Common use of Notice of Nonrenewal Clause in Contracts

Notice of Nonrenewal. If the Companies determine not to continue the employment of the Executive after the expiration of the term of this agreement at a base salary at least equal to the Base Salary which is in effect as of the last day of the term of this agreement and with fringe benefits and an incentive bonus program reasonably comparable to those in effect as of the last day of the term of this agreement, then the Companies shall so notify the Executive in writing (the "Notice") promptly after such determination has been made. If the Executive receives the Notice at a time when there are less than twelve (12) months left in the term of this agreement and if the Executive does not remain in the employ of the Companies after the expiration of the term of this agreement, then after the expiration of the term of this agreement the Executive shall be entitled to receive the following payments and benefits from the Companies:

Notice of Nonrenewal. If If, during or after the expiration of the term of this agreement, the Companies determine not to continue the employment of the Executive after the expiration of the term of this agreement at a base salary at least equal to the Base Salary which is in effect as of the last day of the term of this agreement and with fringe benefits and an incentive bonus program reasonably comparable to those in effect as of the last day of the term of this agreement, then the Companies shall so notify the Executive in writing (the "Notice") promptly after such determination has been made. If the Executive receives the Notice either at a time when there are less than twelve (12) months left in the term of this agreement and if the Executive does not remain in the employ of the Companies or after the expiration of the term of this agreementagreement while the Executive is still in the employ of the Companies, then after regardless of the expiration of the term of this agreement the Executive shall be entitled to receive the following payments and benefits from the Companies: