Executive’s service as President and Chief Executive Officer of FLIC, and the effectiveness of this Agreement, shall commence as of the Effective Date and shall continue for thirty-six (36) full calendar months thereafter (the “ Employment Period, ” which shall include any periods covered by renewals hereunder). On or before January 1 of each year after the Effective Date (the “ Anniversary Date ”), this Agreement may be renewed for an additional twelve months such that the remaining term shall again be thirty-six (36) months, upon written notice of renewal provided to Executive (“ Notice of Renewal ”).