Common use of Term of Employment Clause in Contracts

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 6 contracts

Sources: Employment Agreement (Basic Energy Services Inc), Employment Agreement (Basic Energy Services Inc), Employment Agreement (Basic Energy Services Inc)

Term of Employment. Executive’s initial 's term of employment with under this Agreement ("Term of Employment") shall commence on the Effective Date and, subject to the terms hereof, shall terminate on the earlier of: December 31, 2004 ("Initial Period"); or the date that either party terminates Executive's employment under this Agreement; provided that subsequent to the Initial Period, the Term of Employment shall automatically renew each January 1 for one year ("Renewal Period"), unless Company delivers to Executive or Executive delivers to Company written notice at least thirty (30) days in advance of the expiration of the Initial Period or any Renewal Period, that the Term of Employment shall not be extended, in which case the Term of Employment shall end at the end of the Year in which such notice was delivered and shall not be further extended except by written agreement of Company and Executive. The expiration of the Term of Employment under this Agreement shall not be for a termination of this Agreement to the extent that other provisions of this Agreement by their terms survive the Term of Employment. For purposes of this Agreement, the term "Year" shall mean the twelve-month period from commencing on the Effective Date through December 31, 2007 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of EmploymentEffective Date.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 6 contracts

Sources: Employment Agreement (Trimas Corp), Employment Agreement (Trimas Corp), Employment Agreement (Trimas Corp)

Term of Employment. This Agreement and the period of Executive’s initial term of employment with the Company under this Agreement shall be for the period from deemed to have commenced as of the Effective Date through December 31, 2007 Time and shall continue for a period of twenty-four (24) full calendar months thereafter (the “Initial Term of EmploymentEmployment Term”). Thereafter, unless earlier terminated pursuant to Agreement paragraph 7 or unless Executive dies before the end of such twenty-four (24) months, in which case the period of employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, unless Notice of Termination (pursuant deemed to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to continue until the end of the month of such death. On the last day of the Initial Employment Term and each anniversary date thereafter, this Agreement and Executive’s term of Employmentemployment (subject to the terms of this Agreement) shall be extended for an additional twelve (12) month period, unless Executive or the Company gives written notice to the other, at least sixty (60) days before the expiration of the Initial Employment Term or any one-year twelve month extension thereofthereafter, as applicable, that the Executive’s term of employment under this Agreement will shall not be renewed for a successive one-year period after the end of the current periodextended. The Company and Executive shall each have the right to give Notice of Termination at willIf written notice is timely provided, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding and the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination employment under this Agreement shall expire at the conclusion of the Initial Employment Term or such twelve month extension, as applicable. Any extension of Executive’s term of employment for whatever reason as set forth above shall be referred to herein as not extend the “Initial Employment PeriodTerm” as that term is used in this Agreement.

Appears in 5 contracts

Sources: Employment Agreement (Xenith Bankshares, Inc.), Employment Agreement (Xenith Bankshares, Inc.), Employment Agreement (Xenith Bankshares, Inc.)

Term of Employment. Executive’s initial term of employment with the Company under this the Agreement shall be for the period from the Effective Date through December 31, 2007 the one-year anniversary of the Effective Date (the “Initial Term of Employment”). Thereafter, the employment period hereunder Initial Term of Employment shall be automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, period(s) unless Notice of Termination (pursuant to Section 7) written notice is given by either the Company or Executive to the other Party at least 90 60 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement term of employment will not be renewed for (such notice, a successive one“Notice of Non-year period after the end Renewal”). The Initial Term of Employment and any extension of the current periodInitial Term of Employment hereunder shall each and collectively be referred to herein as a “Term of Employment.” The Term of Employment shall also be extended upon a Change in Control as provided in Section 7. The Term of Employment shall automatically end in the event of the death or Disability of Executive. The Company and Executive shall each have the right to give Notice of Termination (pursuant to Section 8) at will, with or without cause, at any time subjecttime, however, subject however to the terms and conditions of this the Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the earlier of the date of Executive’s termination of employment for whatever reason or the end of the Term of Employment shall be referred to herein as the “Employment Period.”

Appears in 4 contracts

Sources: Employment Agreement (Parker Drilling Co /De/), Employment Agreement (Parker Drilling Co /De/), Employment Agreement (Parker Drilling Co /De/)

Term of Employment. Executive’s initial term of employment with Unless sooner terminated pursuant to other provisions hereof, the Company under this Agreement shall be agrees to continue to employ the Executive for the period from beginning on the Effective Date through and ending on December 31, 2007 2016 (the “Initial Term of Employment”). ThereafterBeginning effective as of December 31, 2016 (the “Initial Extension Date”), the term of employment period hereunder shall be extended automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end as of such date and as of each annual anniversary of the Initial Extension Date that occurs while this Agreement remains in effect so that the remaining term is one year; provided, however, if, at any time prior to the date that is sixty (60) days before the Initial Extension Date or any annual anniversary thereof, either Party gives Notice of Termination to the other Party that no such automatic extension shall occur, and then the Executive’s employment hereunder shall terminate on the last day of the then-current calendar year period. The In addition, the Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subjecttime, however, subject to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The entire period from the Effective Date through the date of Executive’s termination of employment with the Company, for whatever reason reason, shall be referred to herein as the “Employment Period.”

Appears in 4 contracts

Sources: Executive Employment Agreement (Vaalco Energy Inc /De/), Executive Employment Agreement (Vaalco Energy Inc /De/), Executive Employment Agreement (Vaalco Energy Inc /De/)

Term of Employment. Executive’s initial term of employment with Unless sooner terminated pursuant to other provisions hereof, the Company under this Agreement shall be agrees to continue to employ the Executive for the period from beginning on the Effective Date through and ending on December 31, 2007 2017 (the “Initial Term of Employment”). ThereafterBeginning effective as of December 31, 2017 (the “Initial Extension Date”), the term of employment period hereunder shall be extended automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end as of such date and as of each annual anniversary of the Initial Extension Date that occurs while this Agreement remains in effect so that the remaining term is one year; provided, however, if, at any time prior to the date that is sixty (60) days before the Initial Extension Date or any annual anniversary thereof, either Party gives Notice of Termination to the other Party that no such automatic extension shall occur, then the Executive’s employment hereunder shall terminate on the last day of the then-current calendar year period. The In addition, the Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subjecttime, however, subject to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The entire period from the Effective Date through the date of Executive’s termination of employment with the Company, for whatever reason reason, shall be referred to herein as the “Employment Period.”

Appears in 4 contracts

Sources: Executive Employment Agreement (Vaalco Energy Inc /De/), Executive Employment Agreement (Vaalco Energy Inc /De/), Executive Employment Agreement

Term of Employment. Executive’s initial 's term of employment with under this Agreement ("Term of Employment") shall commence on the Effective Date and, subject to the terms hereof, shall terminate on the earlier of: December 31, 2003 ("Initial Period"); or the date that either party terminates Executive's employment under this Agreement; provided that subsequent to the Initial Period, the Term of Employment shall automatically renew each January for one year ("Renewal Period"), unless Company delivers to Executive or Executive delivers to Company written notice at least thirty (30) days in advance of the expiration of the Initial Period or any Renewal Period, that the Term of Employment shall not be extended, in which case the Term of Employment shall end at the end of the Year in which such notice was delivered and shall not be further extended except by written agreement of Company and Executive. The expiration of the Term of Employment under this Agreement shall not be for a termination of this Agreement to the extent that other provisions of this Agreement by their terms survive the Term of Employment. For purposes of this Agreement, the term "Year" shall mean the twelve-month period from commencing on the Effective Date through December 31, 2007 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of EmploymentEffective Date.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 3 contracts

Sources: Employment Agreement (Metaldyne Corp), Employment Agreement (Metaldyne Corp), Employment Agreement (Er Acquisition Corp)

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2009 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 20082010, and each one-year anniversary thereofthereafter, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 3 contracts

Sources: Employment Agreement (Basic Energy Services Inc), Employment Agreement (Basic Energy Services Inc), Employment Agreement (Basic Energy Services Inc)

Term of Employment. Executive’s 's initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2006 (the "Initial Term of Employment"). Thereafter, the employment period Employment Period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 20082007, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 sixty (60) days prior to the end of the Initial Term of Employment, Employment or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current one-year period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a "Term of Employment." The period from the Effective Date through the date of Executive’s 's termination of employment with the Company and all Affiliates, for whatever reason reason, shall be referred to herein as the "Employment Period."

Appears in 3 contracts

Sources: Employment Agreement (Delta Petroleum Corp/Co), Employment Agreement (Delta Petroleum Corp/Co), Employment Agreement (Delta Petroleum Corp/Co)

Term of Employment. Executive’s initial 's term of employment with under this Agreement ("Term of Employment") shall commence on the Effective Date and, subject to the terms hereof, shall terminate on the earlier of: December 31, 2005 ("Initial Period"); or the date that either party terminates Executive's employment under this Agreement; provided that subsequent to the Initial Period, the Term of Employment shall automatically renew each January for one year ("Renewal Period"), unless Company delivers to Executive or Executive delivers to Company written notice at least thirty (30) days in advance of the expiration of the Initial Period or any Renewal Period, that the Term of Employment shall not be extended, in which case the Term of Employment shall end at the end of the Year in which such notice was delivered and shall not be further extended except by written agreement of Company and Executive. The expiration of the Term of Employment under this Agreement shall not be for a termination of this Agreement to the extent that other provisions of this Agreement by their terms survive the Term of Employment. For purposes of this Agreement, the term "Year" shall mean the twelve-month period from commencing on the Effective Date through December 31, 2007 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of EmploymentEffective Date.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 2 contracts

Sources: Employment Agreement (Metaldyne Corp), Employment Agreement (Metaldyne Corp)

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 (the “Initial Term of Employment”). Thereafter, the The employment period term hereunder shall be automatically extended repetitively for an additional one (1) one-year period on January 1, 2008, and on each one-year anniversary thereofJanuary 1 thereafter, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 60 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the this Agreement will not be renewed for a successive an additional one-year period after the end of the then-current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time time, subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of Executive’s employment. The Initial Term of Employment, and any one-year extension of Executive’s employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 2 contracts

Sources: Employment Agreement (Pinnacle Gas Resources, Inc.), Employment Agreement (Pinnacle Gas Resources, Inc.)

Term of Employment. Executive’s initial term of employment with the Company under this the Agreement shall be for the period from the Effective Date through December 31April 30, 2007 2015 (the “Initial Term of Employment”). Thereafter, the employment period hereunder Initial Term of Employment shall be automatically extended repetitively for an additional one (1) one-year period commencing on January May 1, 20082015, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) notice is given by either the Company or Executive to the other Party at least 90 60 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement term of employment will not be renewed for a successive one-year period after the end renewed. The Initial Term of Employment and any extension of the current periodInitial Term of Employment hereunder shall each be referred to herein as a “Term of Employment.” The Term of Employment shall also be extended upon a Change in Control as provided in Section 7, but shall not thereafter be extended under this Section 4. The Term of Employment shall automatically end in the event of the death or Disability of Executive. The Company and Executive shall each have the right to give Notice of Termination (pursuant to Section 8) at will, with or without cause, at any time subjecttime, however, subject however to the terms and conditions of this the Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the earlier of the date of Executive’s termination of employment for whatever reason or the end of the Term of Employment shall be referred to herein as the “Employment Period.”

Appears in 2 contracts

Sources: Employment Agreement (Parker Drilling Co /De/), Employment Agreement (Parker Drilling Co /De/)

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2021 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period commencing on January 1, 20082022, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, Employment and any one-year extension of employment hereunder, hereunder shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 2 contracts

Sources: Employment Agreement (Basic Energy Services, Inc.), Employment Agreement (Basic Energy Services, Inc.)

Term of Employment. Executive’s 's initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31February 28, 2007 2001 (the "Initial Term of Of Employment"). Thereafter, the term of employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January March 1, 2008, 2001 and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) 7 is given by either the Company or Executive to the other Party party at least 90 ninety (90) days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a "Term of Of Employment." The period from the Effective Date through the date of Executive’s 's termination of employment for whatever reason shall be referred to herein as the "Employment Period."

Appears in 2 contracts

Sources: Employment Agreement (Imperial Sugar Co /New/), Employment Agreement (Imperial Sugar Co /New/)

Term of Employment. Executive’s 's initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2006 (the "Initial Term of Employment"). Thereafter, the employment period Employment Period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 20082007, and each one-one year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 sixty (60) days prior to the end of the Initial Term of Employment, Employment or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current one- year period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a "Term of Employment." The period from the Effective Date through the date of Executive’s 's termination of employment with the Company and all Affiliates, for whatever reason reason, shall be referred to herein as the "Employment Period."

Appears in 1 contract

Sources: Employment Agreement (Delta Petroleum Corp/Co)

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2015 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 20082016, and each one-year anniversary thereofthereafter, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Basic Energy Services Inc)

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2014 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 20082015, and each one-year anniversary thereofthereafter, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, Employment and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.” 5. Section 5(a) of the Agreement is hereby amended and restated as follows:

Appears in 1 contract

Sources: Employment Agreement (Basic Energy Services Inc)

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2019 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period commencing on January 1, 20082020, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, Employment and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Basic Energy Services Inc)

Term of Employment. Executive’s initial term of employment with the Company under this the Agreement shall be for the period from the Effective Date through December 31, 2007 2010 (the “Initial Term of Employment”). Thereafter, the employment period hereunder Initial Term of Employment shall be automatically extended repetitively for an additional one (1) one-year period commencing on January 1, 20082011, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) notice is given by either the Company or Executive to the other Party at least 90 105 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement term of employment will not be renewed for a successive one-year period after the end renewed. The Initial Term of Employment and any extension of the current periodInitial Term of Employment hereunder shall each be referred to herein as a “Term of Employment.” The Term of Employment shall automatically end in the event of the death or Disability of Executive. The Company and Executive shall each have the right to give Notice of Termination (pursuant to Section 8) at will, with or without cause, at any time subjecttime, however, subject however to the terms and conditions of this the Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the earlier of the date of Executive’s termination of employment for whatever reason or the end of the Term of Employment shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Parker Drilling Co /De/)

Term of Employment. Executive’s initial term of employment with Unless sooner terminated pursuant to other provisions hereof, the Company under this Agreement shall be agrees to employ the Executive for the period from beginning on the Effective Date through December 31and ending on April 30, 2007 2022 (the “Initial Term of Employment”). ThereafterBeginning effective as of May 1, 2022 (the “Initial Extension Date”), the term of employment period hereunder shall be extended automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end as of such date and as of each annual anniversary of the current period. The Company and Executive shall each have Initial Extension Date that occurs while this Agreement remains in effect so that the right to give Notice of Termination at willremaining term is one year; provided, with or without causehowever, if, at any time subject, however, prior to the terms date that is at least twenty-eight (28) days (subject to statutory minimum as per Notice of Termination in Section 2.2) before the Initial Extension Date or any annual anniversary thereof, either Party gives Notice of Termination to the other Party that no such automatic extension shall occur and conditions of this Agreement regarding the rights and duties Executive’s employment shall terminate on April 30 of the Parties upon then-current one-year extension, then, for purposes of clarity, such termination of employmentshall not be a Severance Payment Event. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The entire period from the Effective Date through the date of Executive’s termination of employment with the Company, for whatever reason reason, shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Executive Employment Agreement (Vaalco Energy Inc /De/)

Term of Employment. Executive’s initial term of employment with the Company under this the Agreement shall be for the period from the Effective Date through December 31, 2007 2012 (the “Initial Term of Employment”). Thereafter, the employment period hereunder Initial Term of Employment shall be automatically extended repetitively for an additional one (1) one-year period commencing on January 1, 20082013, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) notice is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement term of employment will not be renewed for a successive one-year period after the end renewed. The Initial Term of Employment and any extension of the current periodInitial Term of Employment hereunder shall each be referred to herein as a “Term of Employment.” The Term of Employment shall also be extended upon a Change in Control as provided in Section 7, but shall not thereafter be extended under this Section 4. The Term of Employment shall automatically end in the event of the death or Disability of Executive. The Company and Executive shall each have the right to give Notice of Termination (pursuant to Section 8) at will, with or without cause, at any time subjecttime, however, subject however to the terms and conditions of this the Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the earlier of the date of Executive’s termination of employment for whatever reason or the end of the Term of Employment shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Parker Drilling Co /De/)

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 (the "Initial Term of Employment”). Thereafter, the employment period Employment Period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) 8) is given by either the Company or Executive to the other Party at least 90 sixty (60) days prior to the end of the Initial Term of Employment, Employment or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current one-year period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment with the Company and all Affiliates, for whatever reason reason, shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (EV Energy Partners, LP)

Term of Employment. Executive’s initial term of employment with the Company under this the Agreement shall be for the period from the Effective Date through December 31, 2007 2011 (the “Initial Term of Employment”). Thereafter, the employment period hereunder Initial Term of Employment shall be automatically extended repetitively for an additional one (1) one-year period commencing on January 1, 20082012, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) notice is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement term of employment will not be renewed for a successive one-year period after the end renewed. The Initial Term of Employment and any extension of the current periodInitial Term of Employment hereunder shall each be referred to herein as a “Term of Employment.” The Term of Employment shall also be extended upon a Change in Control as provided in Section 7, but shall not thereafter be extended under this Section 4. The Term of Employment shall automatically end in the event of the death or Disability of Executive. The Company and Executive shall each have the right to give Notice of Termination (pursuant to Section 8) at will, with or without cause, at any time subjecttime, however, subject however to the terms and conditions of this the Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the earlier of the date of Executive’s termination of employment for whatever reason or the end of the Term of Employment shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Parker Drilling Co /De/)

Term of Employment. Executive’s initial term of employment with Unless sooner terminated pursuant to other provisions hereof, the Company under this Agreement shall be agrees to employ the Executive for the period from beginning on the Effective Date through and ending on December 31, 2007 2015 (the “Initial Term of Employment”). ThereafterBeginning effective as of December 31, 2015 (the “Initial Extension Date”), the term of employment period hereunder shall be extended automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end as of such date and as of each annual anniversary of the Initial Extension Date that occurs while this Agreement remains in effect so that the remaining term is one year; provided, however, if, at any time prior to the date that is sixty (60) days before the Initial Extension Date or any annual anniversary thereof, either Party gives Notice of Termination to the other Party that no such automatic extension shall occur, and then the Executive’s employment hereunder shall terminate on the last day of the then-current calendar year period. The Initials Initials In addition, the Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time time, subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The entire period from the Effective Date through the date of Executive’s termination of employment with the Company, for whatever reason reason, shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Executive Employment Agreement (Vaalco Energy Inc /De/)

Term of Employment. Executive’s initial term of employment with the Company under this the Agreement shall be for the period from the Effective Date through December 31April 30, 2007 2017 (the “Initial Term of Employment”). Thereafter, the employment period hereunder Initial Term of Employment shall be automatically extended repetitively for an additional one (1one-year period(s) year period commencing on January May 1, 20082017, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) notice is given by either the Company or Executive to the other Party at least 90 60 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement term of employment will not be renewed for a successive one-year period after the end renewed. The Initial Term of Employment and any extension of the current periodInitial Term of Employment hereunder shall each be referred to herein as a “Term of Employment.” The Term of Employment shall also be extended upon a Change in Control as provided in Section 7, but shall not thereafter be extended under this Section 4. The Term of Employment shall automatically end in the event of the death or Disability of Executive. The Company and Executive shall each have the right to give Notice of Termination (pursuant to Section 8) at will, with or without cause, at any time subjecttime, however, subject however to the terms and conditions of this the Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the earlier of the date of Executive’s termination of employment for whatever reason or the end of the Term of Employment shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Parker Drilling Co /De/)

Term of Employment. Executive’s initial term of employment with the Company under this the Agreement shall be for the period from the Effective Date through December 31April 30, 2007 2013 (the “Initial Term of Employment”). Thereafter, the employment period hereunder Initial Term of Employment shall be automatically extended repetitively for an additional one (1) one-year period commencing on January May 1, 20082013, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) notice is given by either the Company or Executive to the other Party at least 90 60 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement term of employment will not be renewed for a successive one-year period after the end renewed. The Initial Term of Employment and any extension of the current periodInitial Term of Employment hereunder shall each be referred to herein as a “Term of Employment.” The Term of Employment shall also be extended upon a Change in Control as provided in Section 7, but shall not thereafter be extended under this Section 4. The Term of Employment shall automatically end in the event of the death or Disability of Executive. The Company and Executive shall each have the right to give Notice of Termination (pursuant to Section 8) at will, with or without cause, at any time subjecttime, however, subject however to the terms and conditions of this the Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the earlier of the date of Executive’s termination of employment for whatever reason or the end of the Term of Employment shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Parker Drilling Co /De/)

Term of Employment. Executive’s initial term of employment with the Company Partnership under this Agreement shall be for the period from the Effective Date through December 31, 2007 the date that is four (4) years from the Effective Date (the “Initial Term of Employment”). Thereafter, the employment period Employment Period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereofof the Effective Date, unless Notice of Termination (pursuant to Section 7) is given by either the Company Partnership or Executive to the other Party at least 90 sixty (60) days prior to the end of the Initial Term of Employment, Employment or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current one-year period. The Company Partnership and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment with the Partnership and all Affiliates, for whatever reason reason, shall be referred to herein as the “Employment Period.”Employment

Appears in 1 contract

Sources: Employment Agreement (Alta Mesa Energy LLC)

Term of Employment. ExecutiveEmployee’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2010 (the “Initial Term of Employment”). Thereafter, the employment period Employment Period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 20082011, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive Employee to the other Party at least 90 sixty (60) days prior to the end of the Initial Term of Employment, Employment or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current one-year period. The Company and Executive Employee shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of ExecutiveEmployee’s termination of employment with the Company and all Affiliates, for whatever reason reason, shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Delta Petroleum Corp/Co)

Term of Employment. Executive’s 's initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31September 30, 2007 2004 (the "Initial Term of Employment"). Thereafter, the term of employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January October 1, 2008, 2004 and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) 7 is given by either the Company or Executive to the other Party party at least 90 ninety (90) days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a "Term of Employment." The period from the Effective Date through the date of Executive’s 's termination of employment for whatever reason shall be referred to herein as the "Employment Period."

Appears in 1 contract

Sources: Employment Agreement (Imperial Sugar Co /New/)

Term of Employment. Executive’s initial term of employment with the Company under this the Agreement shall be for the period from the Effective Date through December 31, 2007 2011 (the “Initial Term of Employment”). Thereafter, the employment period hereunder Initial Term of Employment shall be automatically extended repetitively for an additional one (1) one-year period commencing on January 1, 20082012, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) notice is given by either the Company or Executive to the other Party at least 90 105 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement term of employment will not be renewed for a successive one-year period after the end renewed. The Initial Term of Employment and any extension of the current periodInitial Term of Employment hereunder shall each be referred to herein as a “Term of Employment.” The Term of Employment shall automatically end in the event of the death or Disability of Executive. The Company and Executive shall each have the right to give Notice of Termination (pursuant to Section 8) at will, with or without cause, at any time subjecttime, however, subject however to the terms and conditions of this the Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the earlier of the date of Executive’s termination of employment for whatever reason or the end of the Term of Employment shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Parker Drilling Co /De/)

Term of Employment. Executive’s initial term of employment with the Company under this the Agreement shall be for the period from the Effective Date through December 31April 30, 2007 2018 (the “Initial Term of Employment”). Thereafter, the employment period hereunder Initial Term of Employment shall be automatically extended repetitively for an additional one (1one-year period(s) year period commencing on January May 1, 20082018, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) notice is given by either the Company or Executive to the other Party at least 90 60 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement term of employment will not be renewed for a successive one-year period after the end renewed. The Initial Term of Employment and any extension of the current periodInitial Term of Employment hereunder shall each be referred to herein as a “Term of Employment.” The Term of Employment shall also be extended upon a Change in Control as provided in Section 7, but shall not thereafter be extended under this Section 4. The Term of Employment shall automatically end in the event of the death or Disability of Executive. The Company and Executive shall each have the right to give Notice of Termination (pursuant to Section 8) at will, with or without cause, at any time subjecttime, however, subject however to the terms and conditions of this the Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the earlier of the date of Executive’s termination of employment for whatever reason or the end of the Term of Employment shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Parker Drilling Co /De/)

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2010 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 20082010, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, Employment and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Basic Energy Services Inc)

Term of Employment. Executive’s initial term of employment with Unless sooner terminated pursuant to other provisions hereof, the Company under this Agreement shall be agrees to continue to employ the Executive for the period from beginning on the Effective Date through and ending on the end of the day December 31, 2007 2022 (the “Initial Term of Employment”). ThereafterBeginning effective as of January 1, 2023 (the “Initial Extension Date”), the term of employment period hereunder shall be extended automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end as of such date and as of each annual anniversary of the Initial Extension Date that occurs while this Agreement remains in effect so that the remaining term is one year; provided, however, if, at any time prior to the date that is sixty (60) days before the Initial Extension Date or any annual anniversary thereof, either Party gives Notice of Termination to the other Party that no such automatic extension shall occur, then the Executive’s employment hereunder shall terminate on the last day of the then-current calendar year period. The In addition, the Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subjecttime, however, subject to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The entire period from the Effective Date through the date of Executive’s termination of employment with the Company, for whatever reason reason, shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Executive Employment Agreement (Vaalco Energy Inc /De/)

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2009 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 20082010, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Basic Energy Services Inc)

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2022 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period commencing on January 1, 20082023, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without causeCause (as defined below), at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, Employment and any one-year extension of employment hereunder, hereunder shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Basic Energy Services, Inc.)

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2021 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period commencing on January 1, 20082022, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without causeCause (as defined below), at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, Employment and any one-year extension of employment hereunder, hereunder shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Basic Energy Services, Inc.)

Term of Employment. Executive’s initial term of employment with the Company under this Agreement shall be for the period from the Effective Date through December 31, 2007 2014 (the “Initial Term of Employment”). Thereafter, the employment period hereunder shall be automatically extended repetitively for an additional one (1) year period on January 1, 20082015, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end of the current period. The Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subject, however, to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The period from the Effective Date through the date of Executive’s termination of employment for whatever reason shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Employment Agreement (Basic Energy Services Inc)

Term of Employment. Executive’s initial term of employment with Unless sooner terminated pursuant to other provisions hereof, the Company under this Agreement shall be agrees to continue to employ the Executive for the period from beginning on the Effective Date through and ending on December 31, 2007 2017 (the “Initial Term of Employment”). ThereafterBeginning effective as of December 31, 2017 (the “Initial Extension Date”), the term of employment period hereunder shall be extended automatically extended repetitively for an additional one (1) year period on January 1, 2008, and each one-year anniversary thereof, unless Notice of Termination (pursuant to Section 7) is given by either the Company or Executive to the other Party at least 90 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the Agreement will not be renewed for a successive one-year period after the end as of such date and as of each annual anniversary of the Initial Extension Date that occurs while this Agreement remains in effect so that the remaining term is one year; provided, however, if, at any time prior to the date that is sixty (60) days before the Initial Extension Date or any annual anniversary thereof, either Party gives Notice of Termination to the other Party that no such automatic extension shall occur, and then the Executive’s employment hereunder shall terminate on the last day of the then-current calendar year period. The In addition, the Company and Executive shall each have the right to give Notice of Termination at will, with or without cause, at any time subjecttime, however, subject to the terms and conditions of this Agreement regarding the rights and duties of the Parties upon termination of employment. The Initial Term of Employment, and any one-year extension of employment hereunder, shall each be referred to herein as a “Term of Employment.” The entire period from the Effective Date through the date of Executive’s termination of employment with the Company, for whatever reason reason, shall be referred to herein as the “Employment Period.”

Appears in 1 contract

Sources: Executive Employment Agreement (Vaalco Energy Inc /De/)