The Executive’s employment hereunder shall be effective as of July 11, 2016 (the “ Effective Date ”) and shall continue until July 11, 2017, unless terminated earlier pursuant to Section 5 of this Agreement. The period during which the Executive is employed by the Company hereunder including any renewal term is hereinafter referred to as the “ Employment Term .” The Company shall notify the Executive no later than April 11, 2017 if it wishes to extend the Employment Term for an additional two years. If the Company provides such notice, the Employment Term shall not expire until July 11, 2019. If so extended, the Company may further extend the Employment Term for additional one year terms on an annual basis thereafter by providing such notice no later than April 11 in the year in which the Term is to expire. If the Company does not provide such notice by April in the applicable year, the Employment Term shall expire on the June termination date. If the Employment Term is extended as provided herein, all of the provisions of this Agreement shall remain in effect during the period of such extension unless otherwise agreed in writing. If the Employment Term is not extended by the Company for two years following the initial term expiration date of July 11, 2017, Company shall pay to Executive a one time lump sum cash severance payment of $137,500; this shall be in addition to any payments due to Executive under Section 5.1(a) below.