Common use of Employees Rights Upon Termination Clause in Contracts

Employees Rights Upon Termination. In the event that this Agreement is terminated by the Corporation for Cause, Employee shall receive all Base Salary and benefits earned through Employee’s final day of employment. In the event that this Agreement is terminated by the Corporation without Cause, Employee shall receive all Base Salary and benefits earned through Employee’s final day of employment, as well as a severance payment equal to one (1) times Employee’s current annual Base Salary. Any earned but unpaid Base Salary and benefits, as well as the severance payment shall be paid to Employee within thirty (30) days of Employee’s final day of employment. Upon termination for any reason, Employee shall be required to deliver to the Corporation any Bank or Holding Company assets. Employee’s rights upon termination shall be subject to determinations of safety, soundness and fairness of any and all of the Bank’s or Holding Company’s regulatory entities.

Employees Rights Upon Termination. In the event that this Agreement is terminated by the Corporation Bank for Cause, Employee shall receive all Base Salary and benefits earned through Employee’s final day of employment. In the event that this Agreement is terminated by the Corporation Bank without Cause, Employee shall receive all Base Salary and benefits earned through Employee’s final day of employment, as well as a severance payment equal to one (1) times Employee’s current annual Base Salary. Any earned but unpaid Base Salary and benefits, as well as the severance payment shall be paid to Employee within thirty (30) days of Employee’s final day of employment. Upon termination for any reason, Employee shall be required to deliver to the Corporation Bank and Holding Company any Bank or Holding Company assets. Employee’s rights upon termination shall be subject to determinations of safety, soundness and fairness of any and all of the Bank’s or Holding Company’s regulatory entities.