Employment; Position; Term. Employer hereby employs Executive, and Executive agrees to be so employed, in the capacity of Chief Executive Officer of Employer for a term commencing as of the Effective Date and ending on the third anniversary of the Effective Date (“Term of Employment”); provided, however, that, commencing on the date one year after the Effective Date, and on each annual anniversary of such date (such date and each annual anniversary thereof, a “Renewal Date”), unless previously terminated, the Term of Employment shall be automatically extended so as to terminate three years from such Renewal Date, unless, at least 60 days prior to the Renewal Date, either Employer or Executive gives notice to the other that the Term of Employment shall not be so extended (“Notice of Non-Renewal”). By way of example, in the absence of a Notice of Non-Renewal, the Term of Employment starting July 1, 2015 shall be extended on July 1, 2016 from a term ending on July 1, 2018 to a term ending on July 1, 2019. Upon the timely delivery by either party of a Notice of Non-Renewal, the Term of Employment shall no longer be subject to the automatic extension provided for herein, but rather shall expire upon the conclusion of the then Term of Employment (“Expiration of Term Due to Non-Renewal”).
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Employment; Position; Term. Employer hereby employs Executive, and Executive agrees to be so employed, in the capacity employed as President of Chief Executive Officer Company and President of Employer Bank for a term commencing as of the Effective Date and ending on the third anniversary of the Effective Date (“Term of Employment”); provided, however, that, commencing on the date one year after the Effective Date, and on each annual anniversary of such date (such date and each annual anniversary thereof, a “Renewal Date”), unless previously terminated, the Term of Employment shall be automatically extended so as to terminate three years from such Renewal Date, unless, at least 60 days prior to the Renewal Date, either Employer or Executive gives notice to the other that the Term of Employment shall not be so extended (“Notice of Non-Renewal”). By way of example, in the absence of a Notice of Non-Renewal, the Term of Employment starting July 1, 2015 shall be extended on July 1, 2016 from a term ending on July 1, 2018 to a term ending on July 1, 2019. Upon the timely delivery by either party of a Notice of Non-Renewal, the Term of Employment shall no longer be subject to the automatic extension provided for herein, but rather shall expire upon the conclusion of the then Term of Employment (“Expiration of Term Due to Non-Renewal”).
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Employment; Position; Term. Employer hereby employs Executive, and Executive agrees to be so employed, employed as an active employee and to serve in the capacity of Chief Executive Officer Chairman of Employer the Board of Directors of both Company and Bank for a term commencing as of the Effective Date and ending on the third anniversary of the Effective Date (“Term Date(“Term of Employment”); provided, however, that, commencing on the date one year after the Effective Date, and on each annual anniversary of such date (such date and each annual anniversary thereof, a “Renewal Date”), unless previously terminated, the Term of Employment shall be automatically extended so as to terminate three years from such Renewal Date, unless, at least 60 days prior to the Renewal Date, either Employer or Executive gives notice to the other that the Term of Employment shall not be so extended (“Notice of Non-Renewal”). By way of example, in the absence of a Notice of Non-Renewal, the Term of Employment starting July 1, 2015 shall be extended on July 1, 2016 from a term ending on July 1, 2018 to a term ending on July 1, 2019. Upon the timely delivery by either party of a Notice of Non-Renewal, the Term of Employment shall no longer be subject to the automatic extension provided for herein, but rather shall expire upon the conclusion of the then Term of Employment (“Expiration of Term Due to Non-Renewal”).
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Employment; Position; Term. Employer hereby employs Executive, and Executive agrees to be so employed, in the capacity of Chief Executive Officer of Employer for a term commencing as of the Effective Date and ending on the third second anniversary of the Effective Date Date, April 1, 2010 (“Term of Employment”); provided, however, that, commencing on the date one year after the Effective Date, and on each annual anniversary of such date (such date and each annual anniversary thereof, a the “Renewal Date”), unless previously terminated, the Term of Employment shall be automatically extended so as to terminate three two years from such Renewal Date, unless, at least 60 days prior to the Renewal Date, either Employer or Executive gives notice to the other that the Term of Employment shall not be so extended (“Notice of Non-Renewal”). By way of example, in the absence of a Notice of Non-Renewalon April 1, 2009, the Term of Employment starting July 1, 2015 shall be extended on July 1, 2016 from a term ending on July April 1, 2018 2010 to a term ending on July April 1, 20192011. Upon the timely delivery by either party of a Notice of Non-Renewal, the Term of Employment shall no longer be subject to the automatic extension provided for XXXXXXXXX & XXXXXXXXX, LLP, 000 XXXX XX XXXX XXXXXX, LOWELL, MASSACHUSETTS 01852 herein, but rather shall expire upon the conclusion of the then Term of Employment (“Expiration of Term Due to Non-Renewal”). By way of example, if a Notice of Non-Renewal were first delivered on November 1, 2009, the Term of Employment would expire on April 1, 2011. A Notice of Non-Renewal may not be delivered by Employer during the two year period immediately following a Change in Control event (as hereinafter defined). Executive’s service as a director of Employer and/or any Affiliate (as hereafter defined), shall be without any further compensation in addition to that set forth herein.
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