Common use of Payment upon Non-Renewal Clause in Contracts

Payment upon Non-Renewal. Not less than ninety (90) days prior to the expiration of the Initial Term or any subsequent Term, the Company shall provide the Executive with written notice of its decision as to whether or not the Company intends to renew this Agreement. In the event that Company decides not to renew this Agreement, Company shall (a) pay to Executive severance payments equal to Executive's monthly Base Salary for a period of three (3) consecutive months, in accordance with Company's customary payroll practices, and (b) pay COBRA premiums to maintain health coverage on Executive for three (3) consecutive months from the date of his termination of employment. In the event that Executive decides not to renew this Agreement, Company shall not be obligated to pay any severance payments to Executive.

Payment upon Non-Renewal. Not less than ninety (90) days prior to the expiration of the Initial Term or any subsequent Term, the Company shall provide the Executive with written notice of its decision as to whether or not the Company intends to renew this Agreement. In the event that Company decides not to renew this Agreement, Company shall (a) pay to Executive severance payments equal to Executive's monthly Base Salary for a period of three twelve (312) consecutive months, in accordance with Company's customary payroll practices, and (b) pay COBRA premiums to maintain health coverage on Executive for three twelve (312) consecutive months from the date of his termination of employment. In the event that Executive decides not to renew this Agreement, Company shall not be obligated to pay any severance payments to Executive.