Common use of Non-Renewal of Employment Clause in Contracts

Non-Renewal of Employment. Either OMNI or Employee may elect not to renew Employee’s employment hereunder at the end of the Initial Period, or at the end of any Additional Period thereafter, by delivery of sixty (60) calendar days prior written notice. At the expiration of the employment term, OMNI shall pay to Employee an amount equal to the sum of: (i) Employee’s earned but unpaid Annual Base Salary through the date of termination of employment at the rate then in effect, and (ii) pay for vacation earned but not used through the date of termination. If an annual bonus is awarded pursuant to Section 4(b) hereof, it shall be prorated through the date of termination and paid in accordance with Section 4(b). Upon termination of Employee’s employment hereunder, Employee shall be deemed to have resigned from all offices, directorships, and committee positions then held with OMNI or any affiliate.

Non-Renewal of Employment. Either OMNI or Employee may elect not to renew Employee’s employment hereunder at the end of the Initial Period, or at the end of any Additional Period thereafter, by delivery of sixty (60) calendar days prior written noticenotice by the electing party to the other party. At the expiration of the employment term, OMNI shall pay to Employee an amount equal to the sum of: (i) Employee’s earned but unpaid Annual Base Salary through the date of termination of employment at the rate then in effecteffect (ii) vacation pay earned but not taken to the date of such termination, and (iiiii) pay for vacation earned but not used through the annual bonuses prorated to date of termination. If an annual bonus is , if awarded pursuant to Section 4(b) hereof, it shall be prorated through the date of termination and paid in accordance with Section 4(b). Upon termination of Employee’s employment hereunder, Employee shall be deemed to have resigned from all offices, directorships, and committee positions then held with OMNI or any affiliate.