Example ContractsClausesInitial Term; Renewal Terms
Initial Term; Renewal Terms
Initial Term; Renewal Terms contract clause examples
Previous results

The term of this Agreement shall commence on the Effective Date and shall continue for an initial term of five (5) years (the “Initial Term”), subject to earlier termination pursuant to the terms hereof, and shall automatically renew for successive one (1) year periods unless either party gives the other written notice of its intent not to renew at least thirty (30) days prior to the expiration of the Initial Term or any subsequent term (the Initial Term together with any subsequent terms are hereinafter referred to as the “Term”). If JUPITER has successfully attained the minimum royalty in Exhibit III for the Product during the Initial Term or any subsequent year, JUPITER shall be entitled to renewal of the Agreement for another year at its option.

Term. The Executive’s employment under this Agreement shall commence on the Effective Date and unless sooner terminated as provided in Article 5 shall continue for a period of one year (the “Initial Term”). Except as otherwise provided herein, unless either party gives written notice to the other party at least 30 days before any anniversary of the Effective Date that the term hereunder shall not be extended beyond its then term (a “Nonrenewal Notice”), the term of the Agreement shall automatically be extended for an additional one year period from each anniversary, subject to the same terms, conditions and limitations as applicable to the Initial Term unless amended or terminated as provided herein (each such additional one year period a “Renewal Term”). For purposes of this Agreement, the Initial Term and all subsequent Renewal Terms shall be collectively referred to as the “Term” of the Agreement.

Initial Term License Fees. BBTR shall pay (or has prepaid) Blackbox the following amounts (“Initial Term License Fees”) during the Initial Term:

The Initial Term Borrowings. Subject to the terms and conditions set forth herein, each Term Lender with an Initial Term Commitment severally agrees to make a single loan denominated in Dollars to the Borrower (the “Initial Term Loans”) on the Closing Date in an amount not to exceed such Term Lender’s Initial Term Commitment. The Initial Term Borrowing shall consist of Initial Term Loans made simultaneously by the Term Lenders in accordance with their respective Initial Term Commitments. Amounts borrowed under this Section 2.01(a) and subsequently repaid or prepaid may not be reborrowed. Initial Term Loans may be Base Rate Loans or Eurocurrency Rate Loans as further provided herein.

Term. This Agreement shall be for a term of one (1) year (the “Initial Term”). The Initial Term shall be automatically renewed for successive one (1) year period (the “Renewal Term” and together with the Initial Term, the “Term”). Either party may terminate this Agreement at any time by giving one (1) month notice to the other party.

Section # Renewal of Term. Subject to [[Organization A:Organization]]’s Board of Directors’ approval, Executive's employment shall be extended for one additional year at the end of each year of the term, or extended term, of this Agreement on the same terms and conditions as contained in this Agreement, unless either [[Organization A:Organization]] or the Executive shall, prior to the expiration of the initial term or of any renewal term, give written notice of the intention not to renew this Agreement.

Non-Renewal of Employment Term. In the event that, # either party (you or the Company) provides a written notice that the Agreement will not be extended beyond December 31, 2026 and # your employment with the Company terminates upon the end of such Employment Term, and subject to your compliance with the obligations set forth in Sections 5, 7, 8, 9 and 100]0] of the Agreement and the timely satisfaction of the condition precedent in [Section 4(f)] of the Agreement, then:

Term. This Agreement shall have an initial term of one year from the Effective Date and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company (acting through the Independent Directors) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Independent Directors.

At least nine months before the end of the lease, the parties must inform each other in writing of their intention to terminate or renew it; their silence in this regard is considered acceptance to continue it for a period of five years, with all conditions of this lease remaining in force, and so forth, from one five-year period to the next.

Non-Renewal. In the event that the Company elects not to renew the term of this Agreement as provided in Section 1.1, or if Employee elects not to renew the term of this Agreement as provided in Section 1.1, then Employee shall have no further rights against the Company hereunder, except for the right to receive, subject to execution of a Release and Waiver in the case of [clauses (iii), (x), (y) and (z)])])] below, # any earned but unpaid Base Salary and the value of any accrued but unused vacation, # reimbursement of expenses to which Employee is entitled under Sections 2.4, 2.5 or 2.88] hereof, and (iii) (x) any previously earned Performance Bonus for a prior Bonus Year which has not been paid, # any annual Performance Bonus due for the calendar year in which the non-renewal occurs, prorated based on the number of days Employee was actively employed by the Company during such year, payable at the time the such Performance Bonus would otherwise be paid in accordance with such Section 2.2, and # whatever rights as to stock options or other equity awards Employee may have pursuant to the 2015 Option Agreement, the Matching PRSU Agreement, the Project 650 PRSU Agreement, Base RSU Agreement or any other stock option agreements or other equity award agreements with the Company.

Next results

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.