Common use of Term; Termination of Employment Prior to a Change in Control and Related Obligations Clause in Contracts

Term; Termination of Employment Prior to a Change in Control and Related Obligations. (a) This Agreement shall become effective on the date first written above and shall continue until the second anniversary thereof (the “Initial Term”). Thereafter, the Agreement shall renew automatically for successive one-year renewal periods unless and until either party provides written notice to the other party of the intent not to renew the Agreement at least ninety (90) days prior to the end of the Initial Term or any subsequent term. Notwithstanding the foregoing, if a Change in Control of the Company occurs prior to the end of the Initial Term or any subsequent term, the Agreement shall be extended automatically until the end of the Employment Period. Expiration of this Agreement will not affect the rights or obligations of the parties hereunder arising out of, or relating to, circumstances occurring prior to the expiration of this Agreement, which rights and obligations will survive the expiration of this Agreement. Subject to Section 2(b), the Employer and the Executive shall each retain the right to terminate the employment of the Executive at any time prior to a Change in Control of the Company without payment of any severance or other benefits; provided that, if the employment of the Executive is terminated under circumstances described in Section 2(c), the Executive shall be entitled to the severance and other benefits described in Section 2(c) (subject to the Executive’s satisfaction of the conditions set forth therein).