This Agreement shall be effective on June 27, 2016 (“ Effective Date ”) and shall terminate on first anniversary of such date (“ Initial Termination Date "), unless further extended or sooner terminated as hereinafter provided. This Agreement shall renew automatically for an additional one year beyond its Initial Termination Date and annually thereafter, unless Company notifies Employee in writing at least 60 days in advance of its intent not to extend the Agreement beyond then scheduled expiration date. However, Company and Employee reserve the right to negotiate a new Agreement, if mutually agreeable to both parties, with different terms and conditions at any time.