Director Termination Clause Samples

Director Termination. Despite any contrary provision of this Agreement, the Bank shall not pay any benefit under this Agreement and this Agreement shall terminate if Separation from Service is a Termination with Cause or if Separation from Service is an Early Termination occurring before the Director has attained age 55 and served as a director for at least five years (including each year of board service before the Effective Date). The board of directors or a duly authorized committee of the board shall have the sole and absolute right to determine whether the bases for denial of benefits for Cause exist. Benefits may be denied for Cause regardless of whether the Director continued to serve as a director after the board or committee made its determination not to nominate the Director for reelection.