Common use of Non-Renewal by the Company Clause in Contracts

Non-Renewal by the Company. In the event the Company elects not to renew this Agreement by giving notice of non renewal pursuant to Section 2, this Agreement and Executive’s employment shall terminate at the end of the then current Term. Upon termination of Executive’s employment as a result of the Company’s non renewal of this Agreement, the Company’s obligation to pay and provide Executive compensation and benefits under this Agreement shall immediately terminate, except: (a) the Company shall pay Executive that portion of his Base Salary, at the rate then in effect, which shall have been earned through the termination date; (b) the Company shall pay or provide Executive such other payments and benefits, if any, which had accrued hereunder before the termination date; and (c) in addition, the Company shall pay Executive severance compensation in a lump sum payment within sixty (60) days after the termination of employment equal to two (2) times the sum of: (i) Base Salary in effect immediately prior to termination and (ii) the Historic Bonus. Upon termination of Executive’s employment as a result of the company’s non-renewal of this Agreement at a time where the end of the then current Term is within six(6) months prior to or two (2) years following the effective date of a Change in Control, the severance compensation payable under this paragraph shall be equal to three (3) times the sum of: (i) Base Salary in effect immediately prior to termination and (ii) the Historic Bonus, in lieu of the severance compensation described in the previous sentence.

Non-Renewal by the Company. In the event the Company elects not to renew this Agreement by giving notice of non renewal pursuant to Section 2, this Agreement and Executive’s employment shall terminate at the end of the then current Term. Upon termination of Executive’s employment as a result of the Company’s non renewal of this Agreement, the Company’s obligation to pay and provide Executive compensation and benefits under this Agreement shall immediately terminate, except: (a) the Company shall pay Executive that portion of his Base Salary, at the rate then in effect, which shall have been earned through the termination date; (b) the Company shall pay or provide Executive such other payments and benefits, if any, which had accrued hereunder before the termination date; and (c) in addition, the Company shall pay Executive severance compensation in a lump sum payment within sixty (60) days after the termination of employment equal to two one (21) times the sum of: (i) Base Salary in effect immediately prior to termination and (ii) the Historic Bonus. Upon termination of Executive’s employment as a result of the company’s non-renewal of this Agreement at a time where the end of the then current Term is within six(6six (6) months prior to or two (2) years following the effective date of a Change in Control, the severance compensation payable under this paragraph shall be equal to three two (32) times the sum of: (i) Base Salary in effect immediately prior to termination and (ii) the Historic Bonus, in lieu of the severance compensation described in the previous sentence.

Non-Renewal by the Company. In the event the Company elects not to renew this Agreement by giving notice of non renewal pursuant to Section 2, this Agreement and Executive’s employment shall terminate at the end of the then current Term. Upon termination of Executive’s employment as a result of the Company’s non renewal of this Agreement, the Company’s obligation to pay and provide Executive compensation and benefits under this Agreement shall immediately terminate, except: (a) the Company shall pay Executive that portion of his Base Salary, at the rate then in effect, which shall have been earned through the termination date; (b) the Company shall pay or provide Executive such other payments and benefits, if any, which had accrued hereunder before the termination date; and (c) in addition, the Company shall pay Executive severance compensation in a lump sum payment within sixty (60) days after the termination of employment equal to two (2one 1) times the sum of: (i) Base Salary in effect immediately prior to termination and (ii) the Historic Bonus. Upon termination of Executive’s employment as a result of the company’s non-renewal of this Agreement at a time where the end of the then current Term is within six(6) months prior to or two (2) years following the effective date of a Change in Control, the severance compensation payable under this paragraph shall be equal to three two (32) times the sum of: (i) Base Salary in effect immediately prior to termination and (ii) the Historic Bonus, in lieu of the severance compensation described in the previous sentence.