Common use of Employment and Term of Employment Clause in Contracts

Employment and Term of Employment. The Company hereby employs the Employee, and the Employee hereby agrees to serve the Company, on the terms and conditions set forth herein. Subject to the provisions of Sections 7 and 8, the term of this Agreement shall be for an initial period of three years from the Effective Date hereof. Not more than 90 days and not less than 60 days prior to the first anniversary of the Effective Date hereof and again during the same period prior to each subsequent anniversary of the Effective Date hereof (each a "Contract Anniversary Date"), the Employee may provide written notice (an "Extension Notice") to the President and Chief Executive Officer of the Company stating that he wishes to extend the remaining term of this Agreement for one year. Unless the Employee receives, prior to the Contract Anniversary Date immediately following delivery of such Extension Notice, a written response from the Chairman of the Board of Directors of the Company (the "Board") (or, if applicable, the Chairman of the Compensation Committee) to the effect that the Board has voted not to extend the remaining term of this Agreement, then the term of this Agreement shall be automatically extended for such one-year period. Failure of the Employee to provide a timely Extension Notice as contemplated by this Section 1 shall automatically cause the term of this Agreement to conclude two years following the Contract Anniversary Date prior to which the Extension Notice would have otherwise been provided. Notwithstanding the foregoing, on the effective date of a "Change in Control of the Company", as defined in Section 7(d), or on the Disposition Date, as defined in Section 7(e), the term of this Agreement automatically shall be extended for three years from such effective date or Disposition Date, as the case may be.

Employment and Term of Employment. The Company hereby employs the Employee, and the Employee hereby agrees to serve the Company, on the terms and conditions set forth herein. (a) Subject to the provisions terms of Sections 7 this Agreement, the employment term hereunder will commence as of January 1, 2015 (the “Effective Date”) and 8continue for thirty-six (36) months; provided that, commencing on the third anniversary of this Agreement (the “Renewal Date”), the term of this Agreement the Executive’s employment by the Company shall be for an initial period automatically renewed so as to terminate on the date that is thirty-six (36) months from such Renewal Date, unless the Company or the Executive provides the other with prior written notice of three years from the Effective Date hereof. Not more than 90 its or his desire not to renew delivered in accordance with Section 20 (“Notice”) at least ninety (90) days and not less than 60 days prior to the first anniversary in advance of the Effective Date hereof Renewal Date. The Company and again during the same period prior Executive agree to each subsequent anniversary of begin discussions concerning the Effective Date hereof (each a "Contract Anniversary Date"), the Employee may provide written notice (an "Extension Notice") to the President and Chief Executive Officer of the Company stating that he wishes to extend the remaining term renewal of this Agreement for one year. Unless promptly following the Employee receives, prior to the Contract Anniversary Date immediately following delivery of such Extension Notice, a written response from the Chairman of the Board of Directors of the Company (the "Board") (or, if applicable, the Chairman of the Compensation Committee) to the effect that the Board has voted not to extend the remaining term of this Agreement, then the term second anniversary of this Agreement shall be automatically extended for such one-year period. Failure with the objective of the Employee to provide reaching a timely Extension Notice as contemplated by this Section 1 shall automatically cause the term of this Agreement to conclude two years following the Contract Anniversary Date prior to which the Extension Notice would have otherwise been providedfinal agreement within six months. Notwithstanding the foregoing, on either the effective date Company or the Executive may terminate the Executive’s employment with the Company at any time, subject to the terms and conditions of a "Change in Control Section 7 hereof. The employment period as described herein is referred to herein as the “Term.” (b) Simultaneously with the commencement of the Company"Term, the “Term” as defined in Section 7(d)that certain Employment Agreement by and between the Company and the Executive dated as of March 1, or on 2012 (the Disposition Date“2012 Employment Agreement”) shall be amended to terminate as of December 31, as defined in 2014, and this Agreement shall replace the 2012 Employment Agreement. Executive hereby acknowledges and agrees that the early termination of the “Term” under the 2012 Employment Agreement does not constitute a non-renewal under Section 7(e), ) of the term of this Agreement automatically shall be extended for three years from such effective date or Disposition Date, as the case may be2012 Employment Agreement.