Common use of Initial Term/Automatic Renewal Clause in Contracts

Initial Term/Automatic Renewal. The initial term of this Agreement shall 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 PremierWest Bancorp’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 in writing and this Agreement will remain in force only until its term expires. The Board’s decision not to extend the term of this Agreement shall not by itself give Executive any rights under this Agreement to claim an adverse change in his position, compensation, or circumstances or otherwise to claim entitlement to rights under Sections 10, 11, or 12 below.

Initial Term/Automatic Renewal. The initial term of this Agreement shall expire on December 31, 20082007. On the expiration date December 31, 2007 and each anniversary thereof, this Agreement shall be extended automatically for one (1) additional year unless PremierWest Bancorp’s the Board of Directors (the “Board”) determines determines, on or before such date, 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 force only until its term expires. The Board’s decision not to extend the term of this Agreement shall not by itself give Executive any rights under this Agreement to claim an adverse change in his position, compensation, or circumstances or otherwise to claim entitlement to rights under Sections 10, 11, or 12 below.