Common use of Evergreen Provision Clause in Contracts

Evergreen Provision. Commencing on the first day after the date of this Contract, and on each day thereafter, the term of this Contract (the “Term of this Contract”) shall automatically be extended for one additional day so that a constant three (3) year term will always be in effect (unless Executive elects not to extend the Term of this Contract by giving written notice to Company, in which case the Term of this Contract will become fixed and will end on the third anniversary date of such written notice). In the event of the death or Disability (as hereafter defined) of Executive, the termination of this Contract by Company without Cause (as hereafter defined), or the termination of this Contract by Executive for Good Reason (as hereafter defined), the Term of this Contract will become fixed and will end on the fifth anniversary date of such event.