Common use of Three Year Contract Clause in Contracts

Three Year Contract. The term of this Agreement shall begin as of the Effective Date and shall continue thereafter for a period of three years (“Employment Period”). This Agreement may be extended further at the discretion of the Board of Directors of the Employer (the “Board”). Notwithstanding anything herein to the contrary, in the event that the Company or Bank enters into a definitive agreement (“Change in Control Agreement”) to engage in a transaction that would be considered a Change in Control (as defined herein) or a Change in Control otherwise occurs, this Agreement shall automatically renew and shall remain in effect for a period of three (3) years following the effective time of the Change in Control; except in the event that the Change in Control Agreement is terminated or the Change in Control does not occur, the term of this Agreement will not so renew.