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PRVT » Topics » 2.5 Withholding . The Company may withhold from compensation payable to Employee all applicable federal and provincial withholding taxes. Part 3 Term and Renewal.

This excerpt taken from the PRVT 8-K filed Dec 23, 2009.

2.5 Withholding. The Company may withhold from compensation payable to Employee all applicable federal and provincial withholding taxes.

Part 3 Term and Renewal.

3.1 Term. The term of employment under this Agreement shall be a period commencing on the Closing (as defined in the Acquisition Agreement) and ending on the third anniversary of the Closing (the “Expiration Date”), unless terminated earlier in accordance with Part 4 hereof (the “Term”). This Agreement shall terminate automatically on the Expiration Date without any pay in lieu of notice, severance pay, termination pay or any severance obligation whatsoever, other than as may be owed to Employee for notice and severance pay (if applicable) under the Employment Standards Act, 2000 (Ontario).

 

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3.2 Renewal. Upon the conclusion of the Term, the Company and Employee may negotiate a renewal term or the continuation of the Employee’s employment with the Company on such terms and conditions as the parties may then agree.

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