Common use of Term and Annual Renewal Clause in Contracts

Term and Annual Renewal. The term of this Agreement shall commence as of the Effective Date and shall continue thereafter through December 31, 2021 (the “Term”). Commencing as of the first January 1 (the “Renewal Date”) following the Effective Date and continuing on each Renewal Date thereafter, the term of this Agreement shall renew for an additional year such that the remaining term of this Agreement is again two years; provided, however, that in order for this Agreement to renew, the disinterested members of the Board of Directors of the Bank (the “Board of Directors”) must take the following actions within the time frames set forth below prior to each Renewal Date: (i) at least thirty (30) days prior to the Renewal Date, conduct or review a comprehensive performance evaluation of the Executive for purposes of determining whether to extend this Agreement; and (ii) affirmatively approve the renewal or non-renewal of this Agreement, which decision shall be included in the minutes of the meeting of the Board of Directors. If the decision of the disinterested members of the Board of Directors is not to renew this Agreement, then the Board of Directors shall provide the Executive with a written notice of non-renewal (“Non-Renewal Notice) prior to any Renewal Date, such that this Agreement shall terminate at the end of twelve (12) months following such Renewal Date

Appears in 2 contracts

Samples: Change in Control Agreement (Cincinnati Bancorp, Inc.), Change in Control Agreement (Cincinnati Bancorp, Inc.)

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Term and Annual Renewal. The initial term of this Agreement shall commence begin as of the date the Effective Date Time (as defined in the Merger Agreement) occurs (the “Effective Date”) and shall continue thereafter through December 31, 2021 for thirty-six (the “Term”)36) months. Commencing as of on the first January September 1 following the Effective Date (the “Renewal Date”) following the Effective Date and continuing on each Renewal Date thereafter, the term of this Agreement shall renew for an additional year such so that the remaining term of this Agreement is again two yearsthirty-six (36) months; provided, however, that in order for this Agreement to renew, the disinterested members of the Board Boards of Directors of the Bank (the “Board of Directors”) must take the following actions within the time frames set forth below prior to each Renewal Date: (i1) at least thirty (30) 30 days prior to the each Renewal Date, conduct or review a comprehensive performance evaluation of the Executive for purposes of determining whether to extend this Agreement; and (ii2) affirmatively approve the renewal or non-renewal of this Agreement, which decision shall be included in the minutes of the meeting of the Board of Directors. If the decision of the disinterested members of the Board Boards of Directors is not to renew this Agreement, then the Board Boards of Directors shall provide the Executive with a written notice of non-renewal (the “Non-Renewal Notice) prior to any Renewal Date, such that and the term of this Agreement shall terminate at the end of twelve the then remaining term. Reference herein to the term of this Agreement shall refer to both the initial term and any extended terms. This Agreement shall be null and void and the parties will have no obligation hereunder if (12a) months following such Renewal Datethe Merger Agreement is terminated in accordance with its terms, (b) the parties to the Merger Agreement fail to complete the transactions contemplated by the Merger Agreement for any reason or (c) the Executive terminates employment with Affinity Bank for any reason prior to the Effective Time.

Appears in 1 contract

Samples: Employment Agreement (Community First Bancshares, Inc.)

Term and Annual Renewal. The term of this Agreement shall commence as of the Effective Date and shall continue thereafter through December 31, 2021 2022 (the “Term”). Commencing as of on the first January 1 December 31 (the “Renewal Date”) following the Effective Date and continuing on each Renewal Date thereafter, the term of this Agreement shall renew for an additional year such that the remaining term of this Agreement is again two three years; provided, however, that in order for this Agreement to renew, the disinterested distinterested members of the Board of Directors of the Bank (the “Board of Directors”) must take the following actions within the time frames set forth below prior to each Renewal Date: (i) at least thirty (30) days prior to the Renewal Date, conduct or review a comprehensive performance evaluation of the Executive for purposes of determining whether to extend this Agreement; and (ii) affirmatively approve the renewal or non-renewal of this Agreement, which decision shall be included in the minutes of the meeting of the Board of Directors. If the decision of the disinterested members of the Board of Directors is not to renew this Agreement, then the Board of Directors shall provide the Executive with a written notice of non-renewal (“Non-Renewal Notice) Notice prior to any Renewal Date, such that this Agreement shall terminate at the end of twelve twenty-four (1224) months following such Renewal Date

Appears in 1 contract

Samples: Change in Control Agreement (Cincinnati Bancorp, Inc.)

Term and Annual Renewal. The initial term of this Agreement shall commence begin as of the date the Effective Date Time (as defined in the Merger Agreement) occurs (the “Effective Date”) and shall continue thereafter through December 31, 2021 for thirty-six (the “Term”)36) months. Commencing as of on the first January September 1 following the Effective Date (the “Renewal Date”) following the Effective Date and continuing on each Renewal Date thereafter, the term of this Agreement shall renew for an additional year such so that the remaining term of this Agreement is again two yearsthirty-six (36) months; provided, however, that in order for this Agreement to renew, the disinterested members of the Board Boards of Directors of the Bank (the “Board of Directors”) must take the following actions within the time frames set forth below prior to each Renewal Date: (i1) at least thirty (30) 30 days prior to the each Renewal Date, conduct or review a comprehensive performance evaluation of the Executive for purposes of determining whether to extend this Agreement; and (ii2) affirmatively approve the renewal or non-renewal of this Agreement, which decision shall be included in the minutes of the meeting of the Board of Directors. If the decision of the disinterested members of the Board of Directors is not to renew this Agreement, then the Board of Directors shall provide the Executive with a written notice of non-renewal (the “Non-Renewal Notice) prior to any Renewal Date, such that and the term of this Agreement shall terminate at the end of twelve the then remaining term. Reference herein to the term of this Agreement shall refer to both the initial term and any extended terms. This Agreement shall be null and void and the parties will have no obligation hereunder if (12a) months following such Renewal Datethe Merger Agreement is terminated in accordance with its terms, (b) the parties to the Merger Agreement fail to complete the transactions contemplated by the Merger Agreement for any reason or (c) the Executive terminates employment with Affinity Bank for any reason prior to the Effective Time.

Appears in 1 contract

Samples: Employment Agreement (Affinity Bancshares, Inc.)

Term and Annual Renewal. (a) The term of this Agreement shall commence will begin as of the Effective Date and shall will continue thereafter through December 31, 2021 for twenty-four (24) full calendar months thereafter. Commencing on the first anniversary date of the Effective Date of this Agreement (the “Term”). Commencing as of the first January 1 (the “Renewal Anniversary Date”) following the Effective Date and continuing on each Renewal Anniversary Date thereafter, a majority of the members of the Board who are not executive officers of the Bank may extend the term of this Agreement shall renew for an additional year such that the remaining term shall be twenty-four (24) months, unless written notice of this Agreement non-renewal is again two years; provided, however, that in order for this Agreement provided to renew, the disinterested members of the Board of Directors of the Bank (the “Board of Directors”) must take the following actions within the time frames set forth below prior to each Renewal Date: (i) Executive at least thirty (30) days prior to the Renewal any such Anniversary Date, in which case the term of this Agreement will become fixed and will terminate at the end of the twelve (12) months following such Anniversary Date. Prior to each Anniversary Date, the members of the Board who are not executive officers of the Bank will conduct or review a comprehensive performance evaluation and review of the Executive for purposes of determining whether to extend this Agreement; , and (ii) affirmatively approve the renewal or non-renewal of this Agreement, which decision shall results thereof will be included in the minutes of the meeting of Board’s meeting. Notwithstanding the Board of Directors. If foregoing, in the decision of event that at any time prior to the disinterested members of Anniversary Date the Board of Directors is not Company or the Bank has entered into an agreement to renew this Agreementeffect a transaction which would be considered a Change in Control under Section 10(a) hereof, then the Board term of Directors shall provide the Executive with a written notice of non-renewal (“Non-Renewal Notice) prior to any Renewal Date, such that this Agreement shall be extended and shall terminate at the end of twelve twenty-four (1224) months following such Renewal Datethe date on which the Change in Control occurs.

Appears in 1 contract

Samples: Employment Agreement (Wolverine Bancorp, Inc.)

Term and Annual Renewal. The term of this Agreement shall commence as of the Effective Date and shall continue thereafter through December 31, 2021 (the “Term”). Commencing as of on the first January 1 December 31 (the “Renewal Date”) following the Effective Date and continuing on each Renewal Date thereafter, the term of this Agreement shall renew for an additional year such that the remaining term of this Agreement is again two years; provided, however, that in order for this Agreement to renew, the disinterested members of the Board of Directors of the Bank (the “Board of Directors”) must take the following actions within the time frames set forth below prior to each Renewal Date: (i) at least thirty (30) days prior to the Renewal Date, conduct or review a comprehensive performance evaluation of the Executive for purposes of determining whether to extend this Agreement; and (ii) affirmatively approve the renewal or non-renewal of this Agreement, which decision shall be included in the minutes of the meeting of the Board of Directors. If the decision of the disinterested members of the Board of Directors is not to renew this Agreement, then the Board of Directors shall provide the Executive with a written notice of non-renewal (“Non-Renewal Notice) Notice prior to any Renewal Date, such that this Agreement shall terminate at the end of twelve (12) months following such Renewal Date

Appears in 1 contract

Samples: Change in Control Agreement (Cincinnati Bancorp, Inc.)

Term and Annual Renewal. The term of this Agreement shall commence as of the Effective Date and shall continue thereafter through December 31, 2021 2022 (the “Term”). Commencing as of the first January 1 (the “Renewal Date”) following the Effective Date and continuing on each Renewal Date thereafter, the term of this Agreement shall renew for an additional year such that the remaining term of this Agreement is again two three years; provided, however, that in order for this Agreement to renew, the disinterested distinterested members of the Board of Directors of the Bank (the “Board of Directors”) must take the following actions within the time frames set forth below prior to each Renewal Date: (i) at least thirty (30) days prior to the Renewal Date, conduct or review a comprehensive performance evaluation of the Executive for purposes of determining whether to extend this Agreement; and (ii) affirmatively approve the renewal or non-renewal of this Agreement, which decision shall be included in the minutes of the meeting of the Board of Directors. If the decision of the disinterested members of the Board of Directors is not to renew this Agreement, then the Board of Directors shall provide the Executive with a written notice of non-renewal (“Non-Renewal Notice) prior to any Renewal Date, such that this Agreement shall terminate at the end of twelve twenty-four (1224) months following such Renewal Date

Appears in 1 contract

Samples: Change in Control Agreement (Cincinnati Bancorp, Inc.)

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Term and Annual Renewal. The initial term of this Agreement shall commence will begin as of the Effective Date and shall continue thereafter through December 31, 2021 for a period of three years (the “Term”). Commencing as of on the first January 1 anniversary date of this Agreement (the “Renewal Date”) following the Effective Date and continuing on each anniversary of the Renewal Date thereafter, the term of this Agreement shall renew for an additional year such that the remaining term of this Agreement is again two three (3) years; provided, however, that in order for this Agreement to renew, the disinterested members of the Board of Directors of the Bank (the “Board of Directors”) must take the following actions within the following time frames set forth below prior to each Renewal Date: (i) at least thirty (30) days prior to the Renewal Date, conduct or review a comprehensive performance evaluation of the Executive for purposes of determining whether to extend this Agreementthe Term; and (ii) affirmatively approve the renewal or non-renewal of this Agreementthe Term, which decision shall will be included in the minutes of the meeting of the Board of Directors. If the decision of the disinterested members of the Board of Directors is not to renew this Agreementthe Term, then the Board of Directors shall will provide the Executive with a written notice of non-renewal (“Non-Renewal Notice) prior to any the applicable Renewal Date, such that this Date and the Agreement shall terminate will expire at the end of twelve (12) months following such Renewal Datethe current Term.

Appears in 1 contract

Samples: Employment Agreement (Central Plains Bancshares, Inc.)

Term and Annual Renewal. The initial term of this Agreement shall commence will begin as of the Effective Date (i.e., January 1, 2023) and shall continue thereafter through December 31, 2021 for a period of three years (the “Term”). Commencing as on the first anniversary date of the first January 1 Effective Date (the “Renewal Date”) following the Effective Date ), and continuing on each anniversary of the Renewal Date thereafter, the term of this Agreement shall renew for an additional year such that the remaining term of this Agreement is again two three (3) years; provided, however, that in order for this Agreement to renew, the disinterested members of the Board of Directors of the Bank (the “Board of Directors”) must take the following actions within the following time frames set forth below prior to each Renewal Date: (i) at least thirty (30) days prior to the Renewal Date, conduct or review a comprehensive performance evaluation of the Executive for purposes of determining whether to extend this Agreementthe Term; and (ii) affirmatively approve the renewal or non-renewal of this Agreementthe Term, which decision shall will be included in the minutes of the meeting of the Board of Directors. If the decision of the disinterested members of the Board of Directors is not to renew this Agreementthe Term, then the Board of Directors shall will provide the Executive with a written notice of non-renewal (“Non-Renewal Notice) prior to any the applicable Renewal Date, such that this Date and the Agreement shall terminate will expire at the end of twelve (12) months following such Renewal Datethe current Term.

Appears in 1 contract

Samples: Employment Agreement (VWF Bancorp, Inc.)

Term and Annual Renewal. The initial term of this Agreement shall commence begin as of the date the Effective Date Time (as defined in the Merger Agreement) occurs (the “Effective Date”) and shall continue thereafter through December 31, 2021 for twenty-four (the “Term”)24) months. Commencing as of on the first January September 1 following the Effective Date (the “Renewal Date”) following the Effective Date and continuing on each Renewal Date thereafter, the term of this Agreement shall renew for an additional year such so that the remaining term of this Agreement is again two yearstwenty-four (24) months; provided, however, that in order for this Agreement to renew, the disinterested members of the Board Boards of Directors of the Bank (the “Board of Directors”) must take the following actions within the time frames set forth below prior to each Renewal Date: (i1) at least thirty (30) 30 days prior to the each Renewal Date, conduct or review a comprehensive performance evaluation of the Executive for purposes of determining whether to extend this Agreement; and (ii2) affirmatively approve the renewal or non-renewal of this Agreement, which decision shall be included in the minutes of the meeting of the Board of Directors. If the decision of the disinterested members of the Board of Directors is not to renew this Agreement, then the Board of Directors shall provide the Executive with a written notice of non-renewal (the “Non-Renewal Notice) prior to any Renewal Date, such that and the term of this Agreement shall terminate at the end of twelve the then remaining term. Reference herein to the term of this Agreement shall refer to both the initial term and any extended terms. This Agreement shall be null and void and the parties will have no obligation hereunder if (12a) months following such Renewal Datethe Merger Agreement is terminated in accordance with its terms, (b) the parties to the Merger Agreement fail to complete the transactions contemplated by the Merger Agreement for any reason or (c) the Executive terminates employment with Affinity Bank for any reason prior to the Effective Time.

Appears in 1 contract

Samples: Employment Agreement (Affinity Bancshares, Inc.)

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