Common use of Current Term Clause in Contracts

Current Term. Subject to Paragraph 2(c), the Current Term of this Agreement shall extend to December 31, 2022. If the Current Term of this Agreement expires without there having been a Change in Control (as hereinafter defined), this Agreement shall automatically extend on the same terms on a year to year basis thereafter unless, during the period beginning ninety (90) days prior and ending thirty (30) days prior to such day, either the Company or Executive shall have given notice to the other that this Agreement will not be renewed. If Executive’s employment is terminated by the Company’s decision not to renew the Agreement, the Company shall provide Executive the severance benefits described in Section 6(a) unless the reason for the non-renewal is the Executive’s retirement. In the event that Executive is offered a subsequent agreement that does not materially or substantially diminish Executive’s rights as defined under this Agreement, and Executive fails to execute the agreement within thirty (30) calendar days of its presentation, severance benefits as provided by Section 6(a) of this Agreement will not be available. In addition, this Agreement may be terminated at any time by the mutual written agreement of the parties, which agreement shall specify whether the Executive shall be provided any severance pay or benefits in connection with such termination.

Appears in 5 contracts

Samples: Executive Employment Agreement (Chesapeake Utilities Corp), Executive Employment Agreement (Chesapeake Utilities Corp), Executive Employment Agreement (Chesapeake Utilities Corp)

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