Common use of Non-Renewal by the Company Clause in Contracts

Non-Renewal by the Company. In the event the Company elects not to renew this Agreement by giving notice of non-renewal pursuant to Section 2, this Agreement and Executive’s employment shall terminate at the end of the then current Term. Upon termination of Executive’s employment as a result of the Company’s non-renewal of this Agreement, the Company’s obligation to pay and provide Executive compensation and benefits under this Agreement shall immediately terminate, except: (a) the Company shall pay Executive that portion of his Base Salary, at the rate then in effect, which shall have been earned through the termination date; and (b) the Company shall pay or provide Executive such other payments and benefits, if any, which had accrued hereunder before the termination date. Other than the foregoing, the Company shall have no further obligations to Executive under this Agreement.

Non-Renewal by the Company. In the event the Company elects not to renew this Agreement by giving notice of non-renewal pursuant to Section 2, this Agreement and Executive’s 's employment shall terminate at the end of the then current Term. Upon termination of Executive’s 's employment as a result of the Company’s 's non-renewal of this Agreement, the Company’s 's obligation to pay and provide Executive compensation and benefits under this Agreement shall immediately terminate, except: (a) the Company shall pay Executive that portion of his Base Salary, at the rate then in effect, which shall have been earned through the termination date; and (b) the Company shall pay or provide Executive such other payments and benefits, if any, which had accrued hereunder before the termination date. Other than the foregoing, the Company shall have no further obligations to Executive under this Agreement.