Common use of Term and Extension Clause in Contracts

Term and Extension. The term of this Agreement shall commence as of the date hereof (the "Effective Date") and shall continue until the third anniversary of the Effective Date (such term being referred to hereinafter as the "Employment Period"). The Employment Period shall automatically be extended for one year on the second anniversary of the Effective Date, and each anniversary thereafter, unless either party gives the other written notice of its intention not to extend the Employment Period at least 30 days prior to such automatic extension, in which case no further extensions will occur.

Term and Extension. The term of this Agreement shall commence as of the date hereof (the "Effective Date") and shall continue until the third anniversary annivesary of the Effective Date (such term being referred to hereinafter as the "Employment Emloyment Period"). The Employment Period shall automatically be extended for one year on the second anniversary of the Effective Date, and each anniversary of the Effective Date, and each anniversary thereafter, unless either party gives the other written notice of its intention not to extend the Employment Period at least 30 days prior to such automatic extension, in which case no further extensions will occur.