7(c)(ii) above for a termination by the Company for Cause. Notwithstanding the foregoing, in no event shall a notice of nonrenewal of the Term of Employment by Executive pursuant to Section 2 hereof in and of itself constitute Cause.
Expiration of the Term of Employment. To the extent Employee’s employment has not terminated earlier as set forth in Section 8(a) hereof, Employee’s employment shall terminate upon the expiration of the Term of Employment. Upon termination of Employee’s employment due to the expiration of the Term of Employment, the Employee shall be entitled to:
(i) The Accrued Obligations;
(ii) Any unpaid Annual Bonus in respect to any completed fiscal year which has ended prior to the date of expiration of the Term of Employment, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company;
(iii) Annual Bonus for the fiscal year of termination, to the extent applicable performance conditions are achieved for such fiscal year, such amount to be paid in a lump sum at the same time the Annual Bonus would otherwise have been paid pursuant to Section 4(b) above had such termination not occurred;
(iv) Continuation of payment of Base Salary during the Severance Term, payable in accordance with the Company’s regular payroll practices, it being agreed that each installment of Base Salary payable hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code; and
(v) Continuation, during the Severance Term, of the medical benefits provided to Employee and his covered dependants under the Company’s health plans in effect as of the date of such termination, it being understood and agreed that (A) Employee shall be required to pay that portion of the cost of such medical benefits as Employee was required to pay (including through customary deductions from Employee’s paycheck) as of the date of Employee’s termination of employment with the Company, and (B) notwithstanding the foregoing, the Company’s obligation to provide such continuation of benefits shall terminate prior to the expiration of the Severance Term in the event that Employee becomes eligible to receive any such or similar benefits while employed by or providing service to, in any capacity, any other business or entity during the Severance Term. Notwithstanding the foregoing, the Severance Term shall expire, the payments and benefits described in clauses (ii), (iii), (iv), and (v) above shall immediately terminate, and the Company shall have no further obligations to Employee with respect thereto, in the event that Employee breaches any provision of Section 9 hereof. Except as otherwise set forth below in this Section 8(g), Employee shall have no further rights to any compensation or a...
Expiration of the Term of Employment. Notwithstanding anything herein to the contrary, (i) in no event shall delivery of a Non-Renewal Notice by the Company in and of itself constitute a termination without Cause; and (ii) in no event shall delivery of a Non-Renewal Notice by Employee constitute an event pursuant to which the Company may terminate Employee's employment for Cause or constitute a termination by employee subject to Section 8(e). Upon such expiration of the Term of Employment, Employee shall be entitled to:
(i) The Accrued Obligations; and
(ii) Any unpaid Annual Bonus in respect to any completed fiscal year which has ended prior to the date of such termination, which amount shall be paid at such time Annual Bonus amounts are paid to other senior executives. Notwithstanding the foregoing, in the event that the expiration of the Term of Employment is as a result of the Company's delivery of a Non-Renewal Notice, in lieu of the payments and benefits described in subsections (i) and (ii) above, the Employee shall be entitled to the same payments and benefits as provided in Section 8(d) above for a termination without Cause. Following such termination of Employee's employment upon expiration of the Term of Employment, except as set forth in this Section 8(f), Employee shall have no further rights to any compensation or any other benefits under this Agreement.
Expiration of the Term of Employment. Upon the expiration of the Term of Employment pursuant to Section 2 hereof, the Company may at its sole discretion, by notice from the Board to Employee of the Company’s exercise of this right, extended the Term of Employment one (1) time for a period of (1) one year. Absent such notice from the Board or upon the expiration of Term of Employment as extended once, Employee’s employment shall then be on an at-will basis such that Employee or the Company may terminate Employee’s employment at any time and for any reason, with or without Cause and without any obligation on the part of the Company to pay sums to Employee post-termination. In the event the Term of Employment expires and Employee becomes employed on an at-will basis, Employee shall be entitled to receive salary and benefits as determined by the Company. During Employee’s employment on an at-will basis and following termination of that employment, Employee shall also continue to be bound by and obligated to comply with the provisions of Sections 3 and 8 through 22 and of this Agreement.
Expiration of the Term of Employment. In the event the School determines not to extend this Agreement, the School shall notify in writing.
Expiration of the Term of Employment. In the event that the Executive's employment hereunder terminates upon the third anniversary of the Effective Date, then he shall be entitled to:
(i) a Pro-Rata Annual Incentive Award for the year containing the Termination Date, payable in a lump sum promptly following the Termination Date, and, if the product of (x) 75% of the annual incentive bonus payment(s) earned by the Company's Chief Executive Officer for such year and (y) the fraction described in Section 1(p)(ii), shall exceed such Pro-Rata Annual Incentive Award, an amount equal to such excess no later than the time specified in Section 5 hereof;
(ii) the retirement benefit payable pursuant to the Retirement Benefit Agreement;
(iii) payments with respect to any long-term incentive awards that have long-term incentive measurement periods ending after the Termination Date to the extent provided in the applicable plans or programs or, if greater, award documents in the event of a retirement or, if greater, a termination of employment without cause;
(iv) the continued right to exercise each outstanding stock option to the extent provided in the applicable plan or, if greater, grant document in the event of a retirement or, if greater, a termination of employment without cause, with each such option to become and remain exercisable to the extent provided in the applicable plan or, if greater, grant document in the event of a retirement or, if greater, a termination of employment without cause;
(v) immediate vesting of all shares of Restricted Stock and, notwithstanding Section 9(g)(iv), the Stock Option; and
(vi) the benefits described in Section 9(h)(i).
Expiration of the Term of Employment. In the event that the Executive’s employment terminates because the Company has delivered notice not to renew this Agreement in accordance with Section 2 or because the Executive has delivered notice not to renew this Agreement under the circumstances set forth in the proviso at the end of Section 4, then he shall be entitled to:"
Expiration of the Term of Employment. For the avoidance of doubt, if Employee’s employment shall terminate upon or following the one year anniversary of the date first set forth above, Employee shall be entitled only to the Accrued Obligations and any unpaid STI Award that had become payable on or before the date of employment termination (which amount shall be paid on the sixtieth (60th) day following the termination date), and any Common Share Awards which are not vested as of the date of termination shall be cancelled. Following such termination of Employee’s employment, except as set forth in this Section 8(g) or as may be provided for pursuant to the Stock Option and RockPile/Caliber Program, Employee shall have no further rights to any compensation or any other benefits under this Agreement. Notwithstanding the foregoing, if Employee’s termination of employment occurs within sixty (60) days following the expiration of the Term of Employment (other than as a result of a termination by the Company which would have been a termination for Cause had this Agreement remained in effect) and the Company has not offered Employee an employment agreement economically equivalent to the terms of this Agreement (other than the Bonus Prepayment), such termination of employment shall be treated as a termination without Cause under this Agreement and Employee shall be entitled to the same payments and benefits as provided in Section 8(d) above for a termination by the Company without Cause, subject to the same conditions on payment and benefits as described in Section 8(d) above.
Expiration of the Term of Employment. In the event that the Executive's employment terminates because the Company has delivered notice not to renew this Agreement in accordance with Section 2, then he shall be entitled to:
(i) the Standard Benefits;
(ii) accelerated vesting of any option tranche that would otherwise have vested within one year of the Termination Date and the ability to exercise vested options for up to one year from the Termination Date; and
(iii) a severance payment equal to the sum of one year’s Base Salary, which is payable in installments in accordance with the Company’s regular payroll practices.
Expiration of the Term of Employment. If the Term of Employment expires and is not renewed in accordance with Section 1(a), then the Executive’s employment with the Company shall terminate and the Company shall provide the Executive the Accrued Benefits and the Pro-Rata Bonus, if any.
