Common use of Initial Term and Extension Clause in Contracts

Initial Term and Extension. Subject to the provision of this section and Section 3.03, the term of this Employment Agreement shall be for two (2) years commencing with the "Effective Date" hereof (02/24/2000) provided, however, that the term shall be extended automatically for periods of one (1) year commencing on the second anniversary of the Effective Date and on each subsequent anniversary of the Effective Date thereafter, unless either party gives written notice to the other, prior to the date of such anniversary, of such party's election not to extend the term of this Agreement. (This means that after 02/24/2000 the Employment Agreement will have a 2-year life at each renewal.)