The Company hereby agrees to engage Executive and the Executive hereby agrees to serve the Company, on the terms and conditions set forth herein, for the period commencing on the date hereof and expiring on October 15, 2020 (the “ Initial Term ”) unless sooner terminated as hereinafter set forth. This Agreement shall be extended for an additional five (5) year term (the “ Renewal Term, ” and collectively with the Initial Term, the “ Term ”) upon prior written mutual agreement between the Company and the Executive of at least ninety (90) days prior to the expiration of the Initial Term.