Common use of Termination Upon Expiration Clause in Contracts

Termination Upon Expiration. Should Executive remain employed under this Agreement through the date five (5) months prior to the Expiration Date, Executive shall have the right, while he is still employed, to provide written notice to the Bank of his desire to remain employed after the Expiration Date on or before the date four (4) months prior to the Expiration Date. If Executive and the Bank have not entered into an amendment of this Agreement extending its term or another written agreement replacing this Agreement on or prior to the date three (3) months prior to the Expiration Date, and Executive’s employment is not otherwise terminated, Executive’s employment shall automatically terminate on the Expiration Date. If such an extension or replacement is not entered into on or prior to three (3) months prior to the Expiration Date, Executive shall be deemed to have been given advance notice by the Bank that his employment with the Bank will terminate as of the Expiration Date. Nothing in this Paragraph shall prejudice the at-will status of Executive or require the Bank to negotiate with Executive.

Termination Upon Expiration. Should Executive remain employed under this Agreement through the date five (5) months prior to the Expiration Date, Executive shall have the right, while he is still employed, to provide written notice to the Bank Employer of his desire to remain employed after the Expiration Date on or before the date four (4) months prior to the Expiration Date. If Executive and the Bank Employer have not entered into an amendment of this Agreement extending its term or another written agreement replacing this Agreement on or prior to the date three (3) months prior to the Expiration Date, and Executive’s employment is not otherwise terminated, Executive’s employment shall automatically terminate on the Expiration Date. If such an extension or replacement is not entered into on or prior to three (3) months prior to the Expiration Date, Executive shall be deemed to have been given advance notice by the Bank Employer that his employment with the Bank Employer will terminate as of the Expiration Date. Nothing in this Paragraph shall prejudice the at-will status of Executive or require the Bank Employer to negotiate with Executive.