Common use of Term With Automatic Renewal Provisions Clause in Contracts

Term With Automatic Renewal Provisions. The Executive’s employment hereunder shall be for a two (2) year term commencing as of the Effective Date and shall automatically renew for an additional one (1) year period on each anniversary of the Effective Date, unless sooner terminated at any time by either party, with or without Cause (as defined below), such termination to be effective as of ninety (90) days after written notice to that effect is delivered to the other party; provided that either party may provide the other party with notice that the term of this Agreement shall not renew, in which case this Agreement shall terminate at the end of the then-current term of this Agreement. Notwithstanding any other provision of this Section 1 to the contrary, this Agreement shall automatically terminate upon Executive’s attainment of age sixty-five (65).

Appears in 3 contracts

Samples: Employment Agreement (First Ottawa Bancshares Inc), Employment Agreement (First Ottawa Bancshares Inc), Employment Agreement (First Ottawa Bancshares Inc)

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Term With Automatic Renewal Provisions. The Executive’s employment hereunder shall be for a two (2) year term commencing as of the Effective Date and shall automatically renew for an additional one two (12) year period on each anniversary of the Effective Date, unless sooner terminated at any time by either party, with or without Cause (as defined below), such termination to be effective as of ninety (90) days after written notice to that effect is delivered to the other party; provided that either party may provide the other party with notice that the term of this Agreement shall not renew, in which case this Agreement shall terminate at the end of the then-current term of this Agreement. Notwithstanding any other provision of this Section 1 to the contrary, this Agreement shall automatically terminate upon Executive’s attainment of age sixty-five (65).

Appears in 1 contract

Samples: Employment Agreement (First Ottawa Bancshares Inc)

Term With Automatic Renewal Provisions. The Executive’s employment hereunder shall be for a two (2) year term commencing as of the Effective Date and shall automatically renew for an additional one (1) year period on each anniversary of the Effective Date, unless sooner terminated at any time by either party, with or without Cause (as defined below), such termination to be effective as of ninety (90) days after written notice to that effect is delivered to the other party; provided that either party may provide the other party with notice that the term of this Agreement shall not renew, in which case this Agreement shall terminate at the end of the then-current term of this Agreement. Notwithstanding any other provision of this Section 1 to the contrary, this Agreement shall automatically terminate upon Executive’s attainment of age sixty-five (65).

Appears in 1 contract

Samples: Employment Agreement (First Ottawa Bancshares Inc)

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Term With Automatic Renewal Provisions. The Executive’s employment hereunder shall be for a two one (21) year term commencing as of the Effective Date and shall automatically renew for an additional one (1) year period on each anniversary of the Effective Date, unless sooner terminated at any time by either party, with or without Cause (as defined below), such termination to be effective as of ninety (90) days after written notice to that effect is delivered to the other party; provided that either party may provide the other party with notice that the term of this Agreement shall not renew, in which case this Agreement shall terminate at the end of the then-current term of this Agreement. Notwithstanding any other provision of this Section 1 to the contrary, this Agreement shall automatically terminate upon Executive’s attainment of age sixty-five (65).

Appears in 1 contract

Samples: Employment Agreement (First Ottawa Bancshares Inc)

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