Common use of Expiration of Employment Term Clause in Contracts

Expiration of Employment Term. (i) Election Not to Extend the Employment Term. In the event either party elects not to extend the Employment Term pursuant to Section 1, unless Executive’s employment is earlier terminated pursuant to paragraphs (a), (b), (c) or (d) of this Section 7, Executive’s termination of employment hereunder (whether or not Executive continues as an employee of the Company thereafter) shall be deemed to occur on the close of business on the day immediately preceding the next scheduled Extension Date. If Executive’s employment is terminated due to Executive’s election not to extend the Employment Term, Executive shall be entitled to receive the Accrued Obligations. If Executive’s employment is terminated by KRATON other than for Cause following KRATON’s election not to extend the Employment Term, Executive shall be entitled to receive (1) at the times set forth in Section 7(a)(iii) hereof, the Accrue Obligations, (2) continuation of Executive’s annual Base Salary during the Severance Continuation Period at the same time and in the same manner as if Executive had remained employed by KRATON during such period, and (3) medical benefits for Executive and his eligible dependents comparable to those medical benefits Executive participated in on the date of termination during the Severance Continuation Period, provided in any case such medical benefits shall cease if Executive becomes entitled to medical benefits from a new employer. KRATON may provide such medical benefits by paying Executive’s COBRA continuation coverage through such Severance Continuation Period. The payments and benefits described in this subparagraph (i) shall be subject to and conditioned upon Executive’s execution and delivery of a valid and effective general release and waiver, in a form satisfactory to the Company, waiving all claims Executive may have against the Company, its affiliates and their respective executives, directors, partners, members, shareholders, successors and assigns. Following such termination of Executive’s employment hereunder as a result either party’s election not to extend the Employment Term, except as set forth in this Section 7(e)(i), Executive shall have no further rights to any compensation or any other benefits in the nature of severance or termination pay or in connection with the termination of his employment.

Expiration of Employment Term. (i) Election Not to Extend the Employment Term. In the event either party elects not to extend the Employment Term pursuant to Section 1delivers a Notice of Nonrenewal, unless Executive’s employment is earlier terminated pursuant to paragraphs (a), (b), (c) or (dc) of this Section 78, Executive’s termination of employment hereunder (whether or not Executive continues as an employee of the Company thereafter) shall be deemed to occur on the close of business on the day immediately preceding the next scheduled Extension Date. If Executive’s employment is terminated due to Executive’s election not to extend the Employment Term, Date and Executive shall be entitled to receive the Accrued Obligations. If Executive’s employment is terminated by KRATON other than Rights (including, without limitation, his full Annual Bonus for Cause following KRATON’s election not to extend the Employment Term, Executive shall be entitled to receive (1) at the times set forth in Section 7(a)(iii) hereof, the Accrue Obligations, (2) continuation his final year of Executive’s annual Base Salary during the Severance Continuation Period at the same time and in the same manner as if Executive had remained employed by KRATON during such period, and (3) medical benefits for Executive and his eligible dependents comparable to those medical benefits Executive participated in on the date of termination during the Severance Continuation Period, provided in any case such medical benefits shall cease if Executive becomes entitled to medical benefits from a new employer. KRATON may provide such medical benefits by paying Executive’s COBRA continuation coverage through such Severance Continuation Period. The payments and benefits described in this subparagraph (i) shall be subject to and conditioned upon Executive’s execution and delivery of a valid and effective general release and waiver, in a form satisfactory to the Company, waiving all claims Executive may have against the Company, its affiliates and their respective executives, directors, partners, members, shareholders, successors and assignsemployment). Following such termination of Executive’s employment hereunder as a result of either party’s election not to extend the Employment Term, except as set forth in this Section 7(e)(i)8(d) and in Sections 13 and 14, Executive shall have no further rights to any compensation or any other benefits under this Agreement, and the Executive shall have no further obligations under Section 9, provided, however, that Executive’s rights with respect to his equity participation shall be governed solely by the Equity Documents, and solely in respect of the nature Executive’s rights under the Equity Documents: (i) if the Company delivers a Notice of severance or termination pay or Nonrenewal, and Executive subsequently terminates his employment with the Company, Executive’s employment shall be deemed terminated by Executive for Good Reason; and (ii) if the Executive delivers a Notice of Nonrenewal, and Executive subsequently terminates his employment with the Company, Executive’s employment shall be deemed terminated by Executive without Good Reason. For the avoidance of doubt, any changes set forth in connection with this Section 8(d) relating to the termination of his employmentExecutive’s employment by Executive after either party delivers a Notice of Nonrenewal shall apply only for purposes of the Equity Documents, and shall have no further effect on this Agreement. Notwithstanding the foregoing, if the Company elects, in its sole discretion, that Section 9 shall apply for a period of up to one year following Executive’s termination of employment under this Section 8(d), Executive shall be paid one hundred sixty-five percent (165%) of the Base Salary at the rate in effect immediately prior to the termination of Executive’s employment for such period. In order to make the election described in the preceding sentence, the Company must deliver written notice to Executive, at least 60 days prior to the end of the Term, which explains that the Company has made such election and sets forth the period of time that Section 9 shall continue to apply (and that Executive shall continue to be paid 165% of the Base Salary).

Expiration of Employment Term. (i) Election Not to Extend the Employment Term. In the event either party elects not to extend the Employment Term by providing thirty (30) days’ written notice prior to the end of the then-current term pursuant to Section 1, unless Executive’s employment is earlier terminated pursuant to paragraphs (a), (b), (c) or (d) of this Section 7, Executive’s termination of employment hereunder (whether or not Executive continues as an employee of the Company thereafter) shall be deemed to occur on the close of business on the day immediately preceding the next scheduled Extension Date. If Executive’s employment is terminated due to following Executive’s election not to extend the Employment Term, Executive shall be entitled to receive the Accrued Obligations. If Executive’s employment is terminated by KRATON other than for Cause following KRATON’s election not to extend the Employment Term, Executive shall be entitled to receive (1) at the times set forth in Section 7(a)(iii) hereof, the Accrue Accrued Obligations, (2) continuation of Executive’s annual Base Salary during the Severance Continuation Period at the same time and in the same manner as if Executive had remained employed by KRATON during such period, and (3) medical benefits for Executive and his eligible dependents comparable to those medical benefits Executive participated in on the date of termination during the Severance Continuation Period, provided in any case such medical benefits shall cease if Executive becomes entitled to medical benefits from a new employer. KRATON may provide such medical benefits by paying Executive’s COBRA continuation coverage through such Severance Continuation Period. The payments and benefits described in this subparagraph (i) shall be subject to and conditioned upon Executive’s execution and delivery of a valid and effective general release and waiver, in a form satisfactory to the Company, waiving all claims Executive may have against the Company, its affiliates and their respective executives, directors, partners, members, shareholders, successors and assigns. Following such termination of Executive’s employment hereunder as a result either party’s election not to extend the Employment Term, except as set forth in this Section 7(e)(i), Executive shall have no further rights to any compensation or any other benefits in the nature of severance or termination pay or in connection with the termination of his employment.

Expiration of Employment Term. (i) Election Not to Extend the Employment Term. In the event either party elects not to extend the Employment Term pursuant to Section 1delivers a Notice of Nonrenewal, unless Executive’s employment is earlier terminated pursuant to paragraphs (a), (b), (c) or (dc) of this Section 78, Executive’s termination of employment hereunder (whether or not Executive continues as an employee of the Company thereafter) shall be deemed to occur on the close of business on the day immediately preceding the next scheduled Extension Date. If Executive’s employment is terminated due to Executive’s election not to extend the Employment Term, Date and Executive shall be entitled to receive the Accrued Obligations. If Executive’s employment is terminated by KRATON other than Rights (including, without limitation, his full Annual Bonus for Cause following KRATON’s election not to extend the Employment Term, Executive shall be entitled to receive (1) at the times set forth in Section 7(a)(iii) hereof, the Accrue Obligations, (2) continuation his final year of Executive’s annual Base Salary during the Severance Continuation Period at the same time and in the same manner as if Executive had remained employed by KRATON during such period, and (3) medical benefits for Executive and his eligible dependents comparable to those medical benefits Executive participated in on the date of termination during the Severance Continuation Period, provided in any case such medical benefits shall cease if Executive becomes entitled to medical benefits from a new employer. KRATON may provide such medical benefits by paying Executive’s COBRA continuation coverage through such Severance Continuation Period. The payments and benefits described in this subparagraph (i) shall be subject to and conditioned upon Executive’s execution and delivery of a valid and effective general release and waiver, in a form satisfactory to the Company, waiving all claims Executive may have against the Company, its affiliates and their respective executives, directors, partners, members, shareholders, successors and assignsemployment). Following such termination of Executive’s employment hereunder as a result of either party’s election not to extend the Employment Term, except as set forth in this Section 7(e)(i8(d), and in Sections 13 and 14, Executive shall have no further rights to any compensation or any other benefits under this Agreement; provided, however, that Executive’s rights with respect to his equity participation shall be governed solely by the Equity Documents, and solely in respect of Executive’s rights under the nature Equity Documents: (i) if the Company delivers a Notice of severance or termination pay or Nonrenewal, and Executive subsequently terminates his employment with the Company, Executive’s employment shall be deemed terminated by Executive for Good Reason; and (ii) if the Executive delivers a Notice of Nonrenewal, and Executive subsequently terminates his employment with the Company, Executive’s employment shall be deemed terminated by Executive without Good Reason. For the avoidance of doubt, any changes set forth in connection with this Section 8(d) relating to the termination of his employmentExecutive’s employment by Executive after either party delivers a Notice of Nonrenewal shall apply only for purposes of the Equity Documents, and shall have no further effect on this Agreement. Notwithstanding the foregoing, if the Company elects, in its sole discretion, that Section 9 shall apply for a period of up to two years following Executive’s termination of employment under this Section 8(d), Executive shall be paid one hundred eighty percent (180%) of the Base Salary at the rate in effect immediately prior to the termination of Executive’s employment for such period. In order to make the election described in the preceding sentence, the Company must deliver written notice to Executive, at least 60 days prior to the end of the Term, which explains that the Company has made such election and sets forth the period of time that Section 9 shall continue to apply (and that Executive shall continue to be paid 180% of the Base Salary).

Expiration of Employment Term. (i) Election Not to Extend the Employment Term. In the event either party elects not to extend the Employment Term pursuant to Section 1delivers a Notice of Nonrenewal, unless Executive’s employment is earlier terminated pursuant to paragraphs (a), (b), (c) or (dc) of this Section 78, Executive’s termination of employment hereunder (whether or not Executive continues as an employee of the Company thereafter) shall be deemed to occur on the close of business on the day immediately preceding the next scheduled Extension Date. If Executive’s employment is terminated due to Executive’s election not to extend the Employment Term, Date and Executive shall be entitled to receive the Accrued Obligations. If Executive’s employment is terminated by KRATON other than Rights (including, without limitation, his full Annual Bonus for Cause following KRATON’s election not to extend the Employment Term, Executive shall be entitled to receive (1) at the times set forth in Section 7(a)(iii) hereof, the Accrue Obligations, (2) continuation his final year of Executive’s annual Base Salary during the Severance Continuation Period at the same time and in the same manner as if Executive had remained employed by KRATON during such period, and (3) medical benefits for Executive and his eligible dependents comparable to those medical benefits Executive participated in on the date of termination during the Severance Continuation Period, provided in any case such medical benefits shall cease if Executive becomes entitled to medical benefits from a new employer. KRATON may provide such medical benefits by paying Executive’s COBRA continuation coverage through such Severance Continuation Period. The payments and benefits described in this subparagraph (i) shall be subject to and conditioned upon Executive’s execution and delivery of a valid and effective general release and waiver, in a form satisfactory to the Company, waiving all claims Executive may have against the Company, its affiliates and their respective executives, directors, partners, members, shareholders, successors and assignsemployment). Following such termination of Executive’s employment hereunder as a result of either party’s election not to extend the Employment Term, except as set forth in this Section 7(e)(i8(d), and in Sections 13 and 14, Executive shall have no further rights to any compensation or any other benefits under this Agreement, and the Executive shall have no further obligations under Section 9; provided, however, that Executive’s rights with respect to his equity participation shall be governed solely by the Equity Documents, and solely in respect of the nature Executive’s rights under the Equity Documents: (i) if the Company delivers a Notice of severance or termination pay or Nonrenewal, and Executive subsequently terminates his employment with the Company, Executive’s employment shall be deemed terminated by Executive for Good Reason; and (ii) if the Executive delivers a Notice of Nonrenewal, and Executive subsequently terminates his employment with the Company, Executive’s employment shall be deemed terminated by Executive without Good Reason. For the avoidance of doubt, any changes set forth in connection with this Section 8(d) relating to the termination of his employmentExecutive’s employment by Executive after either party delivers a Notice of Nonrenewal shall apply only for purposes of the Equity Documents, and shall have no further effect on this Agreement. Notwithstanding the foregoing, if the Company elects, in its sole discretion, that Section 9 shall apply for a period of up to one year following Executive’s termination of employment under this Section 8(d), Executive shall be paid one hundred sixty-five percent (165%) of the Base Salary at the rate in effect immediately prior to the termination of Executive’s employment for such period. In order to make the election described in the preceding sentence, the Company must deliver written notice to Executive, at least 60 days prior to the end of the Term, which explains that the Company has made such election and sets forth the period of time that Section 9 shall continue to apply (and that Executive shall continue to be paid 165% of the Base Salary).

Expiration of Employment Term. (i) Election Not to Extend the Employment Term. In the event either party elects not to extend the Employment Term pursuant to Section 1delivers a Notice of Nonrenewal, unless Executive’s employment is earlier terminated pursuant to paragraphs (a), (b), (c) or (dc) of this Section 78, Executive’s termination of employment hereunder (whether or not Executive continues as an employee of the Company thereafter) shall be deemed to occur on the close of business on the day immediately preceding the next scheduled Extension Date. If Executive’s employment is terminated due to Executive’s election not to extend the Employment Term, Date and Executive shall be entitled to receive the Accrued Obligations. If Executive’s employment is terminated by KRATON other than Rights (including, without limitation, her full Annual Bonus for Cause following KRATON’s election not to extend the Employment Term, Executive shall be entitled to receive (1) at the times set forth in Section 7(a)(iii) hereof, the Accrue Obligations, (2) continuation her final year of Executive’s annual Base Salary during the Severance Continuation Period at the same time and in the same manner as if Executive had remained employed by KRATON during such period, and (3) medical benefits for Executive and his eligible dependents comparable to those medical benefits Executive participated in on the date of termination during the Severance Continuation Period, provided in any case such medical benefits shall cease if Executive becomes entitled to medical benefits from a new employer. KRATON may provide such medical benefits by paying Executive’s COBRA continuation coverage through such Severance Continuation Period. The payments and benefits described in this subparagraph (i) shall be subject to and conditioned upon Executive’s execution and delivery of a valid and effective general release and waiver, in a form satisfactory to the Company, waiving all claims Executive may have against the Company, its affiliates and their respective executives, directors, partners, members, shareholders, successors and assignsemployment). Following such termination of Executive’s employment hereunder as a result of either party’s election not to extend the Employment Term, except as set forth in this Section 7(e)(i)8(d) and in Sections 13 and 14, Executive shall have no further rights to any compensation or any other benefits under this Agreement, and the Executive shall have no further obligations under Section 9, provided, however, that Executive’s rights with respect to her equity participation shall be governed solely by the Equity Documents, and solely in respect of the nature Executive’s rights under the Equity Documents: (i) if the Company delivers a Notice of severance or termination pay or Nonrenewal, and Executive subsequently terminates her employment with the Company, Executive’s employment shall be deemed terminated by Executive for Good Reason; and (ii) if the Executive delivers a Notice of Nonrenewal, and Executive subsequently terminates her employment with the Company, Executive’s employment shall be deemed terminated by Executive without Good Reason. For the avoidance of doubt, any changes set forth in connection with this Section 8(d) relating to the termination of his employmentExecutive’s employment by Executive after either party delivers a Notice of Nonrenewal shall apply only for purposes of the Equity Documents, and shall have no further effect on this Agreement. Notwithstanding the foregoing, if the Company elects, in its sole discretion, that Section 9 shall apply for a period of up to one year following Executive’s termination of employment under this Section 8(d), Executive shall be paid one hundred fifty percent (150%) of the Base Salary at the rate in effect immediately prior to the termination of Executive’s employment for such period. In order to make the election described in the preceding sentence, the Company must deliver written notice to Executive, at least 60 days prior to the end of the Term, which explains that the Company has made such election and sets forth the period of time that Section 9 shall continue to apply (and that Executive shall continue to be paid 150% of the Base Salary).