Common use of Failure to Renew Clause in Contracts

Failure to Renew. If Employer gives Employee notice as provided in Section 2 of its election not to renew this Agreement, Employee's employment shall terminate upon the anniversary date. In such event, Employee shall be paid the amount of any unpaid salary earned by the Employee up to and including the date of such Failure to Renew by Employer, an amount equal to Employee's then current monthly base salary multiplied by twelve (12) in a lump sum and any unpaid vacation pay earned by him up to and including the date of such Termination by Employer. Also for a twelve (12) month period from the effective date of termination by Employer, Employer shall continue to make the employer contributions necessary to maintain the Employee's coverage pursuant to all benefit plans provided to the Employee by the Employer immediately prior to such Failure to Renew by Employer. The Employer 1 2 shall deduct from any payments payable to the Employee pursuant to this Section the amount of any employee contributions that were being paid by the Employee via payroll deduction prior to failure to renew and that are necessary to maintain such coverage, and Employee shall continue to be bound by the provisions of Sections 8 and 9 hereof, and all unvested stock options shall become fully vested and shall remain exercisable for the remainder of the stated term of such stock options, regardless of whether the Employee continues to be employed by the Employer.

Failure to Renew. If Employer gives Employee notice as provided in Section 2 of its election not to renew this Agreement, Employee's employment shall terminate upon the anniversary date. In such event, Employee shall be paid the amount of any unpaid salary earned by the Employee up to and including the date of such Failure to Renew by Employer, an amount equal to Employee's then current monthly base salary multiplied by twelve eighteen (1218) in a lump sum and any unpaid vacation pay earned by him up to and including the date of such Termination by Employer. Also for a twelve an eighteen (1218) month period from the effective date of termination by Employer, Employer shall continue to make the employer contributions necessary to maintain the Employee's coverage pursuant to all benefit plans provided to the Employee by the Employer immediately prior to such Failure to Renew by Employer. The , and Employer 1 2 shall deduct from any payments payable to the Employee pursuant to this Section the amount of any employee contributions that were being paid by the Employee via payroll deduction prior to failure to renew and that are necessary to maintain such coverage, and Employee shall continue to be bound by the provisions of Sections 8 and 9 hereof, and all unvested stock options shall become fully vested and shall remain exercisable for the remainder of the stated term of such stock options, regardless of whether the Employee continues to be employed by the Employer. 4. The first paragraph of Section 7g. of the Employment Agreement is amended to read in its entirety as follows:

Failure to Renew. If Employer gives Employee notice as provided in Section 2 of its election not to renew this Agreement, Employee's employment shall terminate upon the anniversary date. In such event, Employee shall be paid the amount of any unpaid salary earned by the Employee up to and including the date of such Failure to Renew by Employer, an amount equal to Employee's then current monthly base salary multiplied by twelve (12) ), in a lump sum and any unpaid vacation pay earned by him up to and including the date of such Termination by Employer. Also Also, for a twelve (12) month period from the effective date of termination by Employer, Employer shall continue to make the employer contributions necessary to maintain the Employee's coverage pursuant to all benefit plans provided to the Employee by the Employer immediately prior to such Failure to Renew by Employer. The , and Employer 1 2 shall deduct from any payments payment payable to the Employee pursuant to this Section the amount of any employee contributions that were being paid by the Employee via payroll deduction prior to failure to renew and that are necessary to maintain such coverage, and an Employee shall continue to be bound by the provisions of Sections Section 8 and 9 hereof, and all unvested stock options shall become fully vested and shall remain exercisable for the remainder of the stated term of such stock options, regardless of whether the Employee continues to be employed by the Employer.