Common use of Non-renewal of the Agreement Clause in Contracts

Non-renewal of the Agreement. Non-renewal of this Agreement initiated by the Company in accordance with Section 2 above resulting in the termination of Executive’s employment by the Company, or resulting in Executive’s demotion, shall be deemed a termination of Executive’s employment without Cause and Executive shall be entitled to receive Severance under the terms of Section 12.2(b). If Executive initiates a non-renewal of this Agreement in accordance with Section 2 above, he shall not be entitled to any Severance or Change of Control Severance, as the case may be, from the Company.

Non-renewal of the Agreement. Non-renewal of this Agreement initiated by the Company in accordance with Section 2 above resulting in the termination of Executive’s employment by the Company, or resulting in Executive’s demotion, shall be deemed a termination of Executive’s employment without Cause and Executive shall be entitled to receive Severance severance pay and benefits under the terms of Section 12.2(b)12.2. If Executive initiates a non-renewal of this Agreement in accordance with Section 2 above, he shall not be entitled to any Severance severance pay or Change of Control Severance, as the case may be, benefits from the Company.

Non-renewal of the Agreement. Non-renewal of this Agreement initiated by the Company in accordance with Section 2 above resulting in the termination of Executive’s employment by the Company, or resulting in Executive’s demotion, shall be deemed a termination of Executive’s employment without Cause and Executive shall be entitled to receive Severance severance pay and benefits under the terms of Section 12.2(b)12.2, provided, however, that any installments of severance pay that remain to be paid to Executive by March 15 of the calendar year following the year in which Executive terminates employment shall be accelerated and paid in full on such date. If Executive initiates a non-renewal of this Agreement in accordance with Section 2 above, he shall not be entitled to any Severance severance pay or Change of Control Severance, as the case may be, benefits from the Company.