Too many unknown variables for anyone to answer:
(1) Does he want to stay?
(2) What is his value today?
(3) If he wants to stay, will he demand a 8 year extension, and at what price?
(4) If he demands an 8 year extension, what is management's view on that?
frankly, I wouldn't be wanting to give him an 8-year extension, so unless he's willing to accept less term, I'm moving him what the time is best. I don't know when that time is.
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