Common use of Non-Renewal Notice Clause in Contracts

Non-Renewal Notice. Unless otherwise specified in the text of a Non-Renewal Notice, the delivery by the Company to Executive of a Non-Renewal Notice in accordance with this Agreement will not constitute the termination of Executive's employment as contemplated by Sections 1.8(a)(i) or 1.8(a)(iii). Notwithstanding the foregoing, in the event of the delivery by the Company to Executive of a Non-Renewal Notice, the Company agrees that, if Executive executes the Release, commencing promptly upon the effective date of the Release, the Company will pay to Executive as consideration for signing the Release, the Release Payment. The Release Payment will be payable periodically, consistent with the then current payroll practices of the Company. Executive agrees that the sum entailed by the Release is good and valuable consideration for the surrender of rights entailed by the Release. In the event of the delivery by the Company to Executive of a Non-Renewal Notice, the Company will (A) pay to Executive accrued but unpaid Salary through the Termination Date, (B) pay to Executive all unreimbursed expenses incurred in accordance with this Agreement prior to such Termination Date, which payments in the cases of clauses (A) and (B) will become due and payable within ten calendar days following the Termination Date, (C) pay to Executive bonus as described in Section 1.3 that is accrued but unpaid prior to the Termination Date, which payments will become due and payable within ten calendar days after the Company has made a reasonably prompt determination of Precision's financial performance up to the Termination Date, (D) provide to Executive such benefits described in Section 1.6(a) that have accrued prior to the Termination Date and which are subject to continuance after the Termination Date in accordance with the terms of such benefits, and (E) notwithstanding clause (D), provide to Executive medical insurance coverage that is substantially equivalent to the medical insurance coverage then provided to him by the Company prior to such delivery of the Non-Renewal Notice for a period of nine months following the Termination Date. Other than (x) as set forth in Section 1.5 or otherwise in the LLC Agreement, (y) with respect to any obligations of the Company to indemnify Executive or to cause PPHC or LLC or any Affiliate to indemnify Executive or (z) as set forth in Section 1.8(e), and, except as set forth in this Section 1.8(b), the Company will have no additional obligations to Executive hereunder and the payments to be made in accordance with this Section 1.8(b) will constitute exclusive liquidated damages payable as a result of the non-renewal of Executive's employment by the Company.

Non-Renewal Notice. Unless otherwise specified in the text of a Non-Renewal Notice, the delivery by the Company to Executive of a Non-Renewal Notice in accordance with this Agreement will not constitute the termination of Executive's employment as contemplated by Sections Section 1.8(a)(i) or 1.8(a)(iii). Notwithstanding the foregoing, in the event of the delivery by the Company to Executive of a Non-Renewal Notice, the Company agrees that, if Executive executes the Release, commencing promptly upon the effective date of the Release, the Company will pay to Executive as consideration for signing the Release, the Release Payment. The Release Payment will be payable periodically, consistent with the then current payroll practices of the Company. Executive agrees that the sum entailed by the Release is good and valuable consideration for the surrender of rights entailed by the Release. In the event of the delivery by the Company to Executive of a Non-Renewal Notice, the Company will (A) pay to Executive accrued but unpaid Salary through the Termination Date, (B) pay to Executive all unreimbursed expenses incurred in accordance with this Agreement prior to such Termination Date, which payments in the cases of clauses (A) and (B) will become due and payable within ten calendar days following the Termination Date, (C) pay to Executive bonus as described in Section 1.3 that is accrued but unpaid prior to the Termination Date, which payments will become due and payable within ten calendar days after the Company has made a reasonably prompt determination of Precision's financial performance up to the Termination Date, (D) provide to Executive such benefits described in Section 1.6(a) that have accrued prior to the Termination Date and which are subject to continuance after the Termination Date in accordance with the terms of such benefits, and (E) notwithstanding clause (D), provide to Executive medical insurance coverage that is substantially equivalent to the medical insurance coverage then provided to him by the Company prior to such delivery of the Non-Renewal Notice for a period of nine months following the Termination Date. Other than (x) as set forth in Section 1.5 or otherwise in the LLC Agreement, (y) with respect to any obligations of the Company to indemnify Executive or to cause PPHC or LLC or any Affiliate to indemnify Executive or (z) as set forth in Section 1.8(e1.8(d), and, except as set forth in this Section 1.8(b), the Company will have no additional obligations to Executive hereunder and the payments to be made in accordance with this Section 1.8(b) will constitute exclusive liquidated damages payable as a result of the non-renewal of Executive's employment by the Company.

Non-Renewal Notice. Unless otherwise specified in the text of a Non-Renewal Notice, the delivery by the Company to Executive of a Non-Renewal Notice in accordance with this Agreement will not constitute the termination of Executive's employment as contemplated by Sections 1.8(a)(i) or 1.8(a)(iii). Notwithstanding the foregoing, in the event of the delivery by the Company to Executive of a Non-Renewal Notice, the Company agrees that, if Executive executes the Release, commencing promptly upon the effective date of the Release, the Company will pay to Executive as consideration for signing the Release, the Release Payment. The Release Payment will be payable periodically, consistent with the then current payroll practices of the Company. Executive agrees that the sum entailed by the Release is good and valuable consideration for the surrender of rights entailed by the Release. In the event of the delivery by the Company to Executive of a Non-Renewal Notice, the Company will (A) pay to Executive accrued but unpaid Salary through the Termination Date, (B) pay to Executive all unreimbursed expenses incurred in accordance with this Agreement prior to such Termination Date, which payments in the cases of clauses (A) and (B) will become due and payable within ten calendar days following the Termination Date, (C) pay to Executive bonus as described in Section 1.3 that is accrued but unpaid prior to the Termination Date, which payments will become due and payable within ten calendar days after the Company has made a reasonably prompt determination of Precision's financial performance up to the Termination Date, (D) provide to Executive such benefits described in Section 1.6(a) that have accrued prior to the Termination Date and which are subject to continuance after the Termination Date in accordance with the terms of such benefits, and (E) notwithstanding clause (D), provide to Executive medical insurance coverage that is substantially equivalent to the medical insurance coverage then provided to him by the Company prior to such delivery of the Non-Renewal Notice for a period of nine months following the Termination Date. Other than (x) as set forth in Section 1.5 or otherwise in the LLC Agreement, (y) with respect to any obligations of the Company to indemnify Executive or to cause PPHC or LLC or any Affiliate to indemnify Executive or (z) as set forth in Section 1.8(e1.8(d), and, except as set forth in this Section 1.8(b), the Company will have no additional obligations to Executive hereunder and the payments to be made in accordance with this Section 1.8(b) will constitute exclusive liquidated damages payable as a result of the non-renewal of Executive's employment by the Company.