Document ID: 11645

Text:
(b)Extension of Term. The Term of Executives employment under this Agreement shall be automatically extended by one day upon completion of each day of Executives employment hereunder, such that a constantly extending thirty-six (36) calendar month Term shall remain in effect hereunder, provided, however, that the Company and/or the Bank may elect at any time, for any reason or no reason, to discontinue such automatic extension, by delivery of a written notice of such discontinuation to the Executive, prepared and delivered in accordance with the provisions of Section 8(a) below (any such notice, a Non-renewal Notice), in which event the Term of Executives employment under this Agreement shall no longer be automatically extended for each day of employment hereunder, but rather shall expire on a fixed Expiration Date, such being the third anniversary of the date of the Non- renewal Notice, as specified in such notice. During the period commencing not more than sixty (60) and not less than thirty (30) days prior to each anniversary of the Commencement Date of this Agreement (each, an Anniversary Date), assuming no prior Non-renewal Notice has been delivered by the Company and/or the Bank to Executive, the Companys Board and the Banks Board will conduct a review of Executives performance, and in connection therewith, will make a determination as to whether the automatic extension of the Term of Executives employment, as described in the preceding sentence, will be permitted to continue, or alternatively, whether such automatic extension of the Term will be discontinued, such that a fixed Expiration Date will be established.

Named Entities:
37
42
TerminationDate
78
79
RenewalTerm
156
157
TerminationDate

Tokenized Text:
(
b
)
Extension
of
Term
.
The
Term
of
Executives
employment
under
this
Agreement
shall
be
automatically
extended
by
one
day
upon
completion
of
each
day
of
Executives
employment
hereunder
,
such
that
a
constantly
extending
thirty-six
(
36
)
calendar
month
Term
shall
remain
in
effect
hereunder
,
provided
,
however
,
that
the
Company
and
/
or
the
Bank
may
elect
at
any
time
,
for
any
reason
or
no
reason
,
to
discontinue
such
automatic
extension
,
by
delivery
of
a
written
notice
of
such
discontinuation
to
the
Executive
,
prepared
and
delivered
in
accordance
with
the
provisions
of
Section
8
(
a
)
below
(
any
such
notice
,
a
Non-renewal
Notice
)
,
in
which
event
the
Term
of
Executives
employment
under
this
Agreement
shall
no
longer
be
automatically
extended
for
each
day
of
employment
hereunder
,
but
rather
shall
expire
on
a
fixed
Expiration
Date
,
such
being
the
third
anniversary
of
the
date
of
the
Non
-
renewal
Notice
,
as
specified
in
such
notice
.
During
the
period
commencing
not
more
than
sixty
(
60
)
and
not
less
than
thirty
(
30
)
days
prior
to
each
anniversary
of
the
Commencement
Date
of
this
Agreement
(
each
,
an
Anniversary
Date
)
,
assuming
no
prior
Non-renewal
Notice
has
been
delivered
by
the
Company
and
/
or
the
Bank
to
Executive
,
the
Companys
Board
and
the
Banks
Board
will
conduct
a
review
of
Executives
performance
,
and
in
connection
therewith
,
will
make
a
determination
as
to
whether
the
automatic
extension
of
the
Term
of
Executives
employment
,
as
described
in
the
preceding
sentence
,
will
be
permitted
to
continue
,
or
alternatively
,
whether
such
automatic
extension
of
the
Term
will
be
discontinued
,
such
that
a
fixed
Expiration
Date
will
be
established
.