Failure to Renew Sample Clauses
Failure to Renew. In the event either party elects not to extend the Initial Term or any Renewal Term, as applicable, pursuant to Section 1, unless the Employee’s employment is earlier terminated pursuant to paragraphs (a), (b), (c) or (d) of this Section 4, the Employee’s termination of employment hereunder (whether or not the 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 Expiration Date or the next scheduled anniversary of the Expiration Date, as applicable, and the Employee shall be entitled to receive the Accrued Rights.
Failure to Renew. If the initial five year Term of this Agreement expires and Employee and the Company fail to agree upon mutually acceptable terms for renewal within 30 days after the date of expiration of the Term, then in such case, the Employee shall be paid the sum of $44,625 payable in equal semi-monthly installments during the six (6) month period following the expiration of the initial five year Term. Nothing contained in this clause (g) shall require the Employee to relocate in the event the Board of Directors determines to relocate the Company and the Employee shall be entitled to the payment set forth in clause (i) hereof in such event.
Failure to Renew. In the event either party elects not to extend the Initial Term or any Renewal Term, as applicable, pursuant to Section 1, unless the Employee’s employment is earlier terminated pursuant to paragraph (a), (b), (c) or (d) of this Section 4, the termination of this Agreement (whether or not the 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 Expiration Date or the next scheduled anniversary of the Expiration Date, as applicable, and the Employee shall be entitled to receive the Accrued Rights. In addition, if the election not to extend the Initial Term or any Renewal Term is made by the Company, the termination of this Agreement shall be deemed a termination of the Employee’s employment for a reason other than Cause, Disability or death, and the Employee shall be entitled to receive the payments and benefits described in Section 4(b)(i), subject to the timing and other requirements set forth therein and in Section 24.
Failure to Renew. If any party provides written notice to the other parties, at least 30 days prior to a Renewal Date, of their intention not to extend the Term of the Agreement, then: (i) the Term shall not be extended, but (ii) this Agreement and the Executive's employment hereunder shall continue in full force and effect until the expiration of the unextended Term of this Agreement in accordance with the terms hereof, and the rights and obligations of each of the parties hereunder, including the rights and obligations of the parties under Paragraph 2(b ), shall continue unchanged during the remaining Term of this Agreement, despite such failure to renew, except as may be specifically provided otherwise in this Agreement.
Failure to Renew. If either the Executive or the Company elects not to renew this Agreement at the end of the stated Term, the Company shall pay to the Executive one times the Executive’s Base Salary as in effect at the end of the Term. Such payment shall be made in a lump sum within ten (10) days following the end of the stated Term of this Agreement.
Failure to Renew. If either the Executive or the Company gives notice to terminate this Agreement at the end of the stated Term, the Company shall make a payment to the Executive equal to one times the Executive’s Base Salary as in effect at the end of the Term plus one times the Executive’s target bonus as in effect at the end of the Term. Such payment shall be made in a lump sum within ten (10) days following the end of the stated Term of this Agreement, provided that the Company receives a release within 30 days following termination of this Agreement signed by the Executive, substantially in the form attached hereto as Exhibit A. In addition, upon delivery of such release, all remaining unvested shares of restricted stock granted to the Executive shall immediately vest.
Failure to Renew. If the Executive provides notice to the Company of his/her election not to renew the Agreement following the expiration of the Initial Term or any Renewal Term, the Company shall have no obligations under the Agreement upon or after the expiration of the Agreement. If the Company provides notice to the Executive of its election not to renew the Agreement following the expiration of the Initial Term or any Renewal Term and the Executive’s employment with the Company is terminated by the Company without Cause within twelve months after the date of such notice, such termination shall be treated as an Involuntary Termination without Cause and the Executive shall be entitled to the payments set forth in Section III.C. of the Agreement, notwithstanding the expiration of the Agreement.
Failure to Renew. Notwithstanding anything contained in this Agreement, the Executive shall not be entitled to any compensation in the event that the Term of this Agreement is allowed to expire at its scheduled expiration date.
Failure to Renew. Where the Renter fails to renew this Rental Agreement (or refuses to sign a new Rental Agreement) as provided herein, the Renter’s right of renewal is extinguished, and the Renter must vacate at the end of the term being May 15
Failure to Renew. If Employer gives Employee notice as provided in Section 2 of its election not to renew this Agreement, Employee's employment shall terminate upon the anniversary date. In such event, Employee shall be paid the amount of any unpaid salary earned by the Employee up to and including the date of such Failure to Renew by Employer, an amount equal to Employee's then current monthly base salary multiplied by twelve (12), in a lump sum and any unpaid vacation pay earned by him up to and including the date of such Termination by Employer. Also, for a twelve (12) month period from the effective date of termination by Employer, Employer shall continue to make the employer contributions necessary to maintain the Employee's coverage pursuant to all benefit plans provided to the Employee by the Employer immediately prior to such Failure to Renew by Employer, and Employer shall deduct from any payment payable to the Employee pursuant to this Section the amount of any employee contributions necessary to maintain such coverage, an Employee shall continue to be bound by the provisions of Section 8 and 9 hereof, and all unvested stock options shall become fully vested and shall remain exercisable for the remainder of the stated term of such stock options.