Common use of Directorship Term Clause in Contracts

Directorship Term. The “Directorship Term,” as used in this Agreement, shall mean the period commencing on the Effective Date and terminating on the earlier to occur of the following: (a) the date of the next annual stockholders meeting (if any equity interests in the Company are publicly held); (b) the death of the Director; (c) the termination of the Director from membership on the Board by the mutual agreement of the Company and the Director; (d) the removal of the Director from the Board by the majority stockholders of the Company; (e) the next November 30; (f) the resignation by the Director from the Board; and (g) the termination of this Agreement by the Company as set forth in Section 5(b) of this Agreement. Unless terminated by the Company by written notice to the Director, the Directorship Term ending on November 30, 2019, shall be extended without the need of any further action by the Director or the Company for an additional period of 12 months. Thereafter, the Directorship Term may be extended by mutual written agreement of the parties hereto, effective as of the expiration of the then current Directorship Term.