Common use of Effect of Certain Terminations Clause in Contracts

Effect of Certain Terminations. Notwithstanding Section 3 hereof, the Employee shall not be entitled to, and the Successor shall have no obligation to pay, the Severance Amount if, during the Transition Period: (a) The Employee voluntarily terminates his employment with the Company or the Successor. However, notwithstanding any or other seemingly voluntary departure, the Employee’s termination of employment shall not be deemed voluntary for purposes of this Agreement if the Employee’s employment terminates in consequence of a Material Change. In such case, the Employee shall be entitled to receive, and the Successor shall be obligated to pay, the Severance Amount. (b) The Company or the Successor terminates the Employee’s employment for any of the following reasons: (i) the Employee’s continuing to perform such (other than services constituting a Material Change) as may reasonably be assigned to him by the Successor; or (ii) the Employee’s willful misconduct or gross negligence in the performance of his employment duties; or (iii) the Employee’s breach of his duty of loyalty to, or acts of unfair competition with, the Successor; or (iv) the Employee’s conviction of any crime or offense involving money, property or personnel of the Successor, or of any other crime which constitutes a felony; or (v) the Employee’s illegal use, possession or being under the influence of any narcotic, controlled substance or alcoholic beverage while at work; or (vi) any conduct by the Employee that, under applicable laws and regulations, disqualifies him from serving as an officer or employee of the Company. (c) His employment terminates by reason of the Employee’s death, total disability, or normal retirement at or after age 65.

Effect of Certain Terminations. Notwithstanding Section 3 hereof, the Employee shall not be entitled toto receive, and the Successor shall have no obligation to pay, the Severance Amount if, during the Transition Period: (a) The Employee voluntarily voluntary terminates his employment with the Company Company, the Bank or the Successor. However, notwithstanding any resignation or other seemingly voluntary departure, the Employee’s 's termination of employment shall not be deemed voluntary for purposes of this Agreement if the Employee’s 's employment terminates in consequence of a Material Change. In such case, the Employee shall be entitled to receive, and the Successor shall be obligated to pay, the Severance Amount. (b) The Company Company, the Bank or the Successor terminates the Employee’s 's employment for any of the following reasons: (i) the Employee’s 's continuing refusal to perform such services (other than services constituting a Material Change) as may reasonably be assigned to him by the Successor; or (ii) the Employee’s 's willful misconduct or gross negligence in the performance of his employment duties; or (iii) the Employee’s 's breach of his duty of loyalty to, or acts of unfair competition with, the Successor; or (iv) the Employee’s 's conviction of any crime or offense involving money, property or personnel of the Successor, or of any other crime which constitutes a felony; or (v) the Employee’s 's illegal use, possession or being under the influence of any narcotic, controlled substance or alcoholic beverage while at work; or (vi) any conduct by the Employee that, under applicable laws and regulations, disqualifies him from serving as an officer or employee of the CompanyBank. (c) His employment terminates by reason of the Employee’s 's death, total disability, or normal retirement at or after age 65.

Effect of Certain Terminations. Notwithstanding Section 3 hereof, the Employee shall not be entitled toto receive, and the Successor shall have no obligation to pay, the Severance Amount if, during the Transition Period: (a) The Employee voluntarily voluntary terminates his employment with the Company Company, the Bank or the Successor. However, notwithstanding any resignation or other seemingly voluntary departure, the Employee’s 's termination of employment shall not be deemed voluntary for purposes of this Agreement if the Employee’s 's employment terminates in consequence of a Material Change. In such case, the Employee shall be entitled to receive, and the Successor shall be obligated to pay, the Severance Amount. (b) The Company Company, the Bank or the Successor terminates the Employee’s 's employment for any of the following reasons: (i) the Employee’s 's continuing refusal to perform such services (other than services constituting a Material Change) as may reasonably be assigned to him by the Successor; or (ii) the Employee’s 's willful misconduct or gross negligence in the performance of his employment duties; or (iii) the Employee’s 's breach of his duty of loyalty to, or acts of unfair competition with, the Successor; or (iv) the Employee’s 's conviction of any crime or offense involving money, property or personnel of the Successor, or of any other crime which constitutes a felony; or (v) the Employee’s 's illegal use, possession or being under the influence of any narcotic, controlled substance or alcoholic beverage while at work; or (vi) any conduct by the Employee that, under applicable laws and regulations, disqualifies him from serving as an officer or employee of the CompanyBank. (c) His employment terminates by reason of the Employee’s 's death, total disability, or normal retirement at or after age 65.

Effect of Certain Terminations. Notwithstanding Section 3 hereof, the Employee shall not be entitled toto receive, and the Successor shall have no obligation to pay, the Severance Amount if, during the Transition Period: (a) The a. Employee voluntarily terminates his employment with the Company or the Successor. However, notwithstanding any resignation or other seemingly voluntary departure, the Employee’s 's termination of employment shall not be deemed voluntary for purposes of this Agreement if the Employee’s 's employment terminates in consequence of a Material Change. In such case, the Employee shall be entitled to receive, and the Successor shall be obligated to pay, the Severance Amount. (b) b. The Company or the Successor terminates the Employee’s 's employment for any of the following reasons: (i) the Employee’s 's continuing refusal to perform such services (other than services constituting a Material Change) as may reasonably be assigned to him by the Successor; or (ii) the Employee’s 's willful misconduct or gross negligence in the performance of his employment duties; or (iii) the Employee’s 's breach of his duty of loyalty to, or acts of unfair competition with, the Successor; or (iv) the Employee’s 's conviction of any crime or offense involving money, property or personnel of the Successor, or of any other crime which constitutes a felony; or (v) the Employee’s 's illegal use, possession or being under the influence of any narcotic, controlled substance or alcoholic beverage while at work; or (vi) any conduct by the Employee that, under applicable laws and regulations, disqualifies him from serving as an officer or employee of the Company. (c) c. His employment terminates by reason of the Employee’s 's death, total disability, or normal retirement at or after age 65.

Effect of Certain Terminations. Notwithstanding Section 3 hereof, the Employee shall not be entitled toto receive, and the Successor shall have no obligation to pay, the Severance Amount if, during the Transition Period: (a) The a. Employee voluntarily terminates his employment with the Company or the Successor. However, notwithstanding any resignation or other seemingly voluntary departure, the Employee’s termination of employment shall not be deemed voluntary for purposes of this Agreement if the Employee’s employment terminates in consequence of a Material Change. In such case, the Employee shall be entitled to receive, and the Successor shall be obligated to pay, the Severance Amount. (b) b. The Company or the Successor terminates the Employee’s employment for any of the following reasons: (i) the Employee’s continuing refusal to perform such services (other than services constituting a Material Change) as may reasonably be assigned to him by the Successor; or (ii) the Employee’s willful misconduct or gross negligence in the performance of his employment duties; or (iii) the Employee’s breach of his duty of loyalty to, or acts of unfair competition with, the Successor; or (iv) the Employee’s conviction of any crime or offense involving money, property or personnel of the Successor, or of any other crime which constitutes a felony; or (v) the Employee’s illegal use, possession or being under the influence of any narcotic, controlled substance or alcoholic beverage while at work; or (vi) any conduct by the Employee that, under applicable laws and regulations, disqualifies him from serving as an officer or employee of the Company. (c) c. His employment terminates by reason of the Employee’s death, total disability, or normal retirement at or after age 65.