The term of this Agreement (the “ Term ”) shall commence on the Effective Date and shall continue in effect until December 31, 2018 (the “Initial Termination Date” ); provided , however , that this Agreement shall be automatically extended for one (1) additional year on the Initial Termination Date and on each subsequent anniversary of the Initial Termination Date, unless the Company elects not to so extend the term of the Agreement by notifying Executive, in writing, of such election not less than sixty (60) days prior to the last day of the Term as then in effect.