Common use of Annual Extension Clause in Contracts

Annual Extension. Commencing on third anniversary of the Effective Date and each anniversary of the Effective Date thereafter (each hereinafter referred to as a "Renewal Date"), the Term shall be automatically extended for one additional year so as to terminate one year after such Renewal Date, unless at least one year prior to such Renewal Date, the Company shall have given the Executive written notice that the Term will not be extended.

Annual Extension. Commencing on third anniversary of the Original Effective Date and each anniversary of the Original Effective Date thereafter (each hereinafter referred to as a "Renewal Date"), the Term shall be automatically extended for one additional year so as to terminate one year after such Renewal Date, unless at least one year prior to such Renewal Date, the Company shall have given the Executive written notice that the Term will not be extended.