Common use of Termination Due to Expiration of the Term Clause in Contracts

Termination Due to Expiration of the Term. In the event that either Party gives written notice of its intention not to renew this Agreement in accordance with Section 2, then the Term and Executive’s employment with the Company will terminate automatically upon the expiration of the Term. No compensation or benefits shall be payable to Executive after the Termination Date, except for the Accrued Amounts or as otherwise required under the terms of the Company’s employee benefit plans and programs or applicable law.