The Company shall continue to employ Executive, and Executive accepts such continued employment, on the terms and conditions set forth in this Agreement. The “Initial Term” of this Agreement is the period commencing on the Effective Date and expiring at the earlier to occur of (a) 11:59 p.m. on the first anniversary of the Effective Date (the “ Expiration Date ”) or (b) the Termination Date (as defined in Section 4 ); provided, however, that, if the Termination Date has not occurred, the term of this Agreement shall be automatically renewed for the twelve (12) month period immediately following the Expiration Date and each twelve (12) month period ending thereafter (each, a “ Renewal Term ” and, together with the Initial Term, the “ Term ”), unless either the Company or Executive provides written notice to the other Party of his or its election not to renew this Agreement at least thirty (30) days prior to the last day of the then-current Term. Executive’s employment hereunder shall be coterminous with the Term, and termination of Executive’s employment and the Term shall be simultaneous.