Common use of Extensions of Term Clause in Contracts

Extensions of Term. Subject to earlier termination as set forth in Section 5, below, following the Initial Term End Date set forth in Section 1.2, the term of this Agreement and Employee’s employment with the Company under this Agreement will be automatically extended for successive terms, consisting of twelve (12) months each (the “Extension Terms”), unless either the Company or Employee gives the other party written notice of an election not to extend the term of this Agreement beyond the Initial Term End Date, or beyond an Extension Term, at least thirty (30) days before the end of the then-current term. In this Agreement, the Initial Term of Employment and any Extension Terms (if the term of this Agreement is extended to include any Extension Terms as set forth above), will be sometimes collectively referred to as Employee’s “Term of Employment” under this Agreement.