Common use of Employment Period; Remaining Unexpired Employment Period Clause in Contracts

Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this section 2 ("Employment Period"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third (3rd) anniversary date of this Agreement (each, an "Anniversary Date"). Upon each Anniversary Date of this Agreement, the Board of Directors of the Company ("Board") shall review the terms of this Agreement and the Executive's performance of services hereunder and may, in the absence of objection from the Executive, approve an extension of the Employment Agreement to a new three year term. The "Remaining Unexpired Employment Period" shall be the remaining period of the Employment Period subject to such extensions as the Board may determine pursuant to this paragraph unless modified by this Agreement.

Appears in 3 contracts

Samples: Employment Agreement (Westbank Corp), Employment Agreement (Mystic Financial Inc), Employment Agreement (Mystic Financial Inc)

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Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this section 2 ("Employment Period"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third (3rd) annual anniversary date of this Agreement. Upon the first (1st) annual anniversary date of this Agreement (each, an "Anniversary Date"). Upon and each Anniversary Date of this Agreementanniversary date thereafter, the Board of Directors of the Company Bank ("Board") shall review the terms of this Agreement and the Executive's ’s performance of services hereunder and may, in the absence of objection from the Executive, approve an extension of the Employment Agreement to a new three year term. The "Executive shall be notified by the Board of any renewal or non-renewal of this Agreement by the Board within thirty (30) days following any such action. The “Remaining Unexpired Employment Period" shall be the remaining period of the Employment Period subject to such extensions as the Board may determine pursuant to this paragraph unless modified by this Agreement.

Appears in 2 contracts

Samples: Employment Agreement (CMS Bancorp, Inc.), Employment Agreement (CMS Bancorp, Inc.)

Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this section 2 ("Employment Period"). The Employment Period shall be for an initial term of three two (32) years beginning on the date of this Agreement and ending on the third second (3rd2nd) annual anniversary date of this Agreement. Upon the first (1st) annual anniversary date of this Agreement (each, an "Anniversary Date"). Upon and each Anniversary Date of this Agreementanniversary date thereafter, the Board of Directors of the Company ("Board") shall review the terms of this Agreement and the Executive's performance of services hereunder and may, in the absence of objection from the Executive, approve an extension of the Employment Agreement to a new three two year term. The Executive shall be notified by the Board of any renewal or non-renewal of this Agreement by the Board within thirty (30) days following any such action. The "Remaining Unexpired Employment Period" shall be the remaining period of the Employment Period subject to such extensions as the Board may determine pursuant to this paragraph unless modified by this Agreement.

Appears in 2 contracts

Samples: Employment Agreement (Slades Ferry Bancorp), Employment Agreement (Slades Ferry Bancorp)

Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this section 2 ("Employment Period"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third (3rd) anniversary date of this Agreement (each, an "Anniversary Date"). Upon each Anniversary Date of this Agreement, the Board of Directors of the Company ("Board") shall review the terms of this Agreement and the Executive's performance of services hereunder and may, in the absence of objection from the Executive, approve an extension of the Employment Agreement to a new three year term. The "Remaining Unexpired Employment Period" at any date shall be the remaining period of the Employment Period subject after giving effect to any extensions already authorized as of such extensions as the Board may determine pursuant to this paragraph unless modified by this Agreementdate.

Appears in 1 contract

Samples: Employment Agreement (Mystic Financial Inc)

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Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this section 2 ("Employment Period"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third (3rd) annual anniversary date of this Agreement. Upon the first (1st) annual anniversary date of this Agreement (each, an "Anniversary Date"). Upon and each Anniversary Date of this Agreementanniversary date thereafter, the Board of Directors of the Company ("Board") shall review the terms of this Agreement and the Executive's performance of services hereunder and may, in the absence of objection from the Executive, approve an extension of the Employment Agreement to a new three year term. The Executive shall be notified by the Board of any renewal or non-renewal of this Agreement by the Board within thirty (30) days following any such action. The "Remaining Unexpired Employment Period" shall be the remaining period of the Employment Period subject to such extensions as the Board may determine pursuant to this paragraph unless modified by this Agreement.Unexpired

Appears in 1 contract

Samples: Employment Agreement (Slades Ferry Bancorp)

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