Common use of Failure to Renew Clause in Contracts

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 $45,975 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. 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 $45,975 42,750 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 (gf) 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 (ih) hereof in such event.

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 $45,975 50,000 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. 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 $45,975 29,150 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. 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 $45,975 75,000 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. 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 $45,975 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. 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 $45,975 28,250 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.