2Term. The initial term of employment shall be a period of three (3) years, commencing upon the Effective Time and expiring on the close of business at the end of three (3) years from the Effective Time, subject to earlier termination or extension as provided herein (the “Term”). On the first anniversary of the Effective Time and on each anniversary thereafter, the Term shall be extended automatically for one additional year unless the Bank’s Board of Directors or its designee (the “Board”) or the Executive determines that the Term shall not be extended. If the Board or the Executive determine not to extend the Term, such party shall notify the other party in writing at least 90 days prior to the applicable anniversary of the Effective Time. If the Board or the Executive decides not to extend the Term, this Agreement shall nevertheless remain in force until the Term expires. The Board’s decision not to extend the Term shall not by itself give the Executive any rights under this Agreement to claim an adverse change in position, compensation, or circumstances or otherwise to claim any entitlement to severance benefits under Article 4 of this Agreement.
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Sources: Employment Agreement (SouthState Corp), Employment Agreement (SouthState Corp)
2Term. The initial term of employment shall be a period of three (3) years, commencing upon the Effective Time and expiring on the close of business at the end of three (3) years from the Effective Time, subject to earlier termination or extension as provided herein (the “Term”). On the first anniversary of the Effective Time and on each anniversary thereafter, the Term shall be extended automatically for one additional year unless the Bank’s Board of Directors or its designee (the “Board”) or the Executive determines that the Term shall not be extended. If the Board or the Executive determine not to extend the Term, such party shall notify the other party in writing at least 90 days prior to the applicable anniversary of the Effective Time. If the Board or the Executive decides not to extend the Term, this Agreement shall nevertheless remain in force until the Term expires. The Board’s decision not to extend the Term shall not by itself give the Executive any rights under this Agreement to claim an adverse change in position, compensation, or circumstances or otherwise to claim any entitlement to severance benefits under Article 4 or Article 5 of this Agreement.
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