Term Clause Example from Business Contracts

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 three (3) years (the "Term"). Commencing on the first anniversary of the Effective Date and continuing on each subsequent anniversary of the Effective Date (each anniversary referred to as a "Renewal Date"), the Term will extend automatically for one additional year, so that the Term will be three (3) years from the applicable Renewal Date, unless either the Bank or th...e Executive, by written notice to the other given at least thirty (30) days prior to the Renewal Date, notifies the other of its intent not to extend the Term. In the event either party provides notice not to extend the Term, the Term will become fixed and terminate as of the last day of the then current Term. For avoidance of doubt, any extension to the Term will become the new "Term" for purposes of this Agreement. (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 expires 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 will mandate or prohibit a continuation of the Executive's employment following the expiration of the Term. View More