Compensation Upon Termination of the Bank Sample Clauses

Compensation Upon Termination of the Bank. Without Cause or by the Executive for Good Reason More Than One Year Following the Effective Date. In the event the Executive’s employment shall be terminated by the Bank without Cause as provided in Section 6(c) above, or by the Executive for Good Reason as provided in Section 6(b) above after the first anniversary of the Effective Date, he shall be entitled to receive the Accrued Obligations. In addition, subject to the Executive’s agreement to a release of any and all legal claims in a form satisfactory to the Bank and the expiration of the applicable revocation period and subject to compliance with the provisions of Section 9 hereof, the Bank shall pay the Executive an amount equivalent to the sum of (i) two (2) times the (a) Executive’s Salary at the rate then in effect pursuant to Section 4(a), and (b) the average of the cash bonuses earned in each of the three (3) calendar years preceding the year of termination; and (ii) the value of 24 months of health insurance premiums for health insurance coverage provided by the Bank, based on the coverage provided to the Executive immediately prior to his termination. The Bank shall make this in a single lump sum cash payment within ten (10) days following the termination of employment. No cash payment shall be made under this Section 7(e) if a payment is required to be made (and is made) under Section 8(b) of this Agreement because of the Executive’s termination of employment.
Sample 1
AutoNDA by SimpleDocs
Compensation Upon Termination of the Bank. Without Cause or by the Executive for Good Reason. In the event the Executive's employment shall be terminated by the Bank without Cause as provided in Section 6(c) above, or by the Executive for Good Reason as provided in Section 6(b) above, she shall be entitled to receive the Accrued Obligations. In addition, subject to the Executive's agreement to a release of any and all legal claims in a form satisfactory to the Bank and the expiration of the applicable revocation period and subject to compliance with the provisions of Section 9 hereof, the Bank shall pay the Executive an amount equivalent to the sum of (i) two (2) times the Executive's Salary at the rate then in effect pursuant to Section 4(a); and (ii) the value of 24 months of health insurance premiums for health insurance coverage provided by the Bank, based on the coverage provided to the Executive immediately prior to her termination. The Bank shall make this in a single lump sum cash payment within ten (10) days following the termination of employment.
Sample 1
Compensation Upon Termination of the Bank. Without Cause or by the Executive for Good Reason. In the event the Executive's employment shall be terminated by the Bank without Cause as provided in Section 6(c) above, or by the Executive for Good Reason as provided in Section 6(b) above, he shall be entitled to receive the Accrued Obligations. In addition, subject to the Executive's agreement to a release of any and all legal claims in a form satisfactory to the Bank and the expiration of the applicable revocation period and subject to compliance with the provisions of Section 9 hereof, the Bank shall pay the Executive an amount equivalent to the sum of (i) two (2) times the Executive's Salary at the rate then in effect pursuant to Section 4(a); and (ii) the value of 24 months of health insurance premiums for health insurance coverage provided by the Bank, based on the coverage provided to the Executive immediately prior to his termination. The Bank shall make this in a single lump sum cash payment within ten (10) days following the termination of employment, provided, however, if Executive is a "specified employee" (as defined below) of a publicly traded company, the payment may be delayed and paid to the Executive on the first day of the seventh month following termination of employment if required to avoid penalty under Section 409A of the Internal Revenue Code ("Code"). For purposes of this Section 7(e), the Executive shall not have a "termination of employment" until he has a "separation from service" within the meaning of Code Section 409A and the regulations promulgated thereunder. Also for purposes of this Section 7(e), Executive is a specified employee if Executive is a "key employee" within the meaning of Code Section 416(i) (without regard to paragraph (i) thereof). The form of release referenced above is annexed hereto as Exhibit A.
Sample 1

Related to Compensation Upon Termination of the Bank

  • Compensation Upon Termination Upon termination of Executive’s employment during the Employment Term, Executive shall be entitled to the following benefits:

  • Severance Compensation upon Termination Subject to the provisions of Section 10 hereof, in the event of the Employee’s Termination upon a Change of Control, the Company shall pay to the Employee, within fifteen (15) days after the Termination Date (or as soon as possible thereafter in the event that the procedures set forth in paragraph (b) of Section 11 hereof cannot be completed within fifteen (15) days) an amount in cash equal to three (3) times the sum of the Employee’s Base Salary in effect either immediately prior to the Separation from Service or immediately prior to the Change of Control, whichever is higher.

  • Compensation Upon Termination of Employment If the Executive’s employment hereunder is terminated, in accordance with the provisions of Article III hereof, and except for any other rights or benefits specifically provided for herein to be effective following the Executive’s period of employment, the Company will provide compensation and benefits to the Executive only as follows:

  • Compensation and Benefits Upon Termination (a) If Executive’s employment is terminated by reason of death or Disability, the Company shall pay Executive’s Base Salary, at the rate then in effect, in accordance with the payroll policies of the Company, through the date of such termination (in the event of Executive’s death, the payments will be made to Executive’s beneficiaries or legal representatives) and Executive shall not be entitled to any further Base Salary or any applicable bonus, benefits or other compensation for that year or any future year, except as may be provided in Sections 5(d) or (e) below or an applicable benefit plan or program, or to any severance compensation of any kind, nature or amount.

  • Compensation Upon Termination or During Disability In the event Executive is disabled or his employment terminates during the Employment Period, the Company shall provide Executive with the payments and benefits set forth below. Executive acknowledges and agrees that the payments set forth in this Section 8 constitute liquidated damages for termination of his employment during the Employment Period.

  • Action Upon Termination (a) From and after the effective date of termination of this Agreement, pursuant to Sections 13, 14, or 15 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13 or Section 15(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith:

  • Benefits Upon Termination If the Executive’s employment by the Company is terminated during the Period of Employment for any reason by the Company or by the Executive, or upon or following the expiration of the Period of Employment (in any case, the date that the Executive’s employment by the Company terminates is referred to as the “Severance Date”), the Company shall have no further obligation to make or provide to the Executive, and the Executive shall have no further right to receive or obtain from the Company, any payments or benefits except as follows:

  • Resignation upon Termination Effective as of any Date of Termination under this Section 7 or otherwise as of the date of Executive's termination of employment with the Company, Executive shall resign, in writing, from all Board memberships and other positions then held by him with the Company and its Affiliates.

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Compensation and Benefits Upon Termination of Employment (a) If the Company shall terminate the Executive's employment after a Change in Control other than pursuant to Section 3(b), 3(c) or 3(d) and Section 3(f), or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive, as severance compensation and in consideration of the Executive's adherence to the terms of Section 5 hereof, the following:

Time is Money Join Law Insider Premium to draft better contracts faster.