Common use of General Term Clause in Contracts

General Term. Employer hereby employs Employee, and Employee agrees to serve Employer as Employer's Officer, upon the terms and conditions hereinafter set forth for a period of sixty (60) months (“Initial Term”), commencing on the January 1, 2020 unless extended or terminated as provided herein. The Initial Term shall automatically be extended for successive additional periods of thirty-six (36) months each (each such extension is referred to as an “Extension Term” of the Employment Term) in the event that written notice of termination hereof is not given by one party hereof to the other at least twenty-four (24) months prior to the end of the Employment Term or the then applicable Extension Term, as the case may be; provided that the Employment Term shall terminate prior to such date: (1) upon Employee’s death or permanent disability or incapacity (as determined by the Board in its good faith judgment) or (2) upon the mutual agreement of the Employer and Employee.