Common use of Initial Term/Automatic Renewal Clause in Contracts

Initial Term/Automatic Renewal. The initial term of this Agreement andExecutive’s employment shall commence on April 14, 2008 and expire on December 31, 2008. On the expiration date and each anniversary thereof, this Agreement shall be extended automatically for one (1) additional year unless the Board determines that the term shall not be extended. If the Board determines not to extend the term, it shall promptly notify Executive in writing and this Agreement will remain in full force only until its term expires. While the Board’s election not to extend the term of this Agreement may be exercised at any time, at its sole discretion, the termination of employment that results from such action shall be deemed a termination prior to the expiration of this Agreement pursuant to the provisions of Section 6 below, and as a result thereof, Executive may be entitled to benefits as provided in Sections 8, 9, 10 and/or 11, below.

Initial Term/Automatic Renewal. The initial term of this Agreement andExecutiveand Executive’s employment shall commence on April 1421, 2008 and expire on December 31, 2008. On the expiration date and each anniversary thereof, this Agreement shall be extended automatically for one (1) additional year unless the Board determines that the term shall not be extended. If the Board determines not to extend the term, it shall promptly notify Executive in writing and this Agreement will remain in full force only until its term expires. While the Board’s election not to extend the term of this Agreement may be exercised at any time, at its sole discretion, the termination of employment that results from such action shall be deemed a termination prior to the expiration of this Agreement pursuant to the provisions of Section 6 below, and as a result thereof, Executive may be entitled to benefits as provided in Sections 8, 9, 10 and/or 11, below.

Initial Term/Automatic Renewal. The initial term of this Agreement andExecutive’s employment shall commence on April 14, 2008 and expire on December 31, 20082006. On each anniversary of the expiration date and each anniversary thereofdate, this Agreement shall be extended automatically for one (1) additional year unless the BANK'S Board of Directors (the "Board") determines that the term shall not be extended. If the Board determines not to extend the term, it shall promptly notify Executive EXECUTIVE in writing and this Agreement will remain in full force only until its term expires. While the The Board’s election 's decision not to extend the term of this Agreement may be exercised at any time, at its sole discretion, the . The termination of employment that results from such action shall be deemed a termination prior to the expiration of this Agreement pursuant to the provisions of Section 6 6, below, and and, as a result thereof, Executive EXECUTIVE may be entitled to benefits as provided in Sections Section 8, 9, 10 and/or 11, below.