Term of Agreement Clause Example from Business Contracts

Term of Agreement. The initial term of this Agreement is three years, commencing on the effective date of this Agreement first written above. On the first anniversary of the effective date of this Agreement and on each anniversary thereafter this Agreement will be extended automatically for one additional year, unless Cortland Bancorp's board of directors gives notice to the Executive in writing at least 90 days before the anniversary that the term will not be extended. If the board of directors determines not to ...extend the term, the board will promptly notify the Executive. References herein to the term of this Agreement mean the initial term and extensions of the initial term. Unless terminated earlier, this Agreement terminates when the Executive attains age 65. If the board of directors decides not to extend the term of this Agreement, this Agreement nevertheless remains in force until its term expires. View More