12mo Committed Membership Cancellation

I'm having a hard time understanding the terms and conditions and am wondering if I can cancel at any time with no penalty after my 12mo commitment is completed. I see in the terms of conditions that it renews monthly at the committed rate after the 12 months so assuming after that point I can cancel at any time before the next monthly billing cycle. Is that correct?

Love Solidcore but this economy is sketch and I'm looking to potentially cancel to reduce expenses when my membership is up in a couple months 😭