Common use of Subsequent Term Clause in Contracts

Subsequent Term. Executive and the Company may, but shall be under no obligation to, negotiate terms and conditions of any subsequent term of employment. In the event, however, that Executive remains in the employ of the Company after the term of this Agreement without the parties having entered into a new employment agreement or extending this Agreement, then 1) the terms of this Agreement shall not be applicable, 2) Executive shall be an employee-at-will subject to the benefits, programs, and policies of the Company then in effect, and 3) either party may terminate the employment relationship at any time with or without cause.