Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section 2(b). (b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease. (c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 9 contracts
Samples: Employment Agreement (1st United Bancorp, Inc.), Employment Agreement (1st United Bancorp, Inc.), Employment Agreement (1st United Bancorp, Inc.)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Effective Date and ending on the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning The Board of Directors of the Bank (the “Board”) shall conduct an annual review of the Executive’s performance on or about each anniversary of the Effective Date (each, an “Anniversary Date”) and may, on the date basis of this Agreementsuch review and by written notice to the Executive, offer to extend the Employment Period for an additional one-year period. In such event, the Employment Period shall automatically be deemed extended for one (1) additional day each day, unless either in the Company and the Bank, acting jointly, or absence of objection from the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary Bank given within ten (10) business days after his receipt of the date on which such written notice is givenBank’s offer of extension. For all purposes of Except as otherwise expressly provided in this Agreement, any reference in this Agreement to the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the day of non-extension has been given in accordance with this Section 2(b), the third (3rd) anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date last Anniversary Date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided was extended pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 7 contracts
Samples: Employment Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section 2 (the “Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Initial Effective Date and ending on the day before the third anniversary date of this Agreementthe Initial Effective Date, plus such extensions, if any, as are provided by the Board of Directors of the Company (the “Board”) pursuant to Section 2(b).
(b) Beginning on the date of this AgreementInitial Effective Date, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other partiesparty, in which case the Employment Period shall end on the day before the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: :
(i) if a notice of non-extension has been given in accordance with this Section 2(b), the day before the third anniversary of the date on which such notice is given; and and
(ii) in all other cases, the day before the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s 's employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore previously discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s 's employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under pursuant to this Agreement.
Appears in 7 contracts
Samples: Employment Agreement (Astoria Financial Corp), Employment Agreement (Astoria Financial Corp), Employment Agreement (Astoria Financial Corp)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section 2 (“the "Employment Period”"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Initial Effective Date and ending on the third anniversary date of this Agreementthe Effective Date, plus such extensions, if any, as are provided pursuant by the Board of Directors of the Association (the “Board”) as provided below. Prior to Section 2(b)the first anniversary of the date of this Agreement and on each anniversary date thereafter (each an "Anniversary Date) the Board shall review the terms of this Agreement and the Executive's performance of services hereunder and may, in the absence of objection from the Executive, approve an extension of the Employment Period. In such event, the Employment Period shall be extended to the third anniversary of the relevant Anniversary Date.
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), on the third anniversary of the date Anniversary Date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided (as extended pursuant to Section 2(a) of this Section 2(b), if not therefore discontinued, shall automatically ceaseAgreement) is then scheduled to expire.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank Association from terminating the Executive’s 's employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Association and the Executive in the event of any such termination shall be determined under pursuant to this Agreement.
Appears in 7 contracts
Samples: Employment Agreement (Astoria Financial Corp), Employment Agreement (Astoria Financial Corp), Employment Agreement (Astoria Financial Corp)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Effective Date and ending on the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning The Board of Directors of the Bank (the "Board") shall conduct an annual review of the Executive's performance on or about each anniversary of the Effective Date (each, an "Anniversary Date") and may, on the date basis of this Agreementsuch review and by written notice to the Executive, offer to extend the Employment Period for an additional one (1)-year period. In such event, the Employment Period shall automatically be deemed extended for one (1) additional day each day, unless either in the Company and the Bank, acting jointly, or absence of objection from the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary Bank given within ten (10) business days after his receipt of the date on which such written notice is givenBank's offer of extension. For all purposes of Except as otherwise expressly provided in this Agreement, any reference in this Agreement to the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the day of non-extension has been given in accordance with this Section 2(b), the third anniversary of the date on which such notice is given; and (ii3rd) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.<PAGE>
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s 's employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 4 contracts
Samples: Employment Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third (3rd) anniversary date of this AgreementAgreement (each, an "Anniversary Date"), plus such extensions, if any, as are provided by the Board of Directors of the Holding Company ("Board") pursuant to Section section 2(b).
(b) Beginning Except as provided in section 2(c), beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Holding Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other partiesparty, in which case the Employment Period shall end on the third (3rd) anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section section 2(b), the third (3rd) anniversary of the date on which such notice is given; and (ii) in all other cases, the third (3rd) anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s 's employment with the Holding Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 3 contracts
Samples: Executive Employment Agreement (Home Bancorp of Elgin Inc), Executive Employment Agreement (Big Foot Financial Corp), Executive Employment Agreement (Big Foot Financial Corp)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Effective Date and ending on the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning The Board of Directors of the Bank (the “Board”) shall conduct an annual review of the Executive’s performance on or about each anniversary of the Effective Date (each, an “Anniversary Date”) and may, on the date basis of this Agreementsuch review and by written notice to the Executive, offer to extend the Employment Period for an additional one (1)-year period. In such event, the Employment Period shall automatically be deemed extended for one (1) additional day each day, unless either in the Company and the Bank, acting jointly, or absence of objection from the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary Bank given within ten (10) business days after his receipt of the date on which such written notice is givenBank’s offer of extension. For all purposes of Except as otherwise expressly provided in this Agreement, any reference in this Agreement to the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the day of non-extension has been given in accordance with this Section 2(b), the third (3rd) anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date last Anniversary Date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided was extended pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 3 contracts
Samples: Employment Agreement (Western New England Bancorp, Inc.), Employment Agreement (Western New England Bancorp, Inc.), Employment Agreement (Rome Bancorp Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) two years beginning on the date of this Agreement and ending on Agreement. Upon the third first anniversary of the date of this AgreementAgreement (an “Anniversary Date”), plus such extensionsand on each Anniversary Date occurring thereafter, if anythe Board of Directors of the Bank (“Board”) shall review the terms of this Agreement and the Executive’s performance of services hereunder and may, as are provided in the absence of objection from the Executive, approve an extension of the Employment Agreement pursuant to Section 2(b)a resolution duly adopted by the members of the Board.
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), on the third anniversary of the date Anniversary Date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided (as it may be extended pursuant to section 2(a) of this Section 2(b), if not therefore discontinued, shall automatically ceaseAgreement) is then scheduled to expire.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination terminations shall be determined under this Agreement.
Appears in 3 contracts
Samples: Employment Agreement (Merrill Merchants Bancshares Inc), Employment Agreement (Merrill Merchants Bancshares Inc), Employment Agreement (Merrill Merchants Bancshares Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) two years beginning on the date of this Agreement and ending on the third second anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive Executive, elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third second anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section section 2(b), the third second anniversary of the date on which such notice is given; and (ii) in all other cases, the third second anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s 's employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 2 contracts
Samples: Employment Agreement (Republic Security Financial Corp), Employment Agreement (Republic Security Financial Corp)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Effective Date and ending on the third anniversary date of this AgreementAgreement (each, an “Anniversary Date”), plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning Except as provided in section 2(c) and subject to section 11(b), beginning on the date of this AgreementEffective Date, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice thereof to the other partiesparty, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the last day of non-extension has been given in accordance with the Employment Period taking into account any extensions under this Section section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore theretofore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 2 contracts
Samples: Employment Agreement (Westfield Financial Inc), Employment Agreement (Rome Bancorp Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third (3rd) annual anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section 2(b).
. Upon the first (b1st) Beginning on the annual anniversary date of this AgreementAgreement and each anniversary date thereafter, the Employment Period Board of Directors of the Bank (“Board”) shall automatically be extended for one (1) additional day each day, unless either review the Company terms of this Agreement and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other partiesExecutive’s performance of services hereunder and may, in which case the absence of objection from the Executive, approve an extension of the Employment Period Agreement to a new three year term. The Executive shall end on be notified by the third anniversary Board of the date on which such written notice is given. For all purposes any renewal or non-renewal of this Agreement, Agreement by the term Board within thirty (30) days following any such action. The “Remaining Unexpired Employment Period” as of any date shall mean be the remaining period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of subject to such extensions as the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided Board may determine pursuant to this Section 2(b), if not therefore discontinued, shall automatically ceaseparagraph unless modified by this Agreement.
(cb) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
(c) Nothing in this Agreement shall be deemed to prohibit the Executive at any time from terminating his employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Bank and Executive in the event of any such termination shall be determined under this Agreement.
Appears in 2 contracts
Samples: Employment Agreement (CMS Bancorp, Inc.), Employment Agreement (CMS Bancorp, Inc.)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Effective Date and ending on the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning The Board of Directors of the Company (the "Board") shall conduct an annual review of the Executive's performance on or about each anniversary of the Effective Date (each, an "Anniversary Date") and may, on the date basis of this Agreementsuch review and by written notice to the Executive, offer to extend the Employment Period for an additional one (1)-year period. In such event, the Employment Period shall automatically be deemed extended for one (1) additional day each day, unless either in the Company and the Bank, acting jointly, or absence of objection from the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary Company given within ten (10) business days after his receipt of the date on which such written notice is givenCompany's offer of extension. For all purposes of Except as otherwise expressly provided in this Agreement, any reference in this Agreement to the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the day of non-extension has been given in accordance with this Section 2(b), the third anniversary of the date on which such notice is given; and (ii3rd) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.<PAGE>
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s 's employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 2 contracts
Samples: Employment Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive Executive, elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s 's employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 2 contracts
Samples: Employment Agreement (Republic Security Financial Corp), Employment Agreement (Republic Security Financial Corp)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three two (32) years beginning on the date of this Agreement and ending on the third second (2nd) anniversary date of this AgreementAgreement (each, an "Anniversary Date"), plus such extensions, if any, as are provided by the Board of Directors of the Holding Company ("Board") pursuant to Section section 2(b).
(b) Beginning Except as provided in section 2(c), beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Holding Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other partiesparty, in which case the Employment Period shall end on the third second (2nd) anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section section 2(b), the third second (2nd) anniversary of the date on which such notice is given; and (ii) in all other cases, the third second (2nd) anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s 's employment with the Holding Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 2 contracts
Samples: Executive Employment Agreement (Home Bancorp of Elgin Inc), Executive Employment Agreement (Home Bancorp of Elgin Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Closing Date and ending on the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section section 2(b). If the Closing does not occur for any reason, then this Agreement shall be null and void ab initio and of no further force or effect.
(b) Beginning The Board of Directors of the Bank (the “Board”) shall conduct an annual review of the Executive’s performance in January following the end of the fiscal year in accordance with regular employee reviews (each, an “Anniversary Date”) and may, on the date basis of this Agreementsuch review and by written notice to the Executive, offer to extend the Employment Period for an additional one (1)-year period. In such event, the Employment Period shall automatically be deemed extended for one (1) additional day each day, unless either in the Company and the Bank, acting jointly, or absence of objection from the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary Bank given within ten (10) business days after her receipt of the date on which such written notice is givenBank’s offer of extension. For all purposes of Except as otherwise expressly provided in this Agreement, any reference in this Agreement to the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the day of non-extension has been given in accordance with this Section 2(b), the third (3rd) anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date last Anniversary Date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided was extended pursuant to this Section section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 2 contracts
Samples: Employment Agreement (Westfield Financial Inc), Merger Agreement (Westfield Financial Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Closing Date and ending on the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section section 2(b). If the Closing does not occur for any reason, then this Agreement shall be null and void ab initio and of no further force or effect.
(b) Beginning The Board of Directors of the Company (the “Board”) shall conduct an annual review of the Executive’s performance in January following the end of the fiscal year in accordance with regular employee reviews (each, an “Anniversary Date”) and may, on the date basis of this Agreementsuch review and by written notice to the Executive, offer to extend the Employment Period for an additional one (1)-year period. In such event, the Employment Period shall automatically be deemed extended for one (1) additional day each day, unless either in the Company and the Bank, acting jointly, or absence of objection from the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary Company given within ten (10) business days after her receipt of the date on which such written notice is givenCompany’s offer of extension. For all purposes of Except as otherwise expressly provided in this Agreement, any reference in this Agreement to the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the day of non-extension has been given in accordance with this Section 2(b), the third (3rd) anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date last Anniversary Date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided was extended pursuant to this Section section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 2 contracts
Samples: Employment Agreement (Westfield Financial Inc), Merger Agreement (Westfield Financial Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive Executive, elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 2 contracts
Samples: Employment Agreement (1st United Bancorp, Inc.), Employment Agreement (1st United Bancorp, Inc.)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Effective Date and ending on the third anniversary date of this AgreementAgreement (each, an "Anniversary Date"), plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning Except as provided in section 2(c) and subject to section 11(b), beginning on the date of this AgreementEffective Date, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice thereof to the other partiesparty, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the last day of non-extension has been given in accordance with the Employment Period taking into account any extensions under this Section section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s 's employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore theretofore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 2 contracts
Samples: Employment Agreement (Westfield Financial Inc), Employment Agreement (Westfield Financial Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial a term of three (3) five years beginning on the date of this Agreement and ending on the third fifth anniversary date of this AgreementAgreement (each, an "Anniversary Date"), plus such extensions, if any, as are provided by the Board of Directors of the Company ("Board") pursuant to Section section 2(b).
(b) Beginning Except as provided in section 2(c), beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other partiesparty, in which case the Employment Period shall end on the third fifth anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section section 2(b), the third fifth anniversary of the date on which such notice is given; and (ii) in all other cases, the third fifth anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s 's employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Samples: Company Employment Agreement (Bankunited Financial Corp)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive Executive, elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i1) if a notice of non-extension has been given in accordance with this Section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three two (32) years beginning on the date of this Agreement and ending on the third second (2nd) annual anniversary date of this Agreement. Upon the first (1st) annual anniversary date of this Agreement and each anniversary date thereafter, plus the Board of Directors of the Company ("Board") shall review the terms of this Agreement and the Executive's performance of services hereunder and may, in the absence of objection from the Executive, approve an extension of the Employment Agreement to a new two year term. The Executive shall be notified by the Board of any renewal or non-renewal of this Agreement by the Board within thirty (30) days following any such extensions, if any, action. The "Remaining Unexpired Employment Period" shall be the remaining period of the Employment Period subject to such extensions as are provided the Board may determine pursuant to Section 2(b)this paragraph unless modified by this Agreement.
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time from terminating Executive's employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under this Agreement.
(c) Nothing in this Agreement shall be deemed to prohibit the Executive at any time from terminating her employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company and Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms Company and conditions of this Agreement the Bank shall be and remain in effect employ the Executive during the period of employment established under this Section 2 (“Employment Period”). The Employment Period shall be for i) an initial term period of three (3) years beginning on the date of this Agreement (the "Employment Commencement Date") and ending on the day before the third (3rd) anniversary date of this Agreementthe Employment Commencement Date, plus such extensions, if any, as are provided pursuant to and (ii) the period of any additional extensions described in Section 2(b) (the "Employment Period").
(b) Beginning The Employment Period shall be subject to extension in the following manner: The Boards of Directors of the Company and the Bank (or a compensation committee thereof) shall conduct an annual review of the Executive's performance on or about each anniversary of the Employment Commencement Date (each, an "Anniversary Date") and may, on the date basis of this Agreementsuch review and by written notice to the Executive, offer to extend the Employment Period through the day before the third (3rd) anniversary of the relevant Anniversary Date, it being understood that each such Board of Directors shall act independently in making such determination and either the Company or the Bank (or both) may (but neither is required to) make an offer of extension. In the event of such an offer, the Employment Period shall automatically be deemed extended for one (1) additional day each day, unless either in the Company and the Bank, acting jointly, or absence of objection from the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case Company and/or the Employment Period shall end on the third anniversary Bank given within ten (10) business days after his receipt of the date on which such written notice is given. For all purposes Company's and/or the Bank's offer of extension.
(c) Except as otherwise expressly provided in this Agreement, any reference in this Agreement to the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), on the day before the third (3rd) anniversary of the date Employment Commencement Date or, if later, on which such notice is given; and (ii) in all other cases, the day before the third (3rd) anniversary of the date last Anniversary Date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided was extended pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Effective Date and ending on the third anniversary date of this AgreementAgreement (each, an “Anniversary Date”), plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning Except as provided in section 2(c) and subject to section 11, beginning on the date of this AgreementEffective Date, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice thereof to the other partiesparty, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the last day of non-extension has been given in accordance with the Employment Period taking into account any extensions under this Section section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore theretofore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third (3rd) anniversary date of this Agreement (each, an "Anniversary Date"). Upon each Anniversary Date of this Agreement, plus the Board of Directors of the Company ("Board") shall review the terms of this Agreement and the Executive's performance of services hereunder and may, in the absence of objection from the Executive, approve an extension of the Employment Agreement to a new three year term. The "Remaining Unexpired Employment Period" shall be the remaining period of the Employment Period subject to such extensions, if any, extensions as are provided the Board may determine pursuant to Section 2(b)this paragraph unless modified by this Agreement.
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time from terminating Executive's employment during the Employment Period with or without notice for any reason; providedPROVIDED, howeverHOWEVER, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under this Agreement.
(c) Nothing in this Agreement shall be deemed to prohibit the Executive at any time from terminating his employment during the Employment Period with or without notice for any reason; PROVIDED, HOWEVER, that the relative rights and obligations of the Company and Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Samples: Employment Agreement (Westbank Corp)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third anniversary date of this AgreementAgreement (each, an "Anniversary Date"), plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning Except as provided in section 2(c) and subject to Section 11(b), beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice thereof to the other partiesparty, in which case the Employment Period shall end on the third 2 anniversary of the date on which such written notice is given; provided, however, that notwithstanding the foregoing, the Employment Period shall end on the last day of the month in which the Executive attains the age of 68. For all purposes of this Agreement, the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the last day of non-extension has been given in accordance with the Employment Period taking into account any extensions under this Section section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s 's employment with the Company and or the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore theretofore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Samples: Employment Agreement (Warwick Community Bancorp Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section 2 (“"Employment Period”"). The Employment Period shall be for an initial a term of three (3) five years beginning on the date of this Agreement and ending on the third fifth anniversary date of this AgreementAgreement (each, an "Anniversary Date"), plus such extensions, if any, as are provided by the Board of Directors of the Company ("Board") pursuant to Section 2(b).
(b) Beginning Except as provided in Section 2(c), beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other partiesparty, in which case the Employment Period shall end on the third fifth anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), the third fifth anniversary of the date on which such notice is given; and (ii) in all other cases, the third fifth anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s 's employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) two years beginning on the date of this Agreement and ending on the third second anniversary date of this AgreementAgreement (each, an "Anniversary Date"), plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning Except as provided in section 2(c), beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, Bank or the Executive elects not to extend the Agreement further by giving written notice thereof to the other partiesparty, in which case the Employment Period shall end on the third second anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the last day of non-extension has been given in accordance with the Employment Period taking into account any extensions under this Section section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s 's employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore theretofore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three two (32) years beginning on the date of this Agreement and ending on the third second (2nd) annual anniversary date of this Agreement. Upon the first (1st) annual anniversary date of this Agreement and each anniversary date thereafter, plus the Board of Directors of the Company ("Board") shall review the terms of this Agreement and the Executive's performance of services hereunder and may, in the absence of objection from the Executive, approve an extension of the Employment Agreement to a new two year term. The Executive shall be notified by the Board of any renewal or non-renewal of this Agreement by the Board within thirty (30) days following any such extensions, if any, action. The "Remaining Unexpired Employment Period" shall be the remaining period of the Employment Period subject to such extensions as are provided the Board may determine pursuant to Section 2(b)this paragraph unless modified by this Agreement.
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time from terminating Executive's employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under this Agreement.
(c) Nothing in this Agreement shall be deemed to prohibit the Executive at any time from terminating his employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company and Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Effective Date and ending on the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning Except as provided in section 2(c) and subject to section 11, beginning on the date of this AgreementEffective Date, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Board of Directors of the Company and (the Bank, acting jointly, “Board”) or the Executive elects not to extend the Agreement further by giving written notice thereof to the other partiesparty, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For Or all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the last day of non-extension has been given in accordance with the Employment Period taking into account any extensions under this Section section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore theretofore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement. Prior to the first anniversary of the date of this Agreement and ending on each anniversary date thereafter (each, an "Anniversary Date"), the Board of Directors of the Bank ("Board") shall review the terms of this Agreement and Xx. Xxxx'x performance of services hereunder and may, in the absence of objection from Xx. Xxxx, approve an extension of the Employment Agreement. In such event, the Employment Agreement shall be extended to the third anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section 2(b)the relevant Anniversary Date.
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), on the third anniversary of the date Anniversary Date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided (as extended pursuant to section 2(a) of this Section 2(b), if not therefore discontinued, shall automatically ceaseAgreement) is then scheduled to expire.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time from terminating Xx. Xxxx'x employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive Xx. Xxxx in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Samples: Employment Agreement (North Central Bancshares Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third anniversary date of this Agreement, Agreement plus such extensions, if any, any as are provided by the Board of Directors of the Holding Company (“Board”) pursuant to Section section 2(b).
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Holding Company and the Bank, acting jointly, or the Executive Xx. Xxxxxxx elects not to extend the Agreement further by giving written notice to the other parties, party in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s Xx. Xxxxxxx'x employment with the Holding Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Holding Company or the Bank from terminating the Executive’s employment at any time from terminating Xx. Xxxxxxx'x employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Holding Company and the Executive Xx. Xxxxxxx in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Samples: Employment Agreement (North Central Bancshares Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third (3rd) anniversary date of this Agreement (each, an "Anniversary Date"). Upon each Anniversary Date of this Agreement, plus the Board of Directors of the Company ("Board") shall review the terms of this Agreement and the Executive's performance of services hereunder and may, in the absence of objection from the Executive, approve an extension of the Employment Agreement to a new three year term. The "Remaining Unexpired Employment Period" shall be the remaining period of the Employment Period subject to such extensions, if any, extensions as are provided the Board may determine pursuant to Section 2(b)this paragraph unless modified by this Agreement.
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s 's employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under this Agreement.
(c) Nothing in this Agreement shall be deemed to prohibit the Executive at any time from terminating his employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company and Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third anniversary date of this Agreement, Agreement plus such extensions, if any, any as are provided by the Board of Directors of the Holding Company (“Board”) pursuant to Section section 2(b).
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Holding Company and the Bank, acting jointly, or the Executive Xx. Xxxxxxxxx elects not to extend the Agreement further by giving written notice to the other parties, party in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s Xx. Xxxxxxxxx'x employment with the Holding Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Holding Company or the Bank from terminating the Executive’s employment at any time from terminating Xx. Xxxxxxxxx’x employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Holding Company and the Executive Xx. Xxxxxxxxx in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Samples: Employment Agreement (North Central Bancshares Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section 2 (“Employment Period”). The Employment Period shall be for an initial a term of three (3) five years beginning on the date of this Agreement and ending on the third fifth anniversary date of this AgreementAgreement (each, an “Anniversary Date”), plus such extensions, if any, as are provided by the Board of Directors of the Company (“Board”) pursuant to Section 2(b).
(b) Beginning Except as provided in Section 2(c), beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other partiesparty, in which case the Employment Period shall end on the third fifth anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), the third fifth anniversary of the date on which such notice is given; and (ii) in all other cases, the third fifth anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement Effective Date and ending on the third anniversary date of this AgreementAgreement (each, an “Anniversary Date”), plus such extensions, if any, as are provided pursuant to Section section 2(b).
(b) Beginning Except as provided in section 2(c) and subject to section 11(b), beginning on the date of this AgreementEffective Date, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice thereof to the other partiesparty, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice on the last day of non-extension has been given in accordance with the Employment Period taking into account any extensions under this Section section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore theretofore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) years beginning on the effective date of this Agreement as provided in section 31 ("Effective Date") and ending on the third anniversary date of this Agreementthe Effective Date, plus such extensions, if any, as are provided by the Board of Directors of the Company ("Board") pursuant to Section section 2(b).
(b) Beginning on the date Effective Date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other partiesparty, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “"Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s 's employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section section 2 (“Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement (and ending on the third anniversary date of this Agreement, Agreement plus such extensions, if any, as are provided by the Board of Directors of the Holding Company (“Board”) pursuant to Section section 2(b).)
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Holding Company and the Bank, acting jointly, or the Executive Xx. Xxxx elects not to extend the Agreement further by giving written notice to the other parties, party in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section section 2(b), the third anniversary of the date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s Xx. Xxxx'x employment with the Holding Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section section 2(b), if not therefore discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Holding Company or the Bank from terminating the Executive’s employment at any time from terminating Xx. Xxxx'x employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Holding Company and the Executive Xx. Xxxx in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Samples: Employment Agreement (North Central Bancshares Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions condition of this Agreement shall be and remain in effect during the period of employment established under this Section 2 (“"Employment Period”"). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the third (3rd) anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Beginning Except as provided in Section 2(c), beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other partiesparty, in which case the Employment Period shall end on the third (3rd) anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Term "Remaining Unexpired Employment Period” " as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), the third anniversary of the date on which such notice is was given; and or (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s 's employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore previously discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time from terminating Executive's employment during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section 2 (the “Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the day before the third anniversary date of this Agreement, plus such extensions, if any, as are provided by the Board of Directors of the Company (the “Board”) pursuant to Section 2(b).
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other partiesparty, in which case the Employment Period shall end on the day before the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: :
(i) if a notice of non-extension has been given in accordance with this Section 2(b), the day before the third anniversary of the date on which such notice is given; and and
(ii) in all other cases, the day before the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not therefore previously discontinued, shall automatically cease.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Company and the Executive in the event of any such termination shall be determined under pursuant to this Agreement.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section 2 (“Employment Period”). The Employment Period shall be for an initial a term of three (3) years beginning on the date of this Agreement and ending on Agreement. Prior to the third first anniversary date of this Agreement, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Beginning on the date of this Agreement and on or prior to each anniversary date thereafter (each, an “Anniversary Date”), the Board of Directors of the Bank (“Board”) shall review the terms of this Agreement and the Executive’s performance of services hereunder and may, in the absence of objection from the Executive, approve an extension of the Employment Agreement. In such event, the Employment Period Agreement shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is givenrelevant Anniversary Date. Third Amended and Restated Employment Agreement BankUnited, FSB
(b) For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), on the third anniversary of the date Anniversary Date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided (as extended pursuant to Section 2(a) of this Section 2(b), if not therefore discontinued, shall automatically ceaseAgreement) is then scheduled to expire.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank at any time from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank and the Executive in the event of any such termination shall be determined under this Agreement.
Appears in 1 contract
Samples: Bank Employment Agreement (Bankunited Financial Corp)
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement shall be and remain in effect during the period of employment established under this Section 2 (the “Employment Period”). The Employment Period shall be for an initial term of three (3) years beginning on the date of this Agreement and ending on the day before the third anniversary date of this Agreement. Prior to the first anniversary of the date of this Agreement and on each anniversary date thereafter (each an “Anniversary Date) the Board of Directors of the Association (the “Board”) shall review the terms of this Agreement and the Executive’s performance of services hereunder and may, plus in the absence of objection from the Executive, approve an extension of the Employment Period. In such extensionsevent, if any, as are provided pursuant the Employment Period shall be extended to Section 2(b)the day before the third anniversary of the relevant Anniversary Date.
(b) Beginning on the date of this Agreement, the Employment Period shall automatically be extended for one (1) additional day each day, unless either the Company and the Bank, acting jointly, or the Executive elects not to extend the Agreement further by giving written notice to the other parties, in which case the Employment Period shall end on the third anniversary of the date on which such written notice is given. For all purposes of this Agreement, the term “Remaining Unexpired Employment Period” as of any date shall mean the period beginning on such date and ending on: (i) if a notice of non-extension has been given in accordance with this Section 2(b), on the third anniversary of day before the date Anniversary Date on which such notice is given; and (ii) in all other cases, the third anniversary of the date as of which the Remaining Unexpired Employment Period is being determined. Upon termination of the Executive’s employment with the Company and the Bank for any reason whatsoever, any daily extensions provided (as extended pursuant to Section 2(a) of this Section 2(b), if not therefore discontinued, shall automatically ceaseAgreement) is then scheduled to expire.
(c) Subject to Section 3, nothing Nothing in this Agreement shall be deemed to prohibit the Company or the Bank Association from terminating the Executive’s employment at any time during the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Company, the Bank Association and the Executive in the event of any such termination shall be determined under pursuant to this Agreement.
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