Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services (the “Non-Renewal”), then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to fifty percent (50%) times the Severance Payment (the “Non-Renewal Payment”). The Non-Renewal Payment shall be paid in equal installments over the six (6) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll. However, if the Non- Renewal occurs following a Change in Control, the Non-Renewal Payment shall be paid in a lump sum within thirty (30) days of Executive’s termination of employment. (g)
Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services, then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to a Severance Payment equal to one (1.0) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year. The first $500,000 of the Severance Payment shall be paid in a lump sum to the Executive within thirty (30) days after his termination of employment. The remaining amount of the Severance Payment shall be paid in equal installments over a six (6) month period following the Executive’s termination of employment in Installment Payments. Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). In the event that, pursuant to the above, any of the Installment Payments will be paid after April 1 of the year following the year of termination and the total amount of any such Installment Payments which will be paid after April 1 exceeds the lesser of: (i) twice the Executive’s then current base salary; or (ii) twice the Code Section 401(a)(17) limit in effect for the year of termination, the portion of any such Installment Payments that exceeds the foregoing threshold shall be accumulated and paid in the seventh (7th) month following the date of his termination of employment, but only to the extent necessary to comply with the six (6) month delay rule pertaining to “specified employees” under Treasury Regulations Section 1.409A-3(i)(2).
Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services, then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to a Severance Payment equal to one (1.0) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year. The first $500,000 of the Severance Payment shall be paid in a lump sum to the Executive within thirty (30) days after his termination of employment. The remaining amount of the Severance Payment shall be paid in equal installments over a six (6) month period following the Executive’s termination of employment in Installment Payments. Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). In the event that, pursuant to the above, any of the Installment Payments will be paid after April 1 of the year
Non-Renewal Payment. If this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services (the “Non-Renewal”), then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to one-hundred percent (100%) of Executive’s Annual Base Compensation in effect at the time of nonrenewal (the “Non-Renewal Payment”), which Non-Renewal Payment shall be paid in one lump sum within ten (10) days after the expiration of the term. However, if Executive is entitled to receive a Severance Payment payable pursuant to Section 11(b), Executive shall not be entitled to receive a Non-Renewal Payment. Any extension shall include all of same terms, obligations, and considerations set forth in this Agreement, including without limitation all terms relating to compensation, incentive benefits (except for the Award set forth in paragraph 4), benefits, the same conditions and rights to severance payments (except for the non-renewal payment provided for in paragraph 11(f) hereof) and benefits, and the same rights and obligations with respect to the restrictive covenants. (g)
Non-Renewal Payment. In the event that the Company elects not to extend this Agreement beyond the second anniversary of the Effective Date, then the Company shall pay Executive, provided Executive has relocated to Huntsville, Alabama prior to the second anniversary of the Effective Date, a special termination payment equal to one hundred percent (100%) of the Executive's Base Salary at the then current rate of Base Salary. For purposes of this Section 10(j), a "relocation" to Huntsville, Alabama shall mean that (i) Executive shall have established a permanent primary residence in Huntsville/Madison County, Alabama in which Executive and his immediate family reside on a primary basis, and for which Executive has sought a homestead exemption for applicable ad valorem taxes, (ii) Executive is subject to Alabama personal income tax, and (iii) Executive is qualified to register to vote in general elections in the State of Alabama. Aside from the payment referred to in this Section 10(j), if applicable, and applicable Base Salary and bonuses which may be payable pursuant to Section 5, no other payments shall be made by the Company to Executive as a result of the Company's election not to extend this Agreement beyond the second anniversary of the Effective Date.
Non-Renewal Payment. In the event that, on or before August 15, 2001, the Company does not offer an employment agreement to Employee which is acceptable to Employee (after reasonable negotiations between Employer and Employee lasting for at least thirty (30) days), then Employee will be entitled to payment of One Million Five Hundred Thousand Dollars ($1,500,000); PROVIDED, HOWEVER, that payment of such amount will be conditional upon Employee signing a standard form general release of claims against the Company and its directors, officers, affiliates and agents. Upon payment of such amount, Employee will not be entitled to receive any other payment under this SECTION 8.
Non-Renewal Payment. At the end of the Term of this Employment Agreement, provided this Employment Agreement has not been terminated, if the Agreement is not renewed and extended on a basis that is mutually acceptable to both Employer and Employee, then in such event, Employee shall be entitled to receive twelve (12) months salary in equal monthly installments over a 12-month period beginning on the first day of the first month following the expiration of the Term as non-renewal benefit ("NON-RENEWAL PAYMENT") subject to the following conditions and adjustments:
Non-Renewal Payment. If, prior to the Termination Date, the Company does not offer the Executive employment with the Company for the period commencing immediately after the Termination Date under terms and conditions at least as favorable to the Executive as those contained herein, including, but not limited to, the terms and conditions of Sections 2 through 6 hereof, then, the Executive shall be entitled to a payment of Fifty Thousand Dollars ($50,000) (the "Non-Renewal Payment"); provided, however, that should the Executive's employment with the Company be terminated prior to the Termination Date under the terms of Section 7 herein, this Section 6 shall have no effect, and the Executive shall not be entitled to the Non-Renewal Payment. The Company shall pay the Non-Renewal Payment in twelve (12) equal monthly installments to commence within ten (10) business days following the Termination Date.
Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to
Non-Renewal Payment. At the end of the Term of this Agreement, in the event the term of the Agreement is not renewed and extended on a basis that is mutually acceptable to both Employer and Employee, then in such event, Employee shall be entitled to receive twelve (12) months salary in equal monthly installments as Non-Renewal Benefit subject to the following conditions and adjustments:
