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

Non-Renewal by the Company. If the Employment Period is not extended by the Company pursuant to a Non-Renewal Notice as provided for in Section 1 of this Agreement, except as provided in Sections 2(c)(ii) and 6 of this Agreement, the Company shall have no further obligations to the Executive other than: (i) the Company shall pay to the Executive in a lump sum in cash within 30 days after the Date of Termination an amount equal to the sum of (A) the amount equal to the Executive’s Annual Base Salary through the Date of Termination to the extent theretofore unpaid plus (B) 1.0 times the sum of the Annual Base Salary plus the Applicable Bonus Amount; (ii) for 12 months following the Date of Termination, the Company shall continue to provide the Executive the Welfare Benefits; provided that such benefits shall be secondary to any other coverage obtained by the Executive; provided, however, that if the Company’s welfare plans do not permit such coverage, the Company will provide the Executive the Welfare Benefits with the same after tax effect; and (iii) any Company equity awards that would have vested during the 12 month period following the Date of Termination shall immediately vest and all vested stock options and stock appreciation rights shall remain exercisable for the lesser of (x) the remainder of their term or (y) 12 months after the Date of Termination; and (iv) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive the Other Benefits.