Common use of Failure to Extend Agreement Clause in Contracts

Failure to Extend Agreement. In the event that this Agreement has not been extended or renewed by mutual agreement at the end of its term on December 31, 2002 and the employment of Executive continues, then the following shall apply: (a) Such employment shall constitute an employment at will from month to month. During Executive's employment following December 31, 2002, (i) if the Company employs Executive under this section during the period from January 1, 2003 to March 31, 2003, he shall receive salary during such employment at the annual rate of 400% of his annual Base Compensation as of December 31, 2002; (ii) the terms of this Agreement that governed Executive's benefits and perquisites prior to January 1, 2003 will continue to apply, and will be in addition to Executive's salary specified in clause (i) above; (iii) Executive shall be entitled to payment with respect to the Incentive Compensation Award for calendar year 2002, and LTIP awards for the performance period ending December 31, 2002 to the extent provided by this Agreement, but Executive will not be entitled to an Incentive Compensation Award, or LTIP awards or any other incentive compensation award for performance periods beginning after December 31, 2002. (b) If the Company terminates Executive's employment following December 31, 2002, or if the Company and Executive shall not have mutually agreed to the terms of, and entered into, a new employment agreement prior to March 31, 2003, then Executive's employment shall terminate on April 1, 2003, and the Company's obligations shall be the same as they would have been, and Executive shall receive the same payments and other benefits that he would have received, had the Company terminated his employment pursuant to subsection 6.2 (but not including any additional payment with respect to Stock Options pursuant to paragraph 6.2(c)).

Failure to Extend Agreement. In the event that this Agreement has not been extended or renewed by mutual agreement at the end of its term on December 31, 2002 2000 and the employment of Executive continues, then the following shall apply: (a) Such such employment shall constitute an employment at will from month to month. During Executive's employment following December 31, 20022000, (i) if the Company employs Executive under this section during the period from January 1, 2003 to March 31, 2003, he shall receive salary during such employment at the annual rate of 400% of his annual Base Compensation as of December 31, 20022000; (ii) the terms of this Agreement that governed Executive's benefits and perquisites prior to January 1, 2003 2001 will continue to apply, and will be in addition to Executive's salary specified in clause (i) above; (iii) Executive shall be entitled to payment with respect to the Incentive Compensation Award for calendar year 2002, and LTIP awards for the performance period ending December 31, 2002 2000 to the extent provided by this Agreement, but Executive will not be entitled to an Incentive Compensation Award, or LTIP awards or any other incentive compensation award Award for performance periods beginning after December 31, 2002. (b) calendar year 2001. If the Company terminates Executive's employment following December 31, 20022000, or if the Company and Executive shall not have mutually agreed to the terms of, and entered into, a new employment agreement prior to March 31, 20032001, then Executive's employment shall terminate on April 1, 20032001, and the Company's obligations shall be the same as they would have been, and Executive shall receive the same payments and other benefits that he would have received, had the Company terminated his employment pursuant to subsection 6.2 6.3, provided, however, that the termination payments otherwise payable in accordance with paragraph 6.3(a)(iii) shall be at an annual rate equal to: (but I) three (3); multiplied by (II) Executive's annual rate of Base Compensation as of December 31, 2000; and such termination payments shall be made in substantially equal installments, not including any additional payment with respect to Stock Options pursuant to paragraph 6.2(c))less frequently than monthly, for a period of thirty-six (36) months following such termination.

Failure to Extend Agreement. In the event that this Agreement has not been extended or renewed by mutual agreement at the end of its term on If prior to December 31, 2002 and the employment of Executive continues, then the following shall apply: (a) Such employment shall constitute an employment at will from month to month. During Executive's employment following December 31, 2002, (i) if 2008 the Company employs offers to Executive in writing an extension of the period of Executive’s employment under this section during the period from Agreement or a new agreement in principle with Executive to apply to a term commencing January 1, 2003 to March 31, 2003, he shall receive salary during such employment at the annual rate of 400% of his annual Base Compensation as of December 31, 2002; (ii) the terms of this Agreement that governed Executive's benefits and perquisites prior to January 1, 2003 will continue to apply, and will be in addition to Executive's salary specified in clause (i) above; (iii) Executive shall be entitled to payment with respect to the Incentive Compensation Award for calendar year 2002, and LTIP awards for the performance period ending December 31, 2002 to the extent provided by this Agreement, 2009 but Executive will not be entitled to an Incentive Compensation Award, or LTIP awards or any other incentive compensation award for performance periods beginning after December 31, 2002. (b) If the Company terminates Executive's employment following December 31, 2002, or if the Company and Executive shall have not have mutually agreed to the terms of, and of or entered into, into a new employment agreement prior to by March 31, 20032009, then then: (a) Executive's ’s employment shall terminate on April 1, 2003, 2009 and the Company's ’s obligations to Executive for any period thereafter shall be the same as they would have been, and Executive shall receive the same payments and other benefits that he would have received, had the Company terminated his employment pursuant to subsection 6.2 Section 6.3 (but not including any additional payment with respect to Stock Options stock options or equivalent (SARs paid in stock) pursuant to paragraph 6.2(csubsection 6.3(a)(iv)); and (b) Executive’s employment from the period after December 31, 2008 and until March 31, 2009 shall constitute an employment at will from month to month, and during said period Executive shall receive: (i) a base salary during such period of employment at the annual rate of 400% of his annual Base Compensation hereunder as of December 31, 2008; (ii) the terms of this Agreement that governed Executive’s other benefits and perquisites prior to January 1, 2009 will continue to apply, and will be additional to Executive’s salary as specified in subset (i) above; and (iii) Executive shall be entitled to payment with respect to the annual Bonus for calendar year 2008, and stock option or equivalent (SARs paid in stock) awards for the performance period ending December 31, 2008 to the extent provided by this Agreement, but Executive will not be entitled to an annual Bonus, or stock option or equivalent (SARs paid in stock) awards or any other incentive compensation award for performance periods beginning after December 31, 2008. If the Company does not make such written offer to Executive on or before December 31, 2008, then Executive’s employment shall terminate on December 31, 2008 and Executive shall receive all amounts and benefits set forth in Section 6.3.

Failure to Extend Agreement. In the event that this Agreement has not been extended or renewed by mutual agreement at the end of its term on (a) Following December 31, 2002 and the employment of Executive continues2005, then the following shall apply: (a) Such employment shall constitute an employment at will from month to month. During Executive's employment following December 31, 2002, (i) if the Company employs Executive under this section during the period from January 1, 2003 to March 31, 2003, he shall receive salary during such employment at the annual rate of 400% of his annual Base Compensation as of December 31, 2002; (ii) the terms of this Agreement that governed Executive's benefits and perquisites prior to January 1, 2003 will continue to apply, and will be in addition to Executive's salary specified in clause (i) above; (iii) Executive shall be entitled to payment with respect to the Incentive Compensation Award for calendar year 2002, and LTIP awards for the performance period ending December 31, 2002 to the extent provided by this Agreement, but Executive will not be entitled to an Incentive Compensation Award, or LTIP awards or any other incentive compensation award for performance periods beginning after December 31, 2002. (b) If the Company terminates Executive's ’s employment following December 31for any reason other than for Cause (in the case of a termination for Cause, 2002subsection 6.2 shall apply), or if the Company and Executive shall have not have mutually agreed to the terms of, and entered into, into a new employment agreement prior to March 31, 20032006, then Executive's ’s employment shall terminate on April 1, 2003, 2006 and the Company's ’s obligations shall be the same as they would have been, and Executive shall receive the same payments and other benefits that he would have received, had the Company terminated his employment pursuant to subsection 6.2 6.3 (but not including any additional payment with respect to Stock Options pursuant to paragraph 6.2(csubsection 6.3(a)(iv)). (b) On or before December 31, 2005, the Company may offer to Executive in writing an extension of the period of Executive’s employment under this Agreement or a new Agreement in principle with Executive, in either case having a term of employment commencing January 1, 2006. If the Company does not make such written offer to Executive on or before December 31, 2005, then Executive’s employment shall terminate on December 31, 2005 and Executive shall receive all amounts and benefits set forth in subsection 6.5(a). If the Company makes such an offer by December 31, 2005, then Executive’s employment after December 31, 2005 shall constitute an employment at will from month to month and, during the period from January 1, 2006 to March 31, 2006, Executive shall receive: (i) a salary during such employment at the annual rate of 400% of his annual Base Compensation as of December 31, 2005; (ii) the terms of this Agreement that governed Executive’s benefits and perquisites prior to January 1, 2006 will continue to apply, and will be in addition to Executive’s salary specified in clause (i) above; and (iii) Executive shall be entitled to payment with respect to the annual Bonus for calendar year 2005, and Stock Option awards for the performance period ending December 31, 2005 to the extent provided by this Agreement and the Addendum, but Executive will not be entitled to an annual Bonus, or Stock Option awards or any other incentive compensation award for performance periods beginning after December 31, 2005.