This example Term clause appears in
3 contracts
from
1 company
Term. (a) Term and Annual Renewal. The initial term of this Agreement will begin as of the Effective Date and continue for a period of two years (the "Term"). Commencing on the first anniversary date of this Agreement (the "Renewal Date") and continuing on each anniversary of the Renewal Date thereafter, the term of this Agreement shall renew for an additional year such that the remaining term of this Agreement is two (2) years; provided, however, that in order for this Agreement to renew, the disinte...rested members of the Board of Directors must take the following actions within the following time frames prior to each Renewal Date: (i) at least thirty (30) days prior to the Renewal Date, conduct or review a comprehensive performance evaluation of the Executive for purposes of determining whether to extend the Term; and (ii) affirmatively approve the renewal or non-renewal of the Term, which decision will be included in the minutes of the meeting of the Board of Directors. If the decision of the disinterested members of the Board of Directors is not to renew the Term, then the Board of Directors will provide the Executive with a written notice of non-renewal ("Non-Renewal Notice") prior to the applicable Renewal Date and the Agreement will expire at the end of the current Term. (b) Change in Control. Notwithstanding the foregoing, in the event the Bank or the Company has entered into an agreement to effect a transaction that would be considered a Change in Control, as defined in Section 5, the Term of this Agreement will automatically extend so that it expire no less than two (2) years beyond the effective date of the Change in Control, subject to extensions as set forth in Section 2(a). (c) Continued Employment Following Expiration of Term. Nothing in this Agreement shall mandate or prohibit a continuation of the Executive's employment following the expiration of the Term.View More
