Common use of By Employee Clause in Contracts

By Employee. (i) Subject to the provisions of clause (ii) of this Section 7(d), the Employee may terminate this Agreement at anytime upon providing the Company with six weeks prior written notice. If this Agreement is terminated by the Employee pursuant to this Section 7(d)(i), then the Employee shall be entitled to receive his accrued Base Compensation and benefits through the effective date of such termination, any unvested stock options will terminate and be null and void and the Employee shall have no further entitlement to Base Compensation, bonus, or benefits from the Company following the effective date of such termination. (ii) The Employee may terminate this Agreement upon the occurrence of any of the following: (A) a breach by the Company of any material provision of this Agreement and the expiration of a 10-business day cure period for such breach after written notice thereof has been given to the Company by the Employee; (B) any material diminution in the authority or responsibilities delegated to the Employee as the chief executive officer of the Company; or (C) any reduction in the Employee’s Base Compensation. Upon the termination of this Agreement by the Employee pursuant to this Section 7(d)(ii), the Employee shall be entitled to receive one year of Base Compensation in one lump sum within five days of the effective date of such termination, subject to withholding for applicable taxes and other amounts, all unvested stock options held by the Employee shall immediately vest and become exercisable and the Employee shall have no further entitlement to Base Compensation, bonus, or benefits from the Company following the effective date of such termination.

By Employee. (i) Subject to the provisions of clause (ii) of this Section 7(d), the Employee may terminate this Agreement at anytime upon providing the Company with six weeks prior written notice. If this Agreement is terminated by the Employee pursuant to this Section 7(d)(i), then the Employee shall be entitled to receive his accrued Base Compensation and benefits through the effective date of such termination, any unvested stock options and unvested restricted stock awards will terminate and be null and void and the Employee shall have no further entitlement to Base Compensation, bonus, or benefits from the Company following the effective date of such termination. (ii) The Employee may terminate this Agreement upon the occurrence of any of the following: (A) a breach by the Company of any material provision of this Agreement and the expiration of a 10-business day cure period for such breach after written notice thereof has been given to the Company by the Employee; (B) any material diminution in the authority or responsibilities delegated to the Employee as the chief executive officer of the Company; or (C) any reduction in the Employee’s Base Compensation. Upon the termination of this Agreement by the Employee pursuant to this Section 7(d)(ii), the Employee shall be entitled to receive one year of an amount equal to five times the Base Compensation Employee was entitled to at the time of termination of this Agreement by the Employee pursuant to this Section 7(d)(ii), in one lump sum within five days of the effective date of such termination, subject to withholding for applicable taxes and other amounts, all unvested stock options held by the Employee shall immediately vest and become exercisable and all unvested restricted stock awards held by the Employee shall immediately vest, and the Employee shall have no further entitlement to Base Compensation, bonus, or benefits from the Company following the effective date of such termination.

By Employee. (i) Subject to the provisions of clause (ii) of this Section 7(d), the Employee may terminate this Agreement at anytime upon providing the Company with six weeks three (3) months prior written notice. If this Agreement is terminated by the Employee pursuant to this Section 7(d)(i), then the Employee shall be entitled to receive his accrued Base Compensation and benefits through the effective date of such termination, any unvested stock options will shall terminate and be null and void and the Employee shall have no further entitlement to Base Compensation, bonus, stock options, or benefits from the Company following the effective date of such termination, except as provided in the last two sentences of Section 3(d) of this Agreement. (ii) The Employee may terminate this Agreement upon the occurrence of any of the following: (A) a breach by the Company of any material provision of this Agreement and the expiration of a 10-business day cure period for such breach after written notice thereof has been given to the Company by the Employee; (B) any material diminution in the authority or responsibilities delegated to the Employee as the chief executive officer President & Chief Operating Officer of the Company, unless agreed to by the Employee; or (C) any material reduction in the Employee’s Base Compensation. Upon the termination of this Agreement by the Employee pursuant to this Section 7(d)(ii), the Employee shall be entitled to receive one year of three (3) months Base Compensation Salary or $60,000.00 in one lump sum within five (5) days of the effective date of such termination, subject to withholding for applicable taxes and other amounts, all . Any unvested stock options held by the Employee shall immediately vest terminate and become exercisable be null and void and the Employee shall have no further entitlement to Base Compensation, bonus, stock options or benefits from the Company following the effective date of such termination, except as provided in the last two sentences of Section 3(d) of this Agreement.

By Employee. (i) Subject to the provisions of clause (ii) of this Section 7(d), the Employee may terminate this Agreement at anytime any time upon providing the Company with six weeks three (3) months prior written notice. If this Agreement is terminated by the Employee pursuant to this Section 7(d)(i), then the Employee shall be entitled to receive his accrued Base Compensation and benefits through the effective date of such termination, any unvested stock options will shall terminate and be null and void and the Employee shall have no further entitlement to Base Compensation, bonus, stock options, or benefits from the Company following the effective date of such termination, except as provided in the last two sentences of Section 3(c) of this Agreement. (ii) The Employee may terminate this Agreement upon the occurrence of any of the following: (A) a breach by the Company of any material provision of this Agreement and the expiration of a 10-business day cure period for such breach after written notice thereof has been given to the Company by the Employee; (B) any material diminution in the authority or responsibilities delegated to the Employee as the chief executive officer of the Company, unless agreed to by the Employee; or (C) any material reduction in the Employee’s Base Compensation. Upon the termination of this Agreement by the Employee pursuant to this Section 7(d)(ii), the Employee shall be entitled to receive one year of three(3) months Base Compensation Salary or $53,750.00 in one lump sum within five (5) days of the effective date of such termination, subject to withholding for applicable taxes and other amounts, all granted but unvested stock options held by the Employee shall immediately vest and become exercisable and the Employee shall have no further entitlement to Base Compensation, bonus, stock options or benefits from the Company following the effective date of such termination, except as provided in the last two sentences of Section 3(c) of this Agreement.

By Employee. (i) Subject to the provisions of clause (ii) of this Section 7(d), the Employee may terminate this Agreement at anytime upon providing the Company with six weeks one year prior written notice. If this Agreement is terminated by the Employee pursuant to this Section 7(d)(i), then the Employee shall be entitled to receive his accrued Base Compensation and benefits through the effective date of such termination, any unvested stock options will shall terminate and be null and void and the Employee shall have no further entitlement to Base Compensation, bonus, stock options, or benefits from the Company following the effective date of such termination, except as provided in the last two sentences of Section 3(c) of this Agreement. (ii) The Employee may terminate this Agreement upon the occurrence of any of the following: (A) a breach by the Company of any material provision of this Agreement and the expiration of a 10-business day cure period for such breach after written notice thereof has been given to the Company by the Employee; (B) any material diminution in the authority or responsibilities delegated to the Employee as the chief executive officer of the Company, unless agreed to by the Employee; or (C) any material reduction in the Employee’s Base Compensation. Upon the termination of this Agreement by the Employee pursuant to this Section 7(d)(ii), the Employee shall be entitled to receive one year of Base Compensation in one lump sum within five days of the effective date of such termination, subject to withholding for applicable taxes and other amounts, all granted but unvested stock options held by the Employee shall immediately vest and become exercisable and the Employee shall have no further entitlement to Base Compensation, bonus, stock options or benefits from the Company following the effective date of such termination, except as provided in the last two sentences of Section 3(c) of this Agreement.

By Employee. Employee shall have the right to terminate his employment hereunder at any time during the Term hereof for any reason or for no reason, including, without limitation, (i) Subject to the provisions of clause voluntarily for Good Reason, or (ii) in the event of a material breach of this Section 7(d)Agreement by the Bank; provided, however, in the event of a material breach of this Agreement by the Bank, the Employee may terminate shall have given the Bank written notice of the breach within 90 days thereof and the Bank shall have failed to cure the breach within 60 days after such notice is given (a “Material Breach”). 5.2.1 If Employee terminates his employment hereunder other than for Good Reason and other than as a result of a Material Breach, the Bank’s obligations under this Agreement at anytime upon providing shall cease as of the Company with six weeks date of such termination and, unless there shall have been a Change of Control within the prior written notice. twelve months, Employee shall be subject to the non-competition provisions set forth in section 10 hereof. 5.2.2 If this Agreement is terminated by the Employee pursuant to this Section 7(d)(i)terminates his employment hereunder for Good Reason or as a result of a Material Breach, then the Employee shall be entitled to receive his accrued Base Compensation and benefits through the effective date of as severance, immediately upon such termination, any unvested stock options will terminate the compensation and benefits provided in Section 6 hereof that would otherwise be null and void and payable over the Employee shall have no further entitlement three years subsequent to Base Compensation, bonus, or benefits from the Company following the effective date of such termination. (ii) The Employee may terminate this Agreement upon 5.2.3 In addition, in the occurrence event of any a Change in Control or termination for Good Reason or as a result of the following: a Material Breach, (A) a breach all rights of Employee pursuant to awards of share grants or options granted by the Company of any material provision of this Agreement Bank shall be deemed to have vested and the expiration of a 10-business day cure period shall be released from all conditions and restrictions, except for such breach after written notice thereof has been given restrictions on transfer pursuant to the Company by the Employee; Securities Act of 1933, as amended, and (B) any material diminution in the authority or responsibilities delegated to the Employee as the chief executive officer of the Company; or (C) any reduction in the Employee’s Base Compensation. Upon the termination of this Agreement by the Employee pursuant to this Section 7(d)(ii), the Employee shall be entitled deemed to receive one year of Base Compensation in one lump sum within five days be credited with service with the Bank for the remaining Term for the purposes of the effective date of such termination, subject to withholding for applicable taxes and other amounts, all unvested stock options held by the Employee shall immediately vest and become exercisable and the Employee shall have no further entitlement to Base Compensation, bonus, or benefits from the Company following the effective date of such terminationBank’s benefit plans.

By Employee. (i) Subject to the provisions of clause (ii) of this Section 7(d), the Employee may terminate this Agreement at anytime upon providing the Company with six weeks prior written notice. If this Agreement is terminated by the Employee pursuant to this Section 7(d)(i), then the Employee shall be entitled to receive his accrued Base Compensation and benefits through the effective date of such termination, any unvested stock options Stock Options will terminate and be null and void and the Employee shall have no further entitlement to Base Compensation, bonus, or benefits from the Company following the effective date of such termination, except as provided in Section 3(d) of this Agreement. (ii) The Employee may terminate this Agreement upon the occurrence of any of the following: (A) a breach by the Company of any material provision of this Agreement and the expiration of a 10-business day cure period for such breach after written notice thereof has been given to the Company by the Employee; (B) any material diminution in the authority or responsibilities delegated to the Employee as the chief executive officer of the Company; or (C) any reduction in the Employee’s Base Compensation. Upon the termination of this Agreement by the Employee pursuant to this Section 7(d)(ii), the Employee shall be entitled to receive one year of Base Compensation in one lump sum within five days of the effective date of such termination, subject to withholding for applicable taxes and other amounts, all unvested stock options Stock Options held by the Employee shall immediately vest and become exercisable and the Employee shall have no further entitlement to Base Compensation, bonus, or benefits from the Company following the effective date of such termination, except as provided in Section 3(d) of this Agreement.

By Employee. (i) Subject to the provisions of clause (ii) of this Section 7(d), the Employee may terminate this Agreement at anytime upon providing the Company with six weeks three (3) months prior written notice. If this Agreement is terminated by the Employee pursuant to this Section 7(d)(i), then the Employee shall be entitled to receive his accrued Base Compensation and benefits through the effective date of such termination, any unvested stock options will shall terminate and be null and void and the Employee shall have no further entitlement to Base Compensation, bonus, stock options, or benefits from the Company following the effective date of such termination, except as provided in the last two sentences of Section 3(c) of this Agreement. (ii) The Employee may terminate this Agreement upon the occurrence of any of the following: (A) a breach by the Company of any material provision of this Agreement and the expiration of a 10-business day cure period for such breach after written notice thereof has been given to the Company by the Employee; (B) any material diminution in the authority or responsibilities delegated to the Employee as the chief executive officer of the Company, unless agreed to by the Employee; or (C) any material reduction in the Employee’s Base Compensation. Upon the termination of this Agreement by the Employee pursuant to this Section 7(d)(ii), the Employee shall be entitled to receive one year of three (3) months Base Compensation Salary or $55,000.00 in one lump sum within five (5) days of the effective date of such termination, subject to withholding for applicable taxes and other amounts, all granted but unvested stock options held by the Employee shall immediately vest and become exercisable and the Employee shall have no further entitlement to Base Compensation, bonus, stock options or benefits from the Company following the effective date of such termination, except as provided in the last two sentences of Section 3(c) of this Agreement.

By Employee. (i) Subject to the provisions of clause (ii) of this Section 7(d), the Employee may terminate this Agreement at anytime upon providing the Company with six weeks at least 90 days prior written notice. If this Agreement is terminated by the Employee pursuant to this Section 7(d)(i), then the Employee shall be entitled to receive his accrued Base Compensation and benefits her Accrued Payments through the effective date of such termination, any unvested stock options will and any unvested restricted stock awards shall terminate and be null and void and the Employee shall have no further entitlement to Base Compensation, bonus, stock options, restricted stock awards or benefits from the Company following the effective date of such termination. (ii) The Employee may terminate this Agreement upon the occurrence of any of the following: (A) a breach by the Company of any material provision of this Agreement and the expiration of a 10-business day cure period for such breach after written notice thereof has been given to the Company by the Employee; (B) any change of the Employee’s title or titles as set forth in Section 2(a) of this Agreement or any material diminution in the authority or responsibilities delegated to the Employee as the chief executive officer President and/or Chief Executive Officer of the Company, unless, in either such case, agreed to in writing by the Employee; or (C) any reduction in the Employee’s Base CompensationCompensation or bonus target level; (D) failure of the Board to nominate Employee for election to the Board of Directors at an annual meeting of stockholders; or (E) relocation of the Employee’s principal place of performance of her duties more than 50 miles from Salt Lake City, Utah without Employee’s written consent. Upon the termination of this Agreement by the Employee pursuant to this Section 7(d)(ii), the Employee shall be entitled in addition to her Accrued Payments, to receive one year of Base Compensation payable in one lump sum within five days accordance with the normal payroll practices of the effective date of such terminationCompany, subject to withholding for applicable taxes and other amounts, all granted but unvested stock options held by the Employee shall immediately vest, all granted but unvested restricted stock awards shall terminate and be null and void, provided, however, that the unvested restricted stock awards described in Sections 3(d)(i) and 3(d)(ii)(D) shall immediately vest and become exercisable cease to be subject to any lock-up provisions and the Company shall pay Employee’s COBRA premiums commencing upon the termination of this Agreement and continuing until the earlier to occur of twelve months after the termination of this Agreement or until Employee becomes eligible for coverage under another group health plan and the Employee shall be entitled to receive any annual incentive bonuses earned but not yet paid for any completed full fiscal year immediately preceding the employment termination date and the Employee shall have no further entitlement to Base Compensation, bonus, stock options, restricted stock awards or benefits from the Company following the effective date of such termination.