Common use of Three Year Contract; Annual Renewal Clause in Contracts

Three Year Contract; Annual Renewal. The term of Executive's employment under this Agreement shall commence as of the Effective Date and shall continue for a period of three (3) years (the "Employment Period"). Commencing on the first anniversary date of the Effective Date, and continuing at each anniversary date thereafter (the "Anniversary Date"), the Agreement shall renew for an additional year such that the remaining term shall be three (3) years; provided, however, if written notice of nonrenewal is provided to Executive at least thirty (30) days and not more than sixty (60) days prior to an Anniversary Date, the term of this Agreement shall not so renew, provided further that on an annual basis prior to the issuance of the notice of nonrenewal or the deadline for the notice period referenced above, which ever comes first, the Board shall conduct a performance review of Executive for purposes of determining whether to provide notice of nonrenewal. If (i) timely notice is not delivered to the Executive, or (ii) if such performance review is not conducted as required above and its related findings provided in its entirety to the Executive, the Agreement shall be automatically extended for an additional year.