Common use of Extension of Term of Agreement Clause in Contracts

Extension of Term of Agreement. The Company and the Employee agree that the Company's Board of Directors shall, based upon recommendations of the Company's President/CEO, review the Employee's performance with the intent that, if the Employee's performance so warrants, the Board may extend the term of this Agreement for additional three-year periods. By the day preceding the first anniversary date of the Effective Date, the Board shall notify the Employee of its decision whether to grant an extension of this Agreement for an additional three-year period. To the extent that the Board fails to notify the Employee, on or before the date described in the preceding sentence, of the extension of the term of this Agreement, the term of this Agreement shall be automatically extended for an additional three-year period. By way of illustration of this Paragraph 5, if, by December 31, 1996, the Board notifies the Employee that it intends to grant an extension of the term of this Agreement (or, if by such date, the Board fails to notify the Employee that it does not intend to grant such an extension), the term of this Agreement shall be extended for an additional three-year period beginning on January 1, 1997 and ending on December 31, 2000. This Agreement shall be subject to extension in the manner set forth in this paragraph for additional three-year periods on the first anniversary date of the Effective Date of the immediately preceding extension.

Extension of Term of Agreement. The Company and the Employee agree that the Company's ’s Board of Directors (or the Committee) shall, based upon recommendations of the Company's President/’s President or CEO, review the Employee's ’s performance with the intent that, if the Employee's ’s performance so warrants, the Board may may, in its sole discretion, extend the term of this Agreement for additional three-year periods. By December 31, 2005, or, in the day preceding event that this Agreement is extended as provided for in this section, by December 31 of the first anniversary date year of the Effective Dateany extension period, the Board shall notify the Employee of its decision whether to grant an extension of this Agreement for an additional three-year period. To the extent that the Board fails to notify the Employee, on or before the date described in the preceding sentence, of the extension of the term of this Agreement, the term of this Agreement shall be automatically extended for an additional three-year period. By way of illustration of this Paragraph 5, if, by December 31, 19962005, the Board notifies the Employee that it intends to grant an extension of the term of this Agreement (or, if by such date, the Board fails to notify the Employee that it does not intend to grant such an extension), the term of this Agreement shall be extended for an additional three-year period beginning on January 1, 1997 2006, and ending on December 31, 20002008. The first day of the extension shall be deemed the Effective Date for the Agreement, as extended. This Agreement shall be subject to extension in the manner set forth in this paragraph for additional three-year periods on the first anniversary date of the Effective Date of the immediately preceding extension. Each extension of this Agreement will be treated as a new Agreement and will supercede all prior employment contracts, including those that have not expired by their terms.

Extension of Term of Agreement. The Company and the Employee agree that the Company's Board of Directors shall, based upon recommendations of the Company's President/CEO, review the Employee's performance with the intent that, if the Employee's performance so warrants, the Board may extend the term of this Agreement for additional three-year periods. By the day preceding the first anniversary date of the Effective Date, the Board shall notify the Employee of its decision whether to grant an extension of this Agreement for an additional three-year period. To the extent that the Board fails to notify the Employee, on or before the date described in the preceding sentence, of the extension of the term of this Agreement, the term of this Agreement shall be automatically extended for an additional three-year period. By way of illustration of this Paragraph 5, if, by December 31, 19961998, the Board notifies the Employee that it intends to grant an extension of the term of this Agreement (or, if by such date, the Board fails to notify the Employee that it does not intend to grant such an extension), the term of this Agreement shall be extended for an additional three-year period beginning on January 1, 1997 1999 and ending on December 31, 20002001. This Agreement shall be subject to extension in the manner set forth in this paragraph for additional three-year periods on the first anniversary date of the Effective Date of the immediately preceding extension.

Extension of Term of Agreement. The Company and the Employee agree that the Company's Board of Directors shall, based upon recommendations of the Company's President/President or CEO, review the Employee's performance with the intent that, if the Employee's performance so warrants, the Board may extend the term of this Agreement for additional three-year periods. By the last day preceding of the first anniversary date calendar year that ends after the Effective Date or, in the event that this Agreement is extended as provided for in this section, by December 31 of the Effective Datefirst year of any extension period, the Board shall notify the Employee of its decision whether to grant an extension of this Agreement for an additional three-year period. To the extent that the Board fails to notify the Employee, on or before the date described in the preceding sentence, of the extension of the term of this Agreement, the term of this Agreement shall be automatically extended for an additional three-year period. By way of illustration of this Paragraph 5, if, by December 31, 19962001, the Board notifies the Employee that it intends to grant an extension of the term of this Agreement (or, if by such date, the Board fails to notify the Employee that it does not intend to grant such an extension), the term of this Agreement shall be extended for an additional three-year period beginning on January 1, 1997 2002, and ending on December 31, 2000. This Agreement shall be subject to extension in the manner set forth in this paragraph for additional three-year periods on the first anniversary date of the Effective Date of the immediately preceding extension.,

Extension of Term of Agreement. The Company and the Employee agree that the Company's Board of Directors shall, based upon recommendations of the Company's President/President or CEO, review the Employee's performance with the intent that, if the Employee's performance so warrants, the Board may extend the term of this Agreement for additional three-year periods. By the last day preceding of the first anniversary date calendar year that ends after the Effective Date or, in the event that this Agreement is extended as provided for in this section, by December 31 of the Effective Datefirst year of any extension period, the Board shall notify the Employee of its decision whether to grant an extension of this Agreement for an additional three-year period. To the extent that the Board fails to notify the Employee, on or before the date described in the preceding sentence, of the extension of the term of this Agreement, the term of this Agreement shall be automatically extended for an additional three-year period. By way of illustration of this Paragraph 5, if, by December 31, 199631,2001, the Board notifies the Employee that it intends to grant an extension of the term of this Agreement (or, if by such date, the Board fails to notify the Employee that it does not intend to grant such an extension), the term of this Agreement shall be extended for an additional three-year period beginning on January 1, 1997 2002 and ending on December 31, 2000. This Agreement shall be subject to extension in the manner set forth in this paragraph for additional three-year periods on the first anniversary date of the Effective Date of the immediately preceding extension.,

Extension of Term of Agreement. The Company and the Employee agree that the Company's Board of Directors shall, based upon recommendations of the Company's President/CEO, review the Employee's performance with the intent that, if the Employee's performance so warrants, the Board may extend the term of this Agreement for additional three-year periods. By the day preceding the first anniversary date of the Effective Date, the Board shall notify the Employee of its decision whether to grant an extension of this Agreement for an additional three-year period. To the extent that the Board fails to notify the Employee, on or before the date described in the preceding sentence, of the extension of the term of this Agreement, the term of this Agreement shall be automatically extended for an additional three-year period. By way of illustration of this Paragraph 5, if, by December 31, 1996, the Board notifies the Employee that it intends to grant an extension of the term of this Agreement (or, if by such date, the Board fails to notify the Employee that it does not intend to grant such an extension), the term of this Agreement shall be extended for an additional three-year period beginning on January 1, 1997 1997, and ending on December 31, 2000. This Agreement shall be subject to extension in the manner set forth in this paragraph for additional three-year periods on the first anniversary date of the Effective Date of the immediately preceding extension.

Extension of Term of Agreement. The Company and the Employee agree that the Company's Board of Directors shall, based upon recommendations of the Company's President/CEO, review the Employee's performance with the intent that, if the Employee's performance so warrants, the Board may extend the term of this Agreement for additional three-year periods. By the last day preceding of the first anniversary date calendar year that ends after the Effective Date or, in the event that this Agreement is extended as provided for in this section, by December 31 of the Effective Datefirst year of any extension period, the Board shall notify the Employee of its decision whether to grant an extension of this Agreement for an additional three-year period. To the extent that the Board fails to notify the Employee, on or before the date described in the preceding sentence, of the extension of the term of this Agreement, the term of this Agreement shall be automatically extended for an additional three-year period. By way of illustration of this Paragraph 5, if, by December 31, 19962001, the Board notifies the Employee that it intends to grant an extension of the term of this Agreement (or, if by such date, the Board fails to notify the Employee that it does not intend to grant such an extension), the term of this Agreement shall be extended for an additional three-year period beginning on January 1, 1997 2002 and ending on December 31, 2000. This Agreement shall be subject to extension in the manner set forth in this paragraph for additional three-year periods on the first anniversary date of the Effective Date of the immediately preceding extension.,