The “Term” of this Agreement shall commence on the Effective Date and continue thereafter for a term of five (5) years (the “Initial Term”), as may be extended or earlier terminated pursuant to the terms and conditions of this Agreement. The Term of this Agreement shall automatically renew for successive one (1) year periods after the first five (5) years from the Effective Date unless, within sixty (60) days of the expiration of the then existing Term, Company or Employee provides written notice to the other party that it elects not to renew the Term. Upon delivery of such notice, this Agreement shall continue until expiration of the Term, whereupon this Agreement shall terminate.