Nonrenewal Termination. If the Employee’s employment continues until the expiration of the Term, upon the expiration of the Term if not otherwise renewed by the mutual agreement of the parties and the Employee’s employment terminates within 30 days following the expiration of the Term, the termination shall be considered a (“Nonrenewal Termination”). If the Company offers the Employee a renewed agreement that is substantially similar to the agreements of similarly situated Executives and the Employee declines to accept such new agreement, then the Employee will not be eligible for any payment for Nonrenewal under Section 9(c). In the event of a Nonrenewal Termination with payments due under section 9(c), any unvested shares of PRA common stock awarded pursuant to Section 4 shall continue to vest through March 31, 2015 (based on actual company performance).
Nonrenewal Termination. Subject to Section 8(g), in the case of a Nonrenewal Termination, the Company shall pay to Employee (i) Employee's base Salary and accrued PTO through the date of Termination, paid within 30 days following the Termination Date. Employee shall also be entitled to a severance payment equal to (ii) the greater of two times Employee's current Base Salary or the minimum Base Salary due under the remaining Term, paid in a single lump sum within 30 days following the Date of Termination, and (iii) the COBRA Reimbursement (defined below), paid as on or before the 30th day following the Date of Termination (iv) a pro-rata Annual Bonus (based upon actual company performance and the days of employment in the calendar year of Termination), to be paid in a single lump sum no later than March 15 of the year following the year of termination described below, but items (ii), (iii) and (iv) are payable only if and to the extent an irrevocable and valid Release (as hereinafter defined), has been signed by the Employee. If the Company has offered the Employee a new employment agreement that is substantially similar to the agreements of similarly situated Executives, and Employee declines to accept such new employment agreement, such declination will be considered a voluntary quit and no payments under this Section 9(c) shall be payable to Employee.
Nonrenewal Termination. If the Company fails to renew this Agreement under terms and conditions substantially similar to the terms set forth herein, Employee shall be available for consultation with the Company concerning its general operations and the industry for a period of one (1) year following such termination of employment (the "Consulting Period"). In consideration of Employee's consulting services, and in consideration of the covenants contained in Section 2 of this Standard Terms Annex, the Company shall pay to Employee $30,000 during the Consulting Period, payable in equal monthly installments. Upon and following such a termination the term "Restricted Period" for all purposes of Section 2 of this Standard Terms Annex shall mean the Consulting Period.
Nonrenewal Termination. In the case of a termination of Executive’s employment due to a Nonrenewal Termination, Executive shall be entitled to:
(i) The Accrued Rights; and
(ii) Fully accelerated vesting and immediate lapse of restrictions on the unvested portion of any equity awards previously granted. Following such termination of Executive’s employment by reason of nonrenewal, except as set forth in Section 3(c), this Section 7(h) and Section 14, Executive shall have no further rights to any compensation or any other benefits under this Agreement.
Nonrenewal Termination. If the Employee’s Employment continues until the expiration of the Term, upon the expiration of the Term if not otherwise renewed by the mutual agreement of the parties and the Employee’s Employment is terminated by the Company within 30 days following the expiration of the Term, the termination shall be considered a “Nonrenewal Termination”. If the Company offers the Employee a renewed agreement that is substantially similar to the agreements of similarly situated employees and provides Employee compensation equal to or greater than Employee’s then current compensation and the Employee declines to accept such new employment agreement, then the Employee will not be eligible for any payment for Nonrenewal under Section 9(c). In the event of a Nonrenewal Termination with payments due under Section 9(c), any unvested shares of Company common stock awarded pursuant to Section 4 shall continue to vest through March 31, 2021 or 90 days after the termination date of this Agreement whichever is later (based on actual company performance).
Nonrenewal Termination. Subject to Section 8(g), in the case of a Nonrenewal Termination, the Company shall pay to Employee (i) Employee’s Base Salary and accrued but unused PTO through the date of Termination, paid in a single lump sum within 30 days following the Termination Date. Employee shall also be entitled to (ii) a severance payment equal to one times Employee’s current Base Salary (iii) the COBRA Reimbursement (defined below), paid as on or before the 30th day following the Date of Termination and, (iv) a pro-rata Annual Bonus (based upon actual company performance and the days of employment in the calendar year of Termination). Items (ii), (iii) and (iv) are payable only if and to the extent, and within 30 days after, a valid Release (as hereinafter defined), has been signed by the Employee and become effective and irrevocable pursuant to its terms; except that the pro-rata Annual Bonus (part (iv)) shall be paid in a single lump sum before March 15 of the year following the year of termination if that date is later than the payment date in the preceding clause. If the Company has offered the Employee a new employment agreement that is substantially similar to the agreements of similarly situated employees and provides Employee compensation equal to or greater than Employee’s then current compensation, and Employee declines to accept such new employment agreement, such declination will be considered a voluntary resignation and no payments under this Section 9(c) shall be payable to Employee.
Nonrenewal Termination. If the Company fails to renew this Agreement under terms and conditions substantially similar to the terms set forth herein, Employee shall be available for consultation with the Company concerning its general operations and the industry for a period of one (1) year following such
Nonrenewal Termination. If the Executive’s employment continues until the expiration of the Extended Chairman Term and the Executive’s employment is not renewed or extended by the written agreement of the parties, the Company shall have the right to terminate Executive’s employment hereunder within 30 days following the expiration of the Extended Chairman Term. Such termination is referred to herein as a “Nonrenewal Termination.”
Nonrenewal Termination. In the event of a Nonrenewal Termination (as defined below), in addition to the Standard Termination Payments and subject to Employee’s execution of a Release on or after the Termination Date that becomes effective and irrevocable as described in Section 10 hereof, the Company shall pay to Employee (i) a severance payment equal to Employee’s then current Base Salary (the “Nonrenewal Salary Continuation Payments”); and (ii) the Monthly COBRA Reimbursement. The Nonrenewal Salary Continuation Payments will be payable in equal bi-weekly installments over the 12-month period following the Termination Date. Except to the extent required to be delayed pursuant to Section 23(a), the Nonrenewal Salary Continuation Payments shall commence upon the first Company payroll date that is 14 days after the Release becomes effective and irrevocable but not later than ninety (90) days following the Termination Date; provided that (A) if the 90th day following Employee’s Termination Date occurs in the calendar year following the year of the Termination Date, then the payments shall commence no earlier than January 1 of such subsequent year; and (B) the first such payment shall be a lump sum in an amount equal to the payments that would have come due since the Termination Date. Any Monthly COBRA Reimbursement will be made on a taxable basis (less applicable taxes and withholdings) no later than December 31 of each calendar year during the COBRA Reimbursement Period. The Monthly COBRA Reimbursement will not be grossed up for any taxes. Notwithstanding the foregoing, in the event Employee obtains employment with another entity and becomes eligible to receive comparable benefits from such entity, or otherwise ceases to be enrolled in the Company’s benefits plan(s) or eligible for COBRA coverage, the Monthly COBRA Reimbursement shall cease.
Nonrenewal Termination
