Amendment to Section 6 of the Employment Agreement. Section 6 of the Employment Agreement is hereby amended by adding the following language at the end thereof to read as follows: “To the extent that any reimbursements pursuant to this Agreement are taxable to Executive, any such reimbursement payment due to Executive shall be paid to Executive as promptly as practicable, and in all events on or before the last day of Executive’s taxable year following the taxable year in which the related expense was incurred. Any such reimbursements are not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursements that Executive receives in one taxable year shall not affect the amount of such benefits or reimbursements that Executive receives in any other taxable year.”
Amendment to Section 6 of the Employment Agreement. Section 6 of the Employment Agreement is amended by deleting the last sentence of such section and replacing it with the following: The Company shall pay the Employee any amount of the accrued salary not paid by GAPLLC prior to, and as of, the date that GAPLLC assigned to the Company any and all of its interests, rights, and obligations in and under this Agreement at such time as determined by the Board of Directors of the Company, but in any event prior to the termination of the Initial Term.
Amendment to Section 6 of the Employment Agreement. The second sentence in Section 6 of the Plan is hereby amended and restated to read in its entirety as follows: “Commencing on February 1, 2010 and continuing on February 1st of each year thereafter (each an “Anniversary Date”), the Board of Directors of the Bank may extend the Agreement an additional year such that the remaining term of the Agreement shall be thirty-six (36) months, unless Executive elects not to extend the term of this Agreement by giving written notice in accordance with Section 15 of this Agreement.”
Amendment to Section 6 of the Employment Agreement. Section of the Employment Agreement is hereby deleted and replaced in its entirety by the following: Upon any termination of the Employee’s employment with the Company, the Company shall have no further liability to the Employee under this Agreement other than for (a) payment of the Employee’s Base Salary through the Termination Date; (b) subject to the terms and conditions of any benefit plans which he may participate at the time of such termination, any post-employment benefits available pursuant to the terms of those plans; however, the Employee shall not be entitled to any additional amounts or benefits as a result of such termination of employment; and (c) the above-referenced accelerated vesting of equity incentive awards if applicable under Section 3(c). The benefits just described in (c) shall be referred to the “Severance Consideration” and provision of the Severance Consideration shall be dependent upon Employee’s (i) continued compliance with Employee’s obligations under each of Sections 8, 9, and 10 below and (ii) execution and delivery to the Company, on or before the Release Expiration Date (as defined below), and non-revocation within any time provided by the Company to do so, of a release of all claims in a form acceptable to the Company (the “Release”), which Release shall release each member of the Company Group and their respective affiliates, and the foregoing entities’ respective shareholders, members, partners, officers, managers, directors, fiduciaries, employees, representatives, attorneys, agents and benefit plans (and fiduciaries of such plans) from any and all claims, including any and all causes of action arising out of Employee’s employment with the Company and any other member of the Company Group or the termination of such employment, but excluding all claims to payments and benefits Employee may have under this Section 6(a) or 6(b). If the Release is not executed and returned to the Company on or before the Release Expiration Date, and the required revocation period has not fully expired without revocation of the Release by Employee, then Employee shall not be entitled to any portion of the Severance Consideration. As used herein, the “Release Expiration Date” is that date that is twenty-one (21) days following the date upon which the Company delivers the Release to Employee (which shall occur no later than seven (7) days after the Termination Date) or, in the event that such termination of employment is “in connection with ...
Amendment to Section 6 of the Employment Agreement. (a) Sections 6.1 and 6.2 of the Employment Agreement are each hereby amended to provide that any payments of a pro-rata Bonus shall be payable at such time as bonuses for the relevant year would have otherwise been paid had Executive’s employment not terminated.
