Common use of Notice of Continued Employment Clause in Contracts

Notice of Continued Employment. The Company shall notify the ------------------------------ Executive no later than June 30, 2002 as to whether it intends to continue (or not continue) the Executive's employment beyond December 31, 2002. If the Company notifies the Executive that it does not intend to continue his employment beyond December 31, 2002, the Term of this Agreement shall be extended through and until December 31, 2003. If the Company notifies the Executive that it intends to continue his employment beyond December 31, 2002, and the Executive agrees to continue his employment beyond December 31, 2002, the parties shall negotiate and memorialize in a written agreement the terms of the Executive's continued employment; provided, however, if the parties fail to -------- ------- execute such a written agreement, the terms of this Agreement shall continue through and until June 30, 2003. If the Company notifies the Executive pursuant to this Section 2.2 that it intends to continue his employment, and the Executive does not agree to continue his employment after December 31, 2002 and does not terminate his employment before December 31, 2002 for Good Reason (as defined in Section 7.5), the Executive shall be deemed to have resigned his employment voluntarily on the earlier of December 31, 2002 and the effective date of any prior termination without Good Reason, as defined in this Agreement; his resignation shall constitute a Termination without Good Reason under this Agreement; and the Executive shall not be entitled to any severance pay. If the Company fails to notify the Executive by June 30, 2002 as to whether it intends to continue his employment, such failure shall not be considered a breach of this Agreement, and the Term shall be extended one day for each day after June 30, 2002 that the Company fails to provide the Employee with such notice.

Notice of Continued Employment. The Company shall notify the ------------------------------ Executive no later than June 30, 2002 as to whether it intends to continue (or not continue) the Executive's employment beyond December 31, 2002. If the Company notifies the Executive that it does not intend to continue his employment beyond December 31, 2002, the Term of this Agreement shall be extended through and until December 31, 2003. If the Company notifies the Executive that it intends to continue his employment beyond December 31, 2002, and the Executive agrees to continue his employment beyond December 31, 2002, the parties shall negotiate and memorialize in a written agreement the terms of the Executive's continued employment; provided, however, if the parties fail to -------- ------- execute such a written agreement, the terms of this Agreement shall continue through and until June 30, 2003. If the Company notifies the Executive pursuant to this Section 2.2 1.2 that it intends to continue his employment, and the Executive does not agree to continue his employment after December 31, 2002 and does not terminate his employment before December 31, 2002 for Good Reason (as defined in Section 7.56.5), the Executive shall be deemed to have resigned his employment voluntarily on the earlier of December 31, 2002 and the effective date of any prior termination without Good Reason, as defined in this Agreement; his resignation shall constitute a Termination without Good Reason under this Agreement; and the Executive shall not be entitled to any severance pay. If the Company fails to notify the Executive by June 30, 2002 as to whether it intends to continue his employment, such failure shall not be considered a breach of this Agreement, and the Term shall be extended one day for each day after June 30, 2002 that the Company fails to provide the Employee with such notice.