Common use of Employment and Terms Clause in Contracts

Employment and Terms. The Company hereby agrees to employ the Executive and the Executive hereby agrees to continue to serve the Company for the period commencing on the date this Letter Agreement is executed by the Executive (the “Effective Date”) and expiring three (3) years from that date (the “Initial Term”). The term hereof shall automatically extend and renew for additional periods of twelve (12) months on each date upon which the term otherwise would have expired, unless either the Company or the Executive notifies the other party in writing of its or his intention not to extend or renew said Agreement at least sixty (60) days prior to the expiration date. The Initial Term as such term may be extended hereunder, is hereinafter referred to as the “Term.”