Early Termination by Employer. Should Employer terminate this Agreement prior to the end of the initial term or any renewal term in effect, other than by reason of Cause, death or disability, whether or not such termination is in connection with or as a result of a Change of Control, Employee shall be paid compensation as provided in this Agreement up to the end of the initial term or renewal term in effect, and shall be entitled to receive payment for accrued, unused personal time off as provided in the Employer’s manual for executive employees. In addition, the Employee shall continue to be paid his base salary for a period of six (6) months following the date of termination, less all amounts required to be held and deducted.
Early Termination by Employer. Should Employer terminate the employment of Employee prior to the end of the initial term or any renewal term in effect, other than by reason of Cause, death or disability, or during the twelve-month period following a Change of Control, and Employee executes a Release, Employee shall be paid the greater of (i) his monthly base salary through the last day of the initial term or renewal term then in effect, plus an amount equal to his accrued, unused PTO or (ii) his monthly base salary for a period of six (6) months, increased by two weeks for each “Year of Service” (as defined below) performed by Employee prior to his termination date, as severance pay following the date of termination payable, in each case, in accordance with Employer’s normal payroll practices and commencing on the first payroll date of Employer following the Release Date, plus an amount equal to his accrued, unused PTO paid in a single sum payment on the first payroll date of Employer following the Release Date. In addition, if at the end of the year in which employment is terminated, the employee would have received a bonus as described in Exhibit B, employee will be paid a prorata share for the full months of actual employment in that year payable at the time the bonuses for that year are paid to eligible employees. The amounts paid shall be reduced by all amounts withheld and deducted pursuant to Section 17. No benefits, bonuses, PTO, or other forms of compensation, except for the severance payments, will be paid to Employee or accrued for any time beyond the last day of the initial term or renewal term of this Agreement.
Early Termination by Employer. Executive's employment may be terminated at any time during the Employment Term by the Chief Executive Officer or Board of Directors of Employer, for any or no reason and without Cause (as hereinafter defined), upon delivery of written notice by Employer. Employer is not required to give Executive any advance notice of termination which, in the sole discretion of Employer, may be effective immediately upon delivery of written notice to Executive.
Early Termination by Employer. Employer may terminate this Agreement and the Employee’s employment hereunder for "cause" by written notice to the Employee in the manner provided in Section 12(e). For purposes of this Agreement, "cause" shall mean either: (1) Employees willful failure to perform duties required hereunder after written notice in a manner provided under Section 12(e) specifying the particulars of the alleged willful failure has been provided to the Employee and the Employee has been given a 30 day period to cure any such willful failure to perform his duties or (2) Employee’s conviction of a felony involving theft, dishonesty or fraud detrimental to Employer; or if the Employer terminates this Agreement without cause, Employer shall pay Employee a severance payment equal to the total of his then current Base Salary for the remainder of the Employment Period, plus any bonuses that would have been payable during the remainder of the Employment Period, and any non-compete and/or non-solicitation clauses shall no longer apply to Employee. This severance payment shall be paid within thirty (30) days from the date of Employer's notice of termination with any future bonus payments payable to Employee within thirty (30) days after being identified. Further, Employee shall immediately receive all shares and warrants as specified in Section 6 if Employer terminates this Agreement without cause.
Early Termination by Employer. Notwithstanding the above, the Undersigned Employee understands and accepts that his/her Term of Employment is at the will of the Employer, and as such, the Employer may terminate the Undersigned Employee for cause or for no cause at all. However, in the event the Employer does not offer the Undersigned Employee continued Employment under any conditions, the Undersigned Employee shall receive six (6) consecutive monthly payments, each payment equal to the amount of the Undersigned Employee's monthly base salary (as set forth in Paragraph 5.1(A)), less applicable taxes and deductions. This Paragraph 5.1(C) shall not apply in the event the Undersigned Employee voluntarily terminated his/her Employment or was terminated by the Employer for cause.
Early Termination by Employer. Employer may voluntarily elect to terminate this Agreement (other than in accordance with the provisions of Section 11.1 above) upon ninety (90) days prior written notice to Employee. In such event, Employee shall be entitled to continue to receive, during the period beginning on the date of termination and ending on that date which is twelve (12) months after the date of termination (the "Continuation Period"), Employee's base salary at the rate applicable as of the date of termination plus an amount equal to what Employer's cost, as reasonably determined by Employer, for Employee's fringe benefits (including, without limitation, retirement, health and medical insurance, life insurance and auto allowance) at their then-current levels would have been during the Continuation Period (by accepting such payment, Employee shall not be deemed to have waived, and shall still be entitled to exercise, all rights available to him with regard to health care benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, but only until he obtains employment with another employer). Payment of the foregoing amounts shall be made by Employer on a monthly basis. In addition, included along with such monthly payments shall be a monthly installment of a prorated bonus relating to Employee's period of employment earned in connection with Employer's bonus plan, if any, in place on the date of termination.
Early Termination by Employer. Without Cause or by Employee upon Change in Title or Change in Office Location. This Agreement and Employee's employment may be terminated (1) by Employer without cause, for any reason whatsoever, in the sole, absolute and unreviewable discretion of Employer, upon written notice by the Board to Employee; or (ii) by Employee in the event that Employer changes Employee's title from that of President and Chief Executive Officer of Employer. changes Employee's duties from those which are customary for a President and Chief Executive Officer of a California Bank, or changes the location of the office to which Employee is required to report by more than 40 miles. In the event of termination pursuant to this Section 5(a), Employee shall receive a single sum severance payment equal to twelve (12) months of his then current Base Salary less customary withholdings, payable within two (21) days of such termination, plus continued benefits under this Agreement for a period of six (6) months, plus payment of all accrued vacation pay. Such severance pay shall constitute liquidated damages in lieu of any and all claims by Employee against Employer, and shall be in full and complete satisfaction of any and all rights which Employee may enjoy hereunder, and are expressly conditioned upon receipt by Employer of a full and unconditional release (in the form of Exhibit A) From Employee of any and all liability of Employer or any of its affiliates, directors. officers. employees and agents, arising) out of this Agreement or out of the employment relationship or termination of the employment relationship between Employee and Employer.
