Common use of Termination of Employment Upon Nonrenewal Clause in Contracts

Termination of Employment Upon Nonrenewal. In the event executive decides not to renew this Agreement for a subsequent 12 months in accordance with subparagraph 3.2 above, the Agreement will expire, Executive's employment with Company will terminate and Executive will only be entitled to Executive's Base Salary paid through the last day of the current term. All other Company obligations to Executive pursuant to this Agreement will become automatically terminated and completely extinguished. Executive will not be entitled to the Severance Payment described in subparagraph 7.2 above. In the event the Company decides not to renew this Agreement for a subsequent 12 months after the Initial Term in accordance with subparagraph 3.2 above, it will be deemed a Termination without Cause in accordance with clause 7.2 and Executive will be entitled to all compensation including severance as outlined in clause 7.2.

Termination of Employment Upon Nonrenewal. In the event executive decides not to renew this Agreement for a subsequent 12 months in accordance with subparagraph 3.2 above, the Agreement will expire, Executive's employment with Company will terminate and Executive will only be entitled to Executive's Base Salary paid through the last day of the current term. All other Company obligations to Executive pursuant to this Agreement will become automatically terminated and completely extinguished. Executive will not be entitled to the Severance Payment described in subparagraph 7.2 7.3 above. In the event the Company decides not to renew this Agreement for a subsequent 12 months after the Initial Term in accordance with subparagraph 3.2 above, it will be deemed a Termination without Cause in accordance with clause 7.2 and Executive will be entitled to all compensation including severance as outlined in clause 7.2.

Termination of Employment Upon Nonrenewal. In the event executive decides not to renew this Agreement for a subsequent 12 months in accordance with subparagraph 3.2 above, the Agreement will expire, Executive's employment with Company will terminate and Executive will only be entitled to Executive's Base Salary paid through the last day of the current termterm and any bonus or incentive compensation due per the current Exhibit A in effect. All other Company obligations to Executive pursuant to this Agreement will become automatically terminated and completely extinguished. Executive will not be entitled to the Severance Payment described in subparagraph 7.2 7.3 above. In the event the Company decides not to renew this Agreement for a subsequent 12 months after the Initial Term in accordance with subparagraph 3.2 above, it will be deemed a Termination without Cause in accordance with clause 7.2 and Executive will be entitled to all compensation including severance as outlined in clause 7.2.