Common use of Establishment, Term, and Purpose Clause in Contracts

Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and shall continue in effect for two (2) full years through March ___, 2006. However, at the end of such two (2) year period and, if extended, at the end of each additional year thereafter, the term of this Agreement shall be extended automatically for one (1) additional year, unless the Committee delivers written notice six (6) months prior to the end of such term, or extended term, to the Officer, stating that the Agreement will not be extended. In such case, the Agreement will terminate at the end of the term, or extended term, then in progress. However, in the event of a Change in Control (as defined in Section 2.7 herein) of CMS Energy Corporation, the term of this Agreement shall automatically be extended for two (2) years from the date of the Change in Control if the current term of the Agreement has less than two (2) full years remaining until its expiration. If the term of this agreement is not extended, the Employer is not obligated to pay any severance benefits under Section 3.2 for a Change in Control that happens after the expiration of the term and is not obligated to pay any severance benefits under Section 3.3 with respect to any other termination that happens after the expiration of the term.

Appears in 2 contracts

Samples: Officer Severance Agreement (Consumers Energy Co), Officer Severance Agreement (CMS Energy Corp)

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Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and shall continue in effect for two three (23) full years through March ___, 20062007. However, at the end of such two three (23) year period and, if extended, at the end of each additional year thereafter, the term of this Agreement shall be extended automatically for one (1) additional year, unless the Committee Executive delivers written notice six (6) months prior to the end of such term, or extended term, to the OfficerCommittee, stating that the Agreement will not be extendedextended by Executive. In such case, the Agreement will terminate at the end of the term, or extended term, then in progress. However, in the event of a Change in Control (as defined in Section 2.7 herein) of CMS Energy Corporation, the term of this Agreement shall automatically be extended for two (2) years from the date of the Change in Control if the current term of the Agreement has less than two (2) full years remaining until its expiration. If the term of this agreement Agreement is not extended, the Employer is not obligated to pay any severance benefits under Section 3.2 for a Change in Control that happens after the expiration of the term and is not obligated to pay any severance benefits under Section 3.3 with respect to any other termination that happens after the expiration of the term.

Appears in 2 contracts

Samples: Executive Severance Agreement (CMS Energy Corp), Executive Severance Agreement (Consumers Energy Co)

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