Common use of Employment and Term of Employment Clause in Contracts

Employment and Term of Employment. (a) Subject to the terms of this Agreement, the employment term hereunder will commence as of January 1, 2019 (the “Effective Date”) and continue through December 31, 2021. So long as the Executive is then employed by the Company, the Company and the Executive agree to begin discussions concerning the renewal of this Agreement in the second calendar quarter of 2021, with the objective of reaching a final agreement regarding such renewal by the end of December 2021. Absent the receipt by either party from the other party of a notice not to renew this Agreement as provided in Section 1(b) below (and so long as the Executive has remained employed by the Company hereunder), the term of this Agreement shall be automatically extended from December 31, 2021 through April 15, 2022 to allow for finalization of new short-term and long-term incentive payment plans.

Employment and Term of Employment. (a) Subject to the terms of this Agreement, the employment term hereunder will commence as of January on February 1, 2019 (the “Effective Date”) and continue through December 31, 2021. So long as the Executive is then employed by the Company, the Company and the Executive agree to begin discussions concerning the renewal of this Agreement in the second calendar quarter of 2021, with the objective of reaching a final agreement regarding such renewal by the end of December 2021. Absent the receipt by either party from the other party of a notice not to renew this Agreement as provided in Section 1(b) below (and so long as the Executive has remained employed by the Company hereunder), the term of this Agreement shall be automatically extended from December 31, 2021 through April 15, 2022 to allow for finalization of new short-term and long-term incentive payment plans.