Employment Term Clause Example from Business Contracts

Employment Term. The Company agrees to employ the Executive pursuant to the terms of this Agreement, and the Executive agrees to be so employed, for a term of three years (the "Initial Term") commencing as of the Effective Date. Commencing with the last day of the Initial Term, and on each subsequent anniversary of such date, the term of this Agreement shall be automatically extended for successive one-year periods; provided, however, that either party hereto may elect not to extend this Agreement by giving writ...ten notice to the other party at least sixty (60) days prior to any such anniversary date. Notwithstanding the foregoing, the Executive's employment hereunder may be earlier terminated in accordance with Section 7, subject to Section 8. The period of time between the Effective Date and the end of the Initial Term and any successor terms (or earlier upon a termination of the Executive's employment hereunder) shall be referred to herein as the "Employment Term." If the Executive's employment continues following any expiration of the Employment Term due to either party giving notice not to extend this Agreement, such employment will be entirely "at-will," and will not be covered by this Agreement (except for the applicable restrictive covenant provisions, which are intended to survive expiration of this Agreement as set forth herein). View More