This Agreement and Employee’s employment hereunder shall be for an initial term of three (3) years commencing on the date hereof (the “ Effective Date ”) and ending on the third anniversary of the Effective Date, unless terminated earlier by the Employer or the Employee pursuant to Section 4 of this Agreement (the “ Term ”). Thereafter, at the election of the Employee and the Employer, this Agreement may be extended for an additional two (2) years (the “ First Extension ”). Thereafter, at the election of the Employee and the Employer, this Agreement may be extended for an additional one (1) year (the “ Second Extension ”). Each First Extension and Second Extension shall be referred to as a Renewal Term. The date upon which this Agreement would terminate if both extensions are elected shall be referred to as the Expiration Date.