Extended Contract Term Sample Clauses
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Extended Contract Term. The Contract Term shall be automatically extended at the end of the Initial or an Extended Term for one additional Contract Year (sometimes herein referred to as an "Extended Term") unless either the Executive or the Company shall give written notice to the other of them that the Contract Term shall not be so extended at least one hundred eighty (180) days prior to the end of the Initial or an Extended Term. An Extended Term shall be upon the same terms and conditions as were applicable to the Initial Term except that the Annual Base Salary shall be the Executive's Annual Base Salary for the Contract Year immediately preceding the Extended Term. References herein to the "Contract Term" of this Agreement shall refer to the Initial Term as extended pursuant to this Section.
Extended Contract Term. On January 1, 2009, the Contract Term shall be automatically extended by one year, and, on the first day of January of each calendar year thereafter (an “Extension Date”), the Contract Term shall be automatically extended by one year unless (i) Executive’s employment has been earlier terminated as provided in Section 5 or (ii) the Company gives written notice to Executive one hundred eighty (180) days prior to the Extension Date that the Contract Term shall not be automatically extended. For purposes of illustration, if Executive’s employment has not been terminated as provided in Section 5 and if the Company has not given written notice to Executive at least 180 days prior to January 1, 2010 that the Contract Term will not be extended, on January 1, 2010, the Contract Term will be extended to and including December 31, 2012. If the Contract Term is extended as provided herein, Executive’s employment may be terminated (other than upon expiration) only as provided in Section 5. References herein to the “Contract Term” shall refer to the Initial Contract Term as extended pursuant to this Section 2.