Common use of TERM AND SCHEDULED TERMINATION DATE Clause in Contracts

TERM AND SCHEDULED TERMINATION DATE. The term of Employee's employment hereunder shall begin on the Commencement Date and shall continue for a term of three (3) years from the Commencement Date (this date of termination of his employment being referred to as the "Scheduled Termination Date"). However, as of each anniversary date of the Commencement Date, the Scheduled Termination Date shall automatically be extended for a successive one-year period of time, unless more than ninety (90) days prior to the occurrence of such anniversary date, either party gives notice to the other that such Scheduled Termination Date shall not thereafter be so extended. If any such notice is given, then the Scheduled Termination Date hereof shall not be automatically extended upon the future occurrence of any such anniversary date. Following the Scheduled Termination Date, the Employee shall not be entitled to earn any further compensation or benefits under this Agreement.

Appears in 5 contracts

Samples: Employment Agreement (U S Liquids Inc), Employment Agreement (U S Liquids Inc), Employment Agreement (U S Liquids Inc)

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TERM AND SCHEDULED TERMINATION DATE. The term of Employee's employment hereunder shall begin on the Commencement Date and shall continue for a term of three five (35) years from the Commencement Date (this date of termination of his employment being referred to as the "Scheduled Termination Date"). However, as of each anniversary date of the Commencement Date, the Scheduled Termination Date shall automatically be extended for a successive one-year period of time, unless more than ninety (90) days prior to the occurrence of such anniversary date, either party gives notice to the other that such Scheduled Termination Date shall not thereafter be so extended. If any such notice is given, then the Scheduled Termination Date hereof shall not be automatically extended upon the future occurrence of any such anniversary date. Following the Scheduled Termination Date, the Employee shall not be entitled to earn any further compensation or benefits under this Agreement.

Appears in 2 contracts

Samples: Employment Agreement (U S Liquids Inc), Employment Agreement (U S Liquids Inc)

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