Employment Period Clause Example from Business Contracts

Employment Period. Section 1 of the Agreement is hereby amended to read as follows: Subject to earlier termination in accordance with Section 3 of this Agreement, the Executive shall be employed by the Company for a period commencing on the Effective Date and ending on the fifth anniversary of the Effective Date (the "Employment Period"), unless the parties mutually agree to extend the term at least 90 days prior to the end of the Employment Period; provided that, on such fifth anniversary of the Effective Date an...d each annual anniversary thereafter (such date and each annual anniversary thereof, a "Renewal Date"), the Agreement shall be deemed to be automatically extended, upon the same terms and conditions, for successive periods of one year, unless either party provides written notice of its intention not to extend the term of the Agreement at least 90 days prior to the applicable Renewal Date. Upon Executive's termination of employment with the Company for any reason, Executive shall immediately resign all positions with the Company or any of its subsidiaries or affiliates, including any position as a member of the Company's Board of Directors (the "Board") and the Board of Directors of Queso Holdings Inc., a Delaware corporation ("Holdings"). View More