Example ContractsClausesterm of optionVariants
Term of Option
Term of Option contract clause examples

Term. Except as otherwise provided for hereunder, this Agreement shall commence on the date hereof and shall remain in effect for a period of three (3) years from the date hereof (the “Initial Term”) or until the end of the Contract Period, whichever is later. The Initial Term shall be automatically extended for an additional one (1) year period on the anniversary date hereof (so that the Initial Term is always three (3) years) unless, prior to a Change in Control, the Board notifies the Executive in writing at any time that the Contract is not so extended, in which case the Initial Term shall end upon the later of # three (3) years after the date hereof, or # two (2) years after the date of such written notice.

Term of Agreement. The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue in effect until the third anniversary of the Effective Date; provided, however, that commencing on the second anniversary of the Effective Date and on each anniversary thereafter, the Term of this Agreement shall automatically be extended for one (1) year unless either the Company or the Executive shall have given written notice to the other at least ninety (90) days prior thereto that the Term of this Agreement shall not be so extended; and provided, further, however, that notwithstanding any such notice by the Company not to extend, the Term shall not expire prior to the second anniversary of a Change in Control that occurs prior to the end of the Term.

Term of Agreement. This Agreement shall commence on the date hereof (the “Effective Date”) and shall continue until the date that is the third anniversary of the Effective Date; provided, however, that the term of this Agreement shall automatically be extended for one additional year on each anniversary, unless at least 30 days prior to such anniversary, the Company, with approval of the Board of Directors, or Executive shall have given notice that this Agreement shall not be extended; and provided that, notwithstanding the delivery of any such notice, this Agreement shall continue in effect for a period of thirty‑six (36) months after a Change in Control of the Company, as defined in Section 1 herein, if such Change in Control shall have occurred during the term of this Agreement, as it may be extended; and provided that in any event this Agreement shall expire upon the Executive’s sixty‑fifth (65th) birthday.

Term. The term of the Executive’s employment with the Company shall commence on the Effective Date and shall continue until and including the third anniversary of the Effective Date unless earlier terminated as provided herein or extended as described in this paragraph (the “Initial Term”). The Initial Term shall be renewed automatically for periods of one year (each, an “Extended Term”) commencing at the third anniversary of the Effective Date and each subsequent anniversary thereof, unless written notice of non-renewal is given by either party to the other not less than 180 days prior to the end of the Initial Term or any Extended Term. As used herein, “Term” shall include the Initial Term and any Extended Term, but the Term shall end upon any termination of the Executive’s employment with the Company as provided herein. Notwithstanding the foregoing, in the event a Change in Control (as defined in Section 6(d)) occurs during the Initial Term or any Extended Term, the Term shall be extended until 18 months after the Change in Control.

Term. This Agreement shall commence on the Effective Date and shall continue in effect through ; provided, however, that commencing on ; and each January 31, thereafter, the term of this Agreement shall automatically be extended for one (1) additional year unless, not later than October 31 of the preceding year, the Company or the Executive shall have given written notice not to extend this Agreement; provided, further, however, if a Change of Control of the Company shall have occurred during the initial or extended term of this Agreement, this Agreement shall continue in effect for a period of 24 months beyond the month in which such Change of Control of the Company occurred. Notwithstanding anything herein to the contrary this Agreement shall terminate upon the Executive ceasing to be an executive of the Company prior to a Change of Control of the Company (other than any such cessation which the Executive reasonably demonstrates occurred under circumstances described in [clause (i) or (ii) of Section 1.d.(3)(B)] hereof).

Termination. This Agreement shall continue in effect for a period of two (2) years and shall automatically renew for successive two (2) year periods from the earlier of # the next scheduled termination date, unless the Board provides the Executive with a notice of non-renewal at least 6 months before the next scheduled termination date, or # the effective date of a Change in Control.

Term. This Agreement shall commence on the date hereof and shall terminate, except to the extent that any obligation of the Company hereunder remains unpaid as of such time, upon the earliest of # three (3) years from the date hereof; # the termination of the Executive’s employment with the Company based on death, “Disability” (as defined in Section 3(b)), “Mandatory Retirement” (as defined in Section 3(c)) or “Cause” (as defined in Section 3(d)) or by the Executive other than for “Good Reason” (as defined in Section 3(e)); and # two (2) years from the date of a “Change in Control of the Company” (as defined in Section 2) if the Executive is employed by the Company as of such time. The three (3) year period referred to in item # above shall automatically be extended for an additional year on each anniversary date of this Agreement to renew the three year period referred to in item # above, unless the Company gives written notice to the contrary to the Executive at least thirty (30) days prior to such anniversary date; provided that the Company may not deliver a notice of nonrenewal after # a Potential Change in Control (as defined in Section 2 hereof) unless the Board of Directors of the Company (the “Board”) has adopted a Nullification Resolution (as defined in Section 2 hereof) with respect to such Potential Change in Control or # a Change in Control (as defined in Section 2 hereof).

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 “Termof the Agreement.

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