Common use of Operation and Term of Agreement Clause in Contracts

Operation and Term of Agreement. This Agreement shall commence on the date set forth above and shall terminate on the second anniversary of such date unless this Agreement is extended, as set forth below; provided, however, that after a Change in Control of the Parent Company during the term of this Agreement, this Agreement shall remain in effect until all of the obligations of the parties hereunder are satisfied and the Protection Period (as defined below) has expired. The term of this Agreement shall be extended automatically at the end of the initial term, and at the end of any extended term, for an additional period of two (2) years unless either party shall provide written notice to the other of its intention not to so extend, such notice to be given not less than one (1) year prior to the end of the initial term or any extension thereof, as the case may be. Notwithstanding the foregoing, prior to a Change in Control, this Agreement shall immediately terminate upon termination of the Executive’s employment, except in the case of such termination under circumstances set forth in the last paragraph of Section 3 below.

Operation and Term of Agreement. This Agreement shall commence on the date set forth above and shall terminate on the second anniversary of such date unless this Agreement is extended, as set forth below; provided, however, that after a Change in Control of the Parent Company during the term of this Agreement, this Agreement shall remain in effect until all of the obligations of the parties hereunder are satisfied and the Protection Period (as defined below) has expired. The term of this Agreement shall be extended automatically at the end of the initial term, term and at the end of any extended term, term for an additional period of two (2) years unless either party shall provide written notice to the other of its intention not to so extend, such notice to be given not less than one (1) year prior to the end of the initial term or any extension thereof, as the case may be. Notwithstanding the foregoing, prior to a Change in Control, Control this Agreement shall immediately terminate upon termination of the Executive’s employment, except in the case of such termination under circumstances set forth in the last paragraph of Section 3 below.