Annual Extension Sample Clauses

Annual Extension. On December 31 of each year, unless UPC notifies Officer that his employment under this Agreement will not be extended, his employment under this Agreement shall automatically be extended for a one (1) year period from such term set forth in Section 1.2(a) on the same terms and conditions as are set forth herein; provided, however, that the term of this Agreement may be extended only to such time as will provide for a term ending at age sixty-five (65) years. If UPC elects not to extend Officer's employment under this Agreement, as provided in the preceding sentence, it shall do so by notifying Officer in writing within sixty (60) days prior to the applicable December 31 date. If UPC so elects not to extend Officer's employment under this Agreement, Officer shall have the right to either remain as an employee for the remaining term of this Agreement (subject to Officer's right to extend this Agreement under Section 1.2(b) at any time during the remaining term if a Change in Control has occurred or shall occur) or terminate this Agreement at any time during said term and receive in a lump sum on the date of termination an amount equal to three (3) times his Final Average Earnings (as defined in Section 1.2(c)), plus any Tax Gross-Up Payments required by Sections 1.2(e) and 1.2(f). If for any reason the lump payment is not paid on the date specified, then, in addition to the lump sum payment, UPC shall pay interest thereon at the maximum rate permissible by law and shall continue to pay Officer monthly compensation, which shall not be a credit against the lump sum payment, in an amount equal to one-twelfth (1/12) of Officer's Final Average Earnings until such lump sum payment is paid. UPC shall also pay to Officer such termination bonus as the UPC Board of Directors may, in its discretion, determine. Officer's date of termination shall be the December 31 following his election to terminate this Agreement. Additionally, in the event this Agreement is not extended, all options, stock appreciation rights, and other awards in the nature of rights that may be exercised, and all awards of restricted stock, if any, issued to Officer under all stock incentive plans of UPC shall immediately vest and be exercisable by Officer and all restrictions thereon shall lapse.
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Annual Extension. Commencing on third anniversary of the Effective Date and each anniversary of the Effective Date thereafter (each hereinafter referred to as a "Renewal Date"), the Term shall be automatically extended for one additional year so as to terminate one year after such Renewal Date, unless at least one year prior to such Renewal Date, the Company shall have given the Executive written notice that the Term will not be extended.
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Annual Extension. On January 1 of each year beginning January 1, 2002 (each such date an "Anniversary Date"), unless either party to this Agreement has notified the other in writing not less than five (5) business days prior to such Anniversary Date of that party's intention to allow this Agreement to expire and not be renewed at the end of the then current Employment Term, the Employment Term shall automatically be extended for one (1) calendar year on each Anniversary Date
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Annual Extension. For purposes of this Agreement, April 1, 2010 and each April 1 thereafter shall be referred to as an "Anniversary Date," and the one-year period from each Anniversary Date to the next shall be referred to as a "Contract Year." On each Anniversary Date, beginning April 1, 2010, unless either party to this Agreement has notified the other in writing not less than three (3) months prior to such Anniversary Date of that party’s intention to allow this Agreement to expire and not be renewed at the end of the then current Term, the Term shall automatically be extended for one Contract Year on and from each Anniversary Date.
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Annual Extension. Commencing on February 11, 2001 (the "Extension Date") and on each succeeding anniversary of such Extension Date, unless LabOne notifies Officer in accordance with the immediately following sentence that Officer's employment under this Agreement will not be extended, this Agreement and Officer's employment under this Agreement shall automatically and without further action be extended for one (1) year from such Extension Date or anniversary thereof on the same terms and conditions as are set forth herein. If LabOne elects not to extend Officer's employment under this Agreement as provided in the preceding sentence, it shall do so by notifying officer in writing at least sixty (60) days prior to the Extension Date or the applicable anniversary thereof. If La bOne elects not to extend Officer's employment under this Agreement as provided above, such election shall be treated as a termination of officer without cause within the meaning of Section 9.1(e) of this Agreement and LabOne shall pay to officer, in addition to any other sums which may be due to Officer, the lump sum severance payment provided for in Section 9.1(e).
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Annual Extension. Unless the Board of Education, or its designee, gives Superintendent written notice to the contrary ninety (90) days prior to July 1, 2016, this contract shall be deemed to have been extended for a period of one (1) additional year. Superintendent shall remind the Board of Education of the existence of this automatic extension clause. Such notice shall be provided in writing and sent two (2) months prior to the ninety (90) day period. Failure to mail this required notice shall invalidate the automatic renewal clause.
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Annual Extension. (a) If, within a month prior to each anniversary of this Agreement:
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Annual Extension. Commencing on the first anniversary of this Agreement and on each succeeding anniversary thereafter, unless LabOne notifies Officer in accordance with the immediately following sentence that Officer's employment under this Agreement will not be extended, this Agreement and Officer's employment under this Agreement shall automatically and without further action be extended for an additional twelve (12) months to a date two (2) years from such anniversary, on the same terms and conditions as are set forth herein. If LabOne elects not to extend Officer's employment under this Agreement as provided in the preceding sentence, it shall do so by notifying Officer in writing within six (6) months prior to the applicable anniversary date of this Agreement. If LabOne elects not to extend Officer's employment under this Agreement as provided above, such election shall be treated as a termination of Officer without cause within the meaning of Section 9.1(e) of this Agreement and LabOne shall pay to Officer, in addition to any other sums which may be due to Officer, the lump sum severance payment provided for in Section 9.1(e).
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Related to Annual Extension

  • Renewal, Extension The renewal or extension of any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

  • Lease Extension If this Lease shall not have been terminated --------------- pursuant to any provisions hereof and there is no Material Breach (as defined herein) by Tenant hereunder at the time set for exercise of the Extension Terms (as herein defined) and at the time set for commencement thereof, then Tenant may, at Tenant's option, extend the term of this Lease for five (5) successive additional terms of four (4) years each (each an "Extension Term," collectively the "Extension Terms") commencing on the expiration of the original term, or the immediately preceding Extension Term, as the case may be. Tenant may exercise such option by giving Landlord written notice at least ten (10) months prior to the expiration of the original or the immediately preceding Extension Term, as the case may be. Upon the giving by Tenant to Landlord of such written notice and the compliance by Tenant with the foregoing provisions of this Paragraph 15, this Lease shall be deemed to be automatically extended upon all the Covenants, agreements, terms, provisions and conditions set forth in this Lease, except that Base Rent for each such Extension Term shall be as provided on Exhibit D. If Tenant fails or omits to so give to Landlord the written notice referred to above, Landlord shall provide Tenant with written notice of Tenant's failure to exercise the Extension Term, and upon receipt of such notice, Tenant shall be allowed fifteen (15) days to exercise the extension option allowed for herein. If Landlord fails to provide such notice, Tenant's renewal option shall expire upon the expiration of the then current term. Failure to respond to Landlord's notice within such fifteen (15) days shall be deemed to be a waiver by Tenant of its extension option hereunder.

  • Term Extension It is understood and agreed that the State may extend the Term an additional period of time, not to exceed one hundred-eighty (180) days beyond the expiration date of this Grant Contract, under the same terms and conditions. In no event, however, shall the maximum Term, including all extensions or renewals, exceed a total of sixty (60) months.

  • Extension Term Provided Lessee is not in default in the performance of any term or condition of this Lease, Lessee shall have the option to extend this Lease for two (2) additional terms of five (5) years per term, commencing with the expiration of the first or additional term, upon the following conditions:

  • Modification, Extension The issuance of any supplement, modification, amendment, renewal, or extension to any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • Renewal, Extension or Rearrangement All provisions of this Agreement relating to Obligations shall apply with equal force and effect to each and all promissory notes executed hereafter which in whole or in part represent a renewal, extension for any period, increase, or rearrangement of any part of the Obligations originally represented by any part of such other Obligations.

  • Initial Extension of Credit The obligation of Lender to make the initial Advance or issue the initial Letter of Credit is subject to the condition precedent that Lender will have received on or before the day of such Advance or issuance of such Letter of Credit all of the following, each dated (unless otherwise indicated) the Closing Date, in form and substance satisfactory to Lender:

  • Extension Terms County may, at its sole option, extend the term of this Agreement beyond the Initial Term for up to ___ additional one-year terms at the same rates and under the same terms provided for herein (each such period being an “Extension Term”). County shall notify Contractor of its election for an Extension Term(s) as provided for in §6.

  • Extension Period Any extension hereof shall be subject to the provisions of Article III hereof.

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