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

Three Year Contract; Annual Renewal. The term of this Agreement will begin as of the Effective Date and will continue through December 31, 2022 (the “Term”). Commencing on January 1, 2021 and continuing on each January 1st thereafter (each, a “Renewal Date”), the Term will extend automatically for one additional year, so that the Term will be three (3) years from such Renewal Date, unless either the Bank or Executive by written notice to the other given at least 60 days prior to such Renewal Date notifies the other of its intent not to extend the same. In the event that notice not to extend is given by either the Bank or Executive, this Agreement will terminate as of the last day of the then current Term. For avoidance of doubt, any extension to the Term will become the “Term” for purposes of this Agreement. At least 30 days prior to the Renewal Date, the disinterested members of the Board of Directors of the Bank (the “Board”) will conduct a comprehensive performance evaluation and review of Executive for purposes of determining whether to take action regarding non-renewal of the Agreement, and the results thereof will be included in the minutes of the Board’s meeting. It is expected that the non-renewal should be communicated in writing to Executive no later than the Renewal Date, provided that a failure to communicate such non-renewal in writing shall not negate the fact of non-renewal.

Three Year Contract; Annual Renewal. The term of this Agreement will begin as of the Effective Date and will shall continue through December 31May 30, 2022 (the “Term”)2025. Commencing on January 1May 31, 2021 2023 and continuing on each January 1st May 31 thereafter (each, a “Renewal Date”), the Term will extend automatically term of this Agreement shall renew for one an additional year, so year such that the Term will be remaining term of this Agreement is three (3) years from such Renewal Date; provided, unless either however, that the Bank or Executive by written notice to the other given at least 60 days prior to such Renewal Date notifies the other of its intent not to extend the same. In the event that notice not to extend is given by either the Bank or Executive, this Agreement will terminate as of the last day of the then current Term. For avoidance of doubt, any extension to the Term will become the “Term” for purposes of this Agreement. At least 30 days prior to the Renewal Date, the disinterested members of the Board of Directors of the Bank (the “Board”) will 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 and review of Executive for purposes of determining whether to take action regarding not extend this Agreement; and (ii) if the decision of the Board is not to renew this Agreement, then the Board shall provide Executive with a written notice of non-renewal of the Agreement, and the results thereof will be included in the minutes of the Board’s meeting. It is expected that the non(“Non-renewal should be communicated in writing Renewal Notice”) prior to Executive no later than the any Renewal Date, provided such that this Agreement shall terminate at the end of the remaining term. Notwithstanding the foregoing, in the event that the Company or the Bank has entered into an agreement to effect a failure to communicate transaction which would be considered a Change in Control as defined below, then, on the date of such nonagreement, the term of this Agreement shall be extended and shall terminate thirty-renewal six (36) months following the date on which the Change in writing shall not negate the fact of non-renewalControl occurs.”

Three Year Contract; Annual Renewal. The term of this Agreement will begin as of the Effective Date and will continue through December 31, 2022 2021 (the “Term”). Commencing on January 1, 2021 2020 and continuing on each January 1st thereafter (each, a “Renewal Date”), the Term will extend automatically for one additional year, so that the Term will be three (3) years from such Renewal Date, unless either the Bank or Executive by written notice to the other given at least 60 days prior to such Renewal Date notifies the other of its intent not to extend the same. In the event that notice not to extend is given by either the Bank or Executive, this Agreement will terminate as of the last day of the then current Term. For avoidance of doubt, any extension to the Term will become the “Term” for purposes of this Agreement. At least 30 days prior to the Renewal Date, the disinterested members of the Board of Directors of the Bank (the “Board”) will conduct a comprehensive performance evaluation and review of Executive for purposes of determining whether to take action regarding non-renewal of the Agreement, and the results thereof will be included in the minutes of the Board’s meeting. It is expected that the non-renewal should be communicated in writing to Executive no later than the Renewal Date, provided that a failure to communicate such non-renewal in writing shall not negate the fact of non-renewal.