Common use of Term Extensions Clause in Contracts

Term Extensions. The term of employment under this Agreement shall begin on the Effective Date and shall continue for a term of three (3) years (the “Term”). Each successive anniversary of the Effective Date shall be referred to as an “Anniversary Date.” After expiration of the initial year of the Term, the Agreement shall automatically extend for an additional year, so that the Term will continue for a new three (3) year period from the time of the extension, unless the Board or Executive gives notice to the other party that the Term will not be extended no later than sixty (60) days prior to the Anniversary Date. If either party gives timely notice that the Term will not be extended, then this Agreement shall terminate at the conclusion of its then remaining Term, unless otherwise terminated earlier as permitted by subsequent provisions of this Agreement.