AAI » Topics » 2.2 Extension-This Agreement shall be automatically extended by one year upon the expiration of the Term or any renewal term, unless the Company provides 90

This excerpt taken from the AAI 8-K filed Nov 6, 2007.

2.2 Extension—This Agreement shall be automatically extended by one year upon the expiration of the Term or any renewal term, unless the Company provides 90

 

3


days notice before such expiration of the intention to terminate the Agreement (“Extended Term”). No termination of this Agreement pursuant to the Company’s providing such notice shall constitute Termination of Executive’s employment by the Company for purposes of determining whether, or to what extent, a benefit is payable hereunder.

 

3. POSITION AND DUTIES

3.1 Executive shall be employed by Company as its President and Chief Executive Officer during the Term of this Agreement except as provided in Section 3.2 below. Executive shall report directly and solely to Company’s Board of Directors. The Board agrees to nominate Executive for election to the Board as a member of its slate at each annual meeting of stockholders during the Term. Executive agrees to serve on the Board if elected. The duties and responsibilities of President and, Chief Executive Officer shall be as defined in the By-Laws of Company in effect as of the date hereof, and shall be without consideration of other positions Executive may hold with the Company. Executive’s services are mutually agreed to be unique.

3.2 During Executive’s period of service hereunder, Executive agrees to perform such services not inconsistent with his position as shall from time to time be assigned to him by the Company’s Board. During the Term, except for Disability, illness and vacation period and except as otherwise provided herein, Executive shall devote his full productive time, attention and energies to the position of President and Chief Executive Officer.

3.3 Executive’s expenditure of reasonable amounts of time in connection with outside activities, not competitive with the business of the Company, such as outside directorships or charitable or professional activities shall not be considered in contravention of this Agreement so long as such activities do not materially interfere with his performance of this Agreement. Further, it is understood and agreed by the parties hereto that Executive is entitled to engage in passive and personal investment activities not materially interfering with his performance of this Agreement.

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