Common use of By the Bank for Cause Clause in Contracts

By the Bank for Cause. The Bank will have the right to terminate Executive’s employment at any time upon delivery of written notice of termination for Cause (as defined below) to Executive (which notice will specify in reasonable detail the basis upon which such termination is made), such employment to terminate immediately upon delivery of such notice unless otherwise specified by the Bank, if the Bank (excluding Executive) determines in good faith that Executive: (i) has misappropriated, stolen or embezzled funds or property from the Bank or an affiliate of the Bank or secured or attempted to secure personally any profit in connection with any transaction entered into on behalf of the Bank or any affiliate of the Bank, (ii) has been convicted of a felony or entered a plea of “nolo contendre” which in the reasonable opinion of the Bank brings Executive into disrepute or is likely to cause material harm to the Bank’s (or any of its affiliate’s) business, customer or supplier relations, financial condition or prospects, (iii) has neglected his duties hereunder, (iv) has materially violated a provision of Section 4 hereof, or (v) has willfully violated or breached any material provision of this Agreement or the Profits Interest Agreement in any material respect or violated any material law or regulation (collectively, “Cause”). In the event that Executive’s employment is terminated for Cause, Executive will be entitled to receive only the payments referred to in Section 3.3(e) hereof.

By the Bank for Cause. The Bank will have the right to terminate Executive’s employment at any time upon delivery of written notice of termination for Cause (as defined below) to Executive (which notice will specify in reasonable detail the basis upon which such termination is made), such employment to terminate immediately upon delivery of such notice unless otherwise specified by the Bank, if the Bank (excluding Executive) determines in good faith that Executive: (i) has misappropriated, stolen or embezzled funds or property from the Bank or an affiliate of the Bank or secured or attempted to secure personally any profit in connection with any transaction entered into on behalf of the Bank or any affiliate of the Bank, (ii) has been convicted of a felony or entered a plea of “nolo contendre” which in the reasonable opinion of the Bank brings Executive into disrepute or is likely to cause material harm to the Bank’s (or any of its affiliate’s) business, customer or supplier relations, financial condition or prospects, (iii) has neglected his her duties hereunder, (iv) has materially violated a provision of Section 4 hereof, or (v) has willfully violated or breached any material provision of this Agreement or the Profits Interest Agreement in any material respect or violated any material law or regulation (collectively, “Cause”). In the event that Executive’s employment is terminated for Cause, Executive will be entitled to receive only the payments referred to in Section 3.3(e) hereof. Notwithstanding the foregoing to the contrary, prior to any termination pursuant to clause (iii) above, the Bank shall provide Executive with (A) prior written notice describing in reasonable detail the facts and circumstances surrounding each such alleged breach, and (B) an opportunity to cure such alleged breach within ten (10) days after Executive’s receipt of such written notice from the Bank.

By the Bank for Cause. The Bank will have the right to terminate Executive’s employment at any time upon delivery of written notice of termination for Cause (as defined below) to Executive (which notice will specify in reasonable detail the basis upon which such termination is made), such employment to terminate immediately upon delivery of such notice unless otherwise specified by the Bank, if the Bank (excluding Executive) determines in good faith that Executive: (i) has misappropriated, stolen or embezzled funds or property from the Bank or an affiliate of the Bank or secured or attempted to secure personally any profit in connection with any transaction entered into on behalf of the Bank or any affiliate of the Bank, (ii) has been convicted of a felony or entered a plea of “nolo contendre” which in the reasonable opinion of the Bank brings Executive into disrepute or is likely to cause material harm to the Bank’s (or any of its affiliate’s) business, customer or supplier relations, financial condition or prospects, (iii) has neglected his her duties hereunder, (iv) has materially violated a provision of Section 4 hereof, or (v) has willfully violated or breached any material provision of this Agreement or the Profits Interest Agreement in any material respect or violated any material law or regulation (collectively, “Cause”). In the event that Executive’s employment is terminated for Cause, Executive will be entitled to receive only the payments referred to in Section 3.3(e) hereof.

By the Bank for Cause. The Bank will have the right to terminate Executive’s employment at any time upon delivery of written notice of termination for Cause (as defined below) to Executive (which notice will specify in reasonable detail the basis upon which such termination is made), such employment to terminate immediately upon delivery of such notice unless otherwise specified by the Bank, if the Bank (excluding Executive) determines in good faith that Executive: (i) has misappropriated, stolen or embezzled funds or property from the Bank or an affiliate of the Bank or secured or attempted to secure personally any profit in connection with any transaction entered into on behalf of the Bank or any affiliate of the Bank, (ii) has been convicted of a felony or entered a plea of “nolo contendre” which in the reasonable opinion of the Bank brings Executive into disrepute or is likely to cause material harm to the Bank’s (or any of its affiliate’s) business, customer or supplier relations, financial condition or prospects, (iii) has neglected his duties hereunder, (iv) has materially violated a provision of Section 4 hereof, or (v) has willfully violated or breached any material provision of this Agreement or the Profits Interest Agreement in any material respect or violated any material law or regulation (collectively, “Cause”). In the event that Executive’s employment is terminated for Cause, Executive will be entitled to receive only the payments referred to in Section 3.3(e) hereof. Notwithstanding the foregoing, if termination is pursuant to (iii) above, Bank shall provide Executive a written notice describing in detail the alleged neglected duties and Executive will be provided 10 business days to defend and/or cure such alleged breach.