Common use of Non-Renewal of Contract Clause in Contracts

Non-Renewal of Contract. If the Company elects not to renew this Agreement, the Employee shall be entitled to receive Severance Pay (as hereinafter defined) for a period of six (6) months from the effective date of termination, payable in regular installments in accordance with the Company's general payroll practices for salaried employees. Additionally, all unvested employee stock options will automatically vest and the Executive will have one year from termination date to exercise the employee stock options. Notwithstanding the previous sentence in no event can the options be exercised past the original expiration date of the options. Receipt of Severance Pay is contingent upon Executive executing and adhering to a release of all employment claims in a form acceptable to the Company. The Company shall have no further obligations hereunder or otherwise with respect to Executive's employment from and after the termination date.

Non-Renewal of Contract. If the Company elects not to renew this Agreement, the Employee shall be entitled to receive Severance Pay (as hereinafter defined) his then current Base Salary for a period of six nine (69) months from the effective date of termination, payable in regular installments in accordance with the Company's ’s general payroll practices for salaried employeesemployees (“Severance Payment”). Additionally, all unvested employee stock options will automatically vest and the Executive will have one year from termination date to exercise the employee all stock options. Notwithstanding the previous sentence in no event can may the options be exercised past the original expiration date of the stock options. Receipt of the Severance Pay Payment is contingent upon Executive executing and adhering to a release of all employment claims in a form acceptable to the Company. The Company shall have no further obligations hereunder or otherwise with respect to Executive's ’s employment from and after the termination date.

Non-Renewal of Contract. If the Company elects not to renew this Agreement, the Employee shall be entitled to receive Severance Pay (as hereinafter defined) for a period of six nine (69) months from the effective date of termination, payable in regular installments in accordance with the Company's general payroll practices for salaried employees. Additionally, all unvested employee stock options will automatically vest and the Executive will have one year from termination date to exercise the employee stock options. Notwithstanding the previous sentence in no event can the options be exercised past the original expiration date of the options. Receipt of Severance Pay is contingent upon Executive executing and adhering to a release of all employment claims in a form acceptable to the Company. The Company shall have no further obligations hereunder or otherwise with respect to Executive's employment from and after the termination date.

Non-Renewal of Contract. If the Company elects not to renew this Agreement, the Employee shall be entitled to receive Severance Pay (as hereinafter defined) for a period of six (6) months from the effective date of termination, payable in regular installments in accordance with the Company's ’s general payroll practices for salaried employees. Additionally, all unvested employee stock options will automatically vest and the Executive will have one year from termination date to exercise the employee stock options. Notwithstanding the previous sentence in no event can the options be exercised past the original expiration date of the options. Receipt of Severance Pay is contingent upon Executive executing and adhering to a release of all employment claims in a form acceptable to the Company. The Company shall have no further obligations hereunder or otherwise with respect to Executive's ’s employment from and after the termination date.