Common use of Natural Termination Clause in Contracts

Natural Termination. In the event that Executive’s employment by TSY pursuant to this Agreement naturally terminates at the end of any term due to non-renewal by TSY (a “Natural Termination”), all compensation or benefits to which Executive may otherwise be entitled to shall cease on the Termination Date, except for (a) any accrued but unpaid Base Salary due Executive as of the Termination Date, and (b) reimbursements for appropriately submitted expenses which have been incurred, but have not been paid by TSY, as of the Termination Date; provided, however, that at the election of TSY in its sole and absolute discretion and upon written notice to the Executive on or prior to the Termination Date, TSY shall pay the Executive a cash payment equal to one (1) times the Executive’s Base Salary which is in effect on the Termination Date, which cash payment shall be made payable over a twelve (12) month period in equal installments in accordance with TSY’s usual and customary payroll practices, commencing on the first payday following the Termination Date (the “Optional Severance Payment”); provided, further, that if Executive is a "key employee" (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended), payment shall not commence until six (6) months following Executive's “separation from service” (within the meaning of Section 409A) to the extent necessary to avoid the imposition of the additional tax under Section 409A (in which such case the first payment shall include all installment payments of the Severance Payment that otherwise would have been made during such six (6) month period).

Natural Termination. In the event that Executive’s employment by TSY pursuant to this Agreement naturally terminates at the end of any term due to non-renewal by TSY (a “Natural Termination”), all compensation or benefits to which Executive may otherwise be entitled to shall cease on the Termination Date, except for (a) any accrued but unpaid Base Salary due Executive as of the Termination Date, and (b) reimbursements for appropriately submitted expenses which have been incurred, but have not been paid by TSY, as of the Termination Date; provided, however, that at the election of TSY in its sole and absolute discretion and upon written notice to the Executive on or prior to the Termination Date, TSY shall pay the Executive a cash payment equal to one nine (19) times months of the Executive’s Base Salary which is in effect on the Termination Date, which cash payment shall be made payable over a twelve nine (129) month period in equal installments in accordance with TSY’s usual and customary payroll practices, commencing on the first payday following the Termination Date (the “Optional Severance Payment”); provided, further, that if Executive is a "key employee" (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended), payment shall not commence until six (6) months following Executive's “separation from service” (within the meaning of Section 409A) to the extent necessary to avoid the imposition of the additional tax under Section 409A (in which such case the first payment shall include all installment payments of the Severance Payment that otherwise would have been made during such six (6) month period).