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 two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b). (b) Prior to the first anniversary of the Effective Date and on each subsequent anniversary date (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 hereunder and may, in the absence of objection from the Executive, approve an extension of the Agreement. In such event, the Employment Period shall be extended for an additional year (or if less, through the mandatory retirement date applicable to the Executive under any mandatory retirement policy (the “Mandatory Retirement Date”)). If the Board does not approve an extension of the Agreement for a given year, or if the Executive objects to such an extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date). (c) 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 the date the Employment Period is then scheduled to expire, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second anniversary of such date. (d) Nothing in this Agreement shall be deemed to prohibit the 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 Association and the Executive in the event of any such termination shall be determined pursuant to this Agreement.
Appears in 6 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 two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to On the first anniversary of the Effective Date and on each subsequent anniversary date (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 hereunder and may, in the absence of objection from the Executive, approve an extension of the Agreement. In such event, the Employment Period shall automatically be extended for an additional year (or if less, through the mandatory retirement date applicable to the Executive under any mandatory retirement policy (the “Mandatory Retirement Date”))) unless either the Company or the Executive has elected not to extend the Agreement further by giving written notice to the other party. If the Board does not approve an extension of the Agreement for such a given year, or if the Executive objects to such an extensionnotice is given, the Employment Period will shall end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension notice is given (or, if earlier, the Mandatory Retirement Date). Upon termination of the Executive’s employment with the Company for any reason whatsoever, any extensions provided pursuant to this Section 2(b), if not previously discontinued, shall automatically cease.
(c) 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 the date the Employment Period is then scheduled to expire, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second anniversary of such date.
(d) Nothing in this Agreement shall be deemed to prohibit the Association Company 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 Association Company and the Executive in the event of any such termination shall be determined pursuant to this Agreement.
Appears in 6 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 two (2) three years beginning on the Initial Effective Date and ending on the day before the second third anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
by the Board of Directors of the Bank (bthe “Board”) as provided below. Prior to the first anniversary of the Effective Date date of this Agreement and on each subsequent anniversary date thereafter (each, 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, in the absence of objection from the Executive, approve an extension of the AgreementEmployment Period. In such event, the Employment Period shall be extended for an additional year (or if less, through the mandatory retirement date applicable to the Executive under any mandatory retirement policy (the “Mandatory Retirement Date”)). If the Board does not approve an extension third anniversary of the Agreement for a given yearrelevant Anniversary Date (or, or if earlier the Executive objects Executive’s seventieth (70th) birthday. In no event shall any extension cause the Employment Period to such an end later than the Executive’s seventieth (70th) birthday. Unless sooner terminated by non-extension, the Employment Period will end automatically, and without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension Executive’s seventieth (or, if earlier, the Mandatory Retirement Date)70th) birthday.
(cb) 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 the date earlier of (i) the Anniversary Date on which the Employment Period (as extended pursuant to Section 2(a) of this Agreement) is then scheduled to expire, assuming no further extensions occur; provided, however, that expire and (ii) the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second anniversary of such dateExecutive’s seventieth (70th) birthday.
(dc) Nothing in this Agreement shall be deemed to prohibit the Association 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 Association Bank and the Executive in the event of any such termination shall be determined pursuant to this Agreement.
Appears in 5 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 two (2) three years beginning on the Initial Effective Date and ending on the day before the second third anniversary date of the 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) Prior Beginning on the Initial Effective Date, the Employment Period shall automatically be extended for one (1) additional day each day until the Executive attains the age of sixty-seven (67), unless either the Company or the Executive elects not to extend the Agreement further by giving written notice to the first other party, in which case the Employment Period shall end on the day before the third anniversary of the Effective Date and date on each subsequent anniversary date which such written notice is given. When the Executive attains the age of sixty-seven (each, an “Anniversary Date”67), the Board of Directors of the Association (the “Board”) shall review the terms of this Agreement daily extensions will cease automatically and the Executive’s performance hereunder and may, in the absence of objection from the Executive, approve an extension of the Agreement. In such eventwithout notice or other action, the Employment Period shall be extended for an additional year (or if lessa fixed term of three years thereafter, through the mandatory retirement date applicable to and this Agreement will expire when the Executive under any mandatory retirement policy attains the age of seventy (the “Mandatory Retirement Date”)70). If the Board does not approve an extension of the Agreement for a given year, or if the Executive objects to such an extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 the date the Employment Period is then scheduled to expireon:
(i) if extensions have ceased in accordance with this Section 2(b), assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third anniversary of such datethe date on which extensions were discontinued; 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 for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not previously discontinued, shall automatically cease.
(dc) Nothing in this Agreement shall be deemed to prohibit the Association Company 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 Association Company and the Executive in the event of any such termination shall be determined pursuant to this Agreement.
Appears in 5 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 Company shall employ the Executive during an initial period of three (3) years beginning on the effective date of the Reorganization (the “Employment Commencement Date”) and conditions ending on the day before the third (3rd) anniversary of this Agreement shall be the Employment Commencement Date, and remain in effect during the period of employment established under this Section 2 any additional extensions described in section 2(b) (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to The Board of Directors of the first Company shall conduct an annual review of the Executive’s performance on or about each anniversary of the Effective Employment Commencement Date and on each subsequent anniversary date (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 hereunder and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable absence of objection from the Executive by written notice to the Executive under any mandatory retirement policy Company given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Company’s offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 the date day before the third (3rd) anniversary of the Employment Period is then scheduled to expireCommencement Date or, assuming no further extensions occur; providedif later, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to section 2(b).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Company from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Company and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. Any continuation of the Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Company and the Executive agree otherwise.
Appears in 4 contracts
Samples: Employment Agreement (Charter Financial Corp/Ga), Employment Agreement (Charter Financial Corp), Employment Agreement (Lake Shore Bancorp, Inc.)
Employment Period; Remaining Unexpired Employment Period. (a) The terms Bank shall employ the Executive during an initial period of three (3) years beginning on the date hereof (the “Employment Commencement Date”) and conditions ending on the day before the third (3rd) anniversary of this Agreement shall be the Employment Commencement Date, and remain in effect during the period of employment established under this Section 2 any additional extensions described in section 2(b) (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to The Board shall conduct an annual review of the first Executive’s performance on or about each anniversary of the Effective Employment Commencement Date and on each subsequent anniversary date (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 hereunder and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable to absence of objection from the Executive under any mandatory retirement policy by written notice to Bank given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Bank’s offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 the date day before the third (3rd) anniversary of the Employment Period is then scheduled to expireCommencement Date or, assuming no further extensions occur; providedif later, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to section 2(b).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Bank from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Bank and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. If the Executive’s employment continues beyond the expiration of the Employment Period, any such continuation shall be determined pursuant to this Agreementon an “at-will” basis unless the Bank and the Executive agree otherwise.
Appears in 3 contracts
Samples: Employment Agreement (Hudson City Bancorp Inc), Employment Agreement (Hudson City Bancorp Inc), Employment Agreement (Hudson City Bancorp Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms Company shall employ the Executive during an initial period of three (3) years beginning on the date hereof (the “Employment Commencement Date”) and conditions ending on the day before the third (3rd) anniversary of this Agreement shall be the Employment Commencement Date, and remain in effect during the period of employment established under this Section 2 any additional extensions described in section 2(b) (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to On the first anniversary of day after the Effective Employment Commencement Date and on each subsequent anniversary date (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 hereunder and may, in the absence of objection from the Executive, approve an extension of the Agreement. In such eventday thereafter, the Employment Period shall be extended for an additional year (or if lessby one day, through the mandatory retirement such that on any date applicable to the Executive under any mandatory retirement policy (the “Mandatory Retirement Date”)). If the Board does not approve an extension of the Agreement for a given year, or if the Executive objects to such an extension, the Employment Period will end automatically, without the requirement of any notice or other action, expire on the day before the second Anniversary Date after third (3rd) anniversary of such date. These extensions shall continue in perpetuity until discontinued by: (i) notice to the determination not Executive given by the Company that it has elected to approve discontinue the extension extensions; (orii) notice by the Executive to the Company that he has elected to discontinue the extensions; or (iii) termination of the Executive’s employment with the Company, if earlierwhether by resignation, discharge or otherwise. On the date on which such a notice is deemed given, or on the effective date of a termination of the Executive’s employment with the Company, the Mandatory Retirement Date)Employment Period shall be converted to a fixed period of three (3) years ending on the day before the third (3rd) anniversary of such date.
(c) 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 the date the Employment Period is then scheduled to expire, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe earliest of the date in question, any earlier date on which the Executive or the Company is deemed to have given a notice to discontinue extensions of the Employment Period, and any earlier date on which the Executive’s employment with the Company was terminated.
(d) Nothing in this Agreement shall be deemed to prohibit the Association Company from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Company and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. If the Executive’s employment continues beyond the expiration of the Employment Period, any such continuation shall be determined pursuant to this Agreementon an “at-will” basis unless the Company and the Executive agree otherwise.
Appears in 3 contracts
Samples: Employment Agreement (Hudson City Bancorp Inc), Employment Agreement (Hudson City Bancorp Inc), Employment Agreement (Hudson City Bancorp Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms Bank shall employ the Executive during an initial period of three (3) years beginning on the effective date of the Reorganization (the “Employment Commencement Date”) and conditions ending on the day before the third (3rd) anniversary of this Agreement shall be the Employment Commencement Date, and remain in effect during the period of employment established under this Section 2 any additional extensions described in section 2(b) (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to The Board of Directors of the first Bank shall conduct an annual review of the Executive’s performance on or about each anniversary of the Effective Employment Commencement Date and on each subsequent anniversary date (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 hereunder and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable absence of objection from the Executive by written notice to the Executive under any mandatory retirement policy Bank given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Bank’s offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 the date day before the third (3rd) anniversary of the Employment Period is then scheduled to expireCommencement Date or, assuming no further extensions occur; providedif later, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to section 2(b).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Bank from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Bank and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. Any continuation of the Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Bank and the Executive agree otherwise.
Appears in 2 contracts
Samples: Employment Agreement (Lake Shore Bancorp, Inc.), Employment Agreement (Lake Shore Bancorp, Inc.)
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 an initial period of employment established under this Section 2 three (the “Employment Period”). The Employment Period shall be for an initial term of two (23) years beginning on the Effective Date effective date of the Reorganization (the "Employment Commencement Date") and ending on the day before the second third (3rd) anniversary date of the Effective Employment Commencement Date, plus such extensions, if any, as are provided pursuant to Section and during the period of any additional extensions described in section 2(b) (the "Employment Period").
(b) Prior The Employment Period shall be subject to extension in the first anniversary following manner:
(i) For purposes of determining the rights and obligations of the Effective Executive and the Company with respect to each other, on the day after the Employment Commencement Date and on each subsequent day thereafter, the Employment Period shall be extended by one day, such that on any date the Employment Period will expire on the day before the third (3rd) anniversary of such date. These extensions shall continue in perpetuity until discontinued by: (i) notice to the Executive given by the Company that they have elected to discontinue the extensions; (ii) notice by the Executive to the Company that he has elected to discontinue the extensions; or (iii) termination of the Executive's employment with the Company, whether by resignation, discharge or otherwise. On the date on which such a notice is deemed given, or on the effective date of a termination of the Executive's employment with the Company, the Employment Period shall be converted to a fixed period of three (each, an “Anniversary Date”)3) years ending on the day before the third (3rd) anniversary of such date.
(ii) For purposes of determining the rights and obligations of the Executive and the Bank with respect to each other, the Board of Directors of the Association (the “Board”) Bank shall conduct an annual review the terms of this Agreement and the Executive’s 's performance hereunder on or about each anniversary of the Employment Commencement Date (each, an "Anniversary Date") and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable to absence of objection from the Executive under any mandatory retirement policy by written notice to Bank given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Bank's offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 (i) for purposes of determining the period beginning on such date rights and ending on obligations of the date Company and the Employment Period is then scheduled Executive to expireeach other, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such date.
(d) Nothing the earliest of the date in this Agreement shall be question, any earlier date on which the Executive or the Company is deemed to prohibit have given a notice to discontinue extensions of the Association from terminating Employment Period, and any earlier date on which the Executive’s 's employment at any time during with the Employment Period with or without notice Bank and the Company was terminated; and (ii) for any reason; provided, however, that purposes of determining the relative rights and obligations of the Association Bank and the Executive in to each other, the event period beginning on such date and ending on the day before the third (3rd) anniversary of any such termination shall be determined the Employment Commencement Date or, if later, on the day before the third (3rd) anniversary of the last Anniversary Date as of which the Employment Period was extended pursuant to this Agreementsection 2(b)(ii).
Appears in 2 contracts
Samples: Employment Agreement (Hudson City Bancorp Inc), Employment Agreement (Hudson City Bancorp Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms Company shall employ the Executive during an initial period of three (3) years beginning on the Initial Effective Date (the “Employment Commencement Date”) and conditions ending on the day before the third (3rd) anniversary of this Agreement shall be the Employment Commencement Date, and remain in effect during the period of employment established under this Section 2 any additional extensions described in section 2(b) (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to On the first anniversary of day after the Effective Employment Commencement Date and on each subsequent anniversary date (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 hereunder and may, in the absence of objection from the Executive, approve an extension of the Agreement. In such eventday thereafter, the Employment Period shall be extended for an additional year (or if lessby one day, through the mandatory retirement such that on any date applicable to the Executive under any mandatory retirement policy (the “Mandatory Retirement Date”)). If the Board does not approve an extension of the Agreement for a given year, or if the Executive objects to such an extension, the Employment Period will end automatically, without the requirement of any notice or other action, expire on the day before the second Anniversary Date after third (3rd) anniversary of such date. These extensions shall continue in perpetuity until discontinued by: (i) notice to the determination not Executive given by the Company that it has elected to approve discontinue the extension extensions; (orii) notice by the Executive to the Company that he has elected to discontinue the extensions; or (iii) termination of the Executive’s employment with the Company, if earlierwhether by resignation, discharge or otherwise. On the date on which such a notice is deemed given, or on the effective date of a termination of the Executive’s employment with the Company, the Mandatory Retirement Date)Employment Period shall be converted to a fixed period of three (3) years ending on the day before the third (3rd) anniversary of such date.
(c) 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 the date the Employment Period is then scheduled to expire, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe earliest of the date in question, any earlier date on which the Executive or the Company is deemed to have given a notice to discontinue extensions of the Employment Period, and any earlier date on which the Executive’s employment with the Company was terminated.
(d) Nothing in this Agreement shall be deemed to prohibit the Association Company from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Company and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. If the Executive’s employment continues beyond the expiration of the Employment Period, any such continuation shall be determined pursuant to this Agreementon an “at-will” basis unless the Company and the Executive agree otherwise.
Appears in 2 contracts
Samples: Employment Agreement (Hudson City Bancorp Inc), Employment Agreement (Hudson City Bancorp Inc)
Employment Period; Remaining Unexpired Employment Period. (a) The terms Bank shall employ the Executive during an initial period of three (3) years beginning on the Initial Effective Date (the “Employment Commencement Date”) and conditions ending on the day before the third (3rd) anniversary of this Agreement shall be the Employment Commencement Date, and remain in effect during the period of employment established under this Section 2 any additional extensions described in section 2(b) (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to The Board shall conduct an annual review of the first Executive’s performance on or about each anniversary of the Effective Employment Commencement Date and on each subsequent anniversary date (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 hereunder and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable to absence of objection from the Executive under any mandatory retirement policy by written notice to Bank given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Bank’s offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 the date day before the third (3rd) anniversary of the Employment Period is then scheduled to expireCommencement Date or, assuming no further extensions occur; providedif later, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to section 2(b).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Bank from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Bank and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. If the Executive’s employment continues beyond the expiration of the Employment Period, any such continuation shall be determined pursuant to this Agreementon an “at-will” basis unless the Bank and the Executive agree otherwise.
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Samples: Employment Agreement (Hudson City Bancorp Inc), Employment Agreement (Hudson City Bancorp Inc)
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 (the “Employment Period”). The Employment Period shall be for an initial term period of two (2) years beginning on November 1, 2000 (the Effective Date "Employment Commencement Date") and ending on the day before the second (2nd) anniversary date of the Effective Employment Commencement Date, plus such extensions, if any, as are provided pursuant to Section and during the period of any additional extensions described in section 2(b) (the "Employment Period").
(b) Prior The Employment Period shall be subject to extension in the first anniversary following manner:
(i) For purposes of determining the rights and obligations of the Effective Executive and the Company with respect to each other, on the day after the Employment Commencement Date and on each subsequent day thereafter, the Employment Period shall be extended by one day, such that on any date the Employment Period will expire on the day before the second (2nd) anniversary of such date. These extensions shall continue in perpetuity until discontinued by: (i) notice to the Executive given by the Company that it has elected to discontinue the extensions; (ii) notice by the Executive to the Company that he has elected to discontinue the extensions; or (iii) termination of the Executive's employment with the Company, whether by resignation, discharge or otherwise. On the date on which such a notice is deemed given, or on the effective date of a termination of the Executive's employment with the Company, the Employment Period shall be converted to a fixed period of two (each, an “Anniversary Date”)2) years ending on the day before the second (2nd) anniversary of such date.
(ii) For purposes of determining the rights and obligations of the Executive and the Bank with respect to each other, the Board of Directors of the Association (the “Board”) Bank shall conduct an annual review the terms of this Agreement and the Executive’s 's performance hereunder on or about each anniversary of the Employment Commencement Date (each, an "Anniversary Date") and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the second (2nd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable to absence of objection from the Executive under any mandatory retirement policy by written notice to Bank given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Bank's offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 (i) for purposes of determining the period beginning on such date rights and ending on obligations of the date Company and the Employment Period is then scheduled Executive to expireeach other, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second (2nd) anniversary of such date.
(d) Nothing the earliest of the date in this Agreement shall be question, any earlier date on which the Executive or the Company is deemed to prohibit have given a notice to discontinue extensions of the Association from terminating Employment Period, and any earlier date on which the Executive’s 's employment at any time during with the Employment Period with or without notice Company was terminated; and (ii) for any reason; provided, however, that purposes of determining the relative rights and obligations of the Association Bank and the Executive in to each other, the event period beginning on such date and ending on the day before the second (2nd) anniversary of any such termination shall be determined the Employment Commencement Date or, if later, on the day before the second (2nd) anniversary of the last Anniversary Date as of which the Employment Period was extended pursuant to this Agreementsection 2(b)(ii).
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Employment Period; Remaining Unexpired Employment Period. (a) The terms Company shall employ the Executive during an initial period of three (3) years beginning on January 1, 2008 (the “Employment Commencement Date”) and conditions of this Agreement shall be ending on December 31, 2010, and remain in effect during the period of employment established under this Section 2 any additional extensions described in section 2(b) (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to The Board of Directors of the Company shall conduct an annual review of the Executive’s performance during the first calendar quarter of each calendar year beginning with the first annual anniversary of the Effective Employment Commencement Date and on each subsequent anniversary date (each, an “Anniversary Date”), . The Board may elect to extend the Board of Directors of the Association (the “Board”) shall review the terms term of this Agreement and the Executive’s performance hereunder and may, in the absence of objection from the Executive, approve an extension of the Agreement. In such event, the Employment Period shall be extended for an additional one (1) year (or if lessperiod beyond the date on which it would otherwise have expired, through the mandatory retirement date applicable by providing a written notice of renewal to the Executive under any mandatory retirement policy (during the “Mandatory Retirement Date”)). If year preceding the Board does not approve an extension of the Agreement for a given year, or if the Executive objects year in which its term is scheduled to such an extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date)end.
(c) 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 lesser of two (2) years and ending on the date the Employment Period is then scheduled to expire, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the last day before of the second anniversary of such dateEmployment Period (determined by taking into account any extension or extensions) pursuant to section 2(b) hereof).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Company from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Company and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. Any continuation of the Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Company and the Executive agree otherwise.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement Company shall be and remain in effect employ Executive during the period of employment established under this Section 2 (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years period beginning on the Effective Date and ending on December 31, 2018 and during the day before the second anniversary date period of the Effective Date, plus such extensions, if any, as are provided pursuant to any additional extensions described in Section 2(b) (the “Employment Period”).
(b) Prior to the first anniversary The Board of Directors of the Effective Date and on Company shall conduct an annual review of Executive’s performance prior to January 1 of each subsequent anniversary date year, commencing January 1, 2016 (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 hereunder and may, in on the absence basis of objection from the such review and by written notice to Executive, approve an the extension of the AgreementEmployment Period through the day before the third (3rd) anniversary of the relevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable absence of objection from Executive by written notice to the Executive under any mandatory retirement policy Company given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Company’s written offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) For all Notwithstanding the foregoing, in the event of a Change of Control, the Employment Period shall be deemed to have been extended by the Company through the day before the third (3rd) anniversary of the effective date of the Change of Control, and the date of the Change of Control will thereupon constitute the Anniversary Date for purposes of the renewal provisions provided for in subsection 2(b) hereof. In such event, the Employment Period shall be deemed extended in the absence of objection from Executive by written notice to the Company given no later than ten (10) business days after the effective date of the Change in Control.
(d) 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 the date the Employment Period is then scheduled to expireDecember 31, assuming no further extensions occur; provided2018 or, howeverif later, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to Section 2(b) or 2(c), as applicable.
(de) Nothing in this Agreement shall be deemed to prohibit the Association Company from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Company and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of Executive’s employment at the expiration of the Employment Period. Any continuation of Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Company and Executive agree otherwise.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions Bank shall employ the Executive during an initial period of three (3) years beginning on the date of this Agreement shall be (the “Employment Commencement Date”) and remain in effect ending on the day before the third (3rd) anniversary of the Employment Commencement Date, and during the period of employment established under this Section 2 any additional extensions described in section 2(b) (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to the first anniversary The Board of Directors of the Effective Date and Bank shall conduct an annual review of the Executive’s performance on or about each subsequent anniversary date January 1st (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 hereunder and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable absence of objection from the Executive by written notice to the Executive under any mandatory retirement policy Bank given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Bank’s offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 the date day before the third (3rd) anniversary of the Employment Period is then scheduled to expireCommencement Date or, assuming no further extensions occur; providedif later, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to section 2(b).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Bank from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Bank and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. Any continuation of the Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Bank and the Executive agree otherwise.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms Bank shall employ the Executive during an initial period of three (3) years beginning on April 2, 2008 (the “Employment Commencement Date”) and conditions ending on the day before the third (3rd) anniversary of this Agreement shall be the Employment Commencement Date, and remain in effect during the period of employment established under this Section 2 any additional extensions described in section 2(b) (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to The Board of Directors of the first Bank shall conduct an annual review of the Executive’s performance on or about each anniversary of the Effective Employment Commencement Date and on each subsequent anniversary date (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 hereunder and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable absence of objection from the Executive by written notice to the Executive under any mandatory retirement policy Bank given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Bank’s offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 the date day before the third (3rd) anniversary of the Employment Period is then scheduled to expireCommencement Date or, assuming no further extensions occur; providedif later, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to section 2(b).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Bank from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Bank and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. Any continuation of the Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Bank and the Executive agree otherwise.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement Company shall be and remain in effect employ the Executive hereunder during the period of employment established under this Section 2 (the “Employment Period”). The Employment Period shall be for an initial term period of two (2) years beginning on January 1, 2011 (the Effective Date “Employment Commencement Date”) and ending on December 31, 2012, and during the day before period of any additional extensions described in section 2(b) (the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b“Employment Period”).
(b) Prior to The Board of Directors of the Company shall conduct an annual review of the Executive’s performance during the first calendar quarter of each calendar year beginning with the first annual anniversary of the Effective Employment Commencement Date and on each subsequent anniversary date (each, an “Anniversary Date”). Following the Board’s review, the Board of Directors of may elect to extend the Association (the “Board”) shall review the terms term of this Agreement for an additional one (1) year period beyond the date on which it would otherwise have expired, by providing a written notice of renewal to the Executive no later than March 31 of the year in which its term is scheduled to end. If, between March 1 and March 15th of the year in which the Agreement’s term is scheduled to end, the Executive sends a written notice by e-mail and regular mail substantially in the form attached as Exhibit “A” to this Agreement, and the Executive’s performance hereunder and may, Board does not notify the Executive in writing by March 31 of such year that the absence of objection from the Executive, approve an extension of Board is renewing or not renewing the Agreement. In such event, then the Employment Period term of this Agreement shall be extended for an additional one year (without any action on the part of the Company or if less, through the mandatory retirement date applicable Executive. The Executive shall have the right to require the Company to issue a letter to the Executive under any mandatory retirement policy (specifying the “Mandatory Retirement Date”))extension date in accordance with the prior sentence. If One year extensions due to action or non-action by the Board does not approve an extension of the Agreement for a given year, or if the Executive objects to such an extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date)shall be successive.
(c) 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 greater of eighteen (18) months and ending on the date the Employment Period is then scheduled to expire, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the last day before of the second anniversary of such dateEmployment Period (determined by taking into account any extension or extensions)pursuant to section 2(b) hereof).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Company from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Company and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. Any continuation of the Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Company and the Executive agree otherwise.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement Company shall be and remain in effect employ the Executive during the an initial period of employment established under this Section 2 three (3) years beginning on April 2, 2008 (the “Employment PeriodCommencement Date”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second third (3rd) anniversary date of the Effective Employment Commencement Date, plus such extensions, if any, as are provided pursuant to Section and during the period of any additional extensions described in section 2(b) (the “Employment Period).
(b) Prior to The Board of Directors of the first Company shall conduct an annual review of the Executive’s performance on or about each anniversary of the Effective Employment Commencement Date and on each subsequent anniversary date (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 hereunder and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable absence of objection from the Executive by written notice to the Executive under any mandatory retirement policy Company given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Company’s offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) For all purposes of Except as otherwise expressly provided in this Agreement, any reference in this Agreement to the term “Remaining Unexpired Employment Period” Period as of any date shall mean the period beginning on such date and ending on the date day before the third (3rd) anniversary of the Employment Period is then scheduled to expireCommencement Date or, assuming no further extensions occur; providedif later, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to section 2(b).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Company from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Company and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. Any continuation of the Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Company and the Executive agree otherwise.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement Company shall be and remain in effect employ the Executive during the an initial period of employment established under this Section 2 three (the “Employment Period”). The Employment Period shall be for an initial term of two (23) years beginning on April 3, 2010 (the Effective Date "Employment Commencement Date") and ending on the day before the second third (3rd) anniversary date of the Effective Employment Commencement Date, plus such extensions, if any, as are provided pursuant to Section and during the period of any additional extensions described in section 2(b) (the "Employment Period).
(b) Prior to the first anniversary of the Effective Date and on each subsequent anniversary date (each, an “Anniversary Date”), the The Board of Directors of the Association (the “Board”) Company shall conduct an annual review the terms of this Agreement and the Executive’s 's performance hereunder on or about each anniversary of the Employment Commencement Date (each, an "Anniversary Date") and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable absence of objection from the Executive by written notice to the Executive under any mandatory retirement policy Company given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Company's offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) For all purposes of Except as otherwise expressly provided in this Agreement, any reference in this Agreement to the term “"Remaining Unexpired Employment Period” Period as of any date shall mean the period beginning on such date and ending on the date day before the third (3rd) anniversary of the Employment Period is then scheduled to expireCommencement Date or, assuming no further extensions occur; providedif later, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to section 2(b).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Company from terminating the Executive’s 's employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Company and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive's employment at the expiration of the Employment Period. Any continuation of the Executive's employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an "at-will" basis unless the Company and the Executive agree otherwise.
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”)section 2. The Employment Period shall be for an initial term of two three (23) years beginning on the Effective Date January 1, 2008 and ending on December 31, 2010, and during the day before period of any additional extensions described in section 2(b) (the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b“Employment Period”).
(b) Prior to The Board of Directors of the Bank shall conduct an annual review of the Executive’s performance during the first calendar quarter of each calendar year beginning with the first annual anniversary of the Effective Employment Commencement Date and on each subsequent anniversary date (each, an “Anniversary Date”), . The Board may elect to extend the Board of Directors of the Association (the “Board”) shall review the terms term of this Agreement and the Executive’s performance hereunder and may, in the absence of objection from the Executive, approve an extension of the Agreement. In such event, the Employment Period shall be extended for an additional one (1) year (or if lessperiod beyond the date on which it would otherwise have expired, through the mandatory retirement date applicable by providing written notice of renewal to the Executive under any mandatory retirement policy (during the “Mandatory Retirement Date”)). If year preceding the Board does not approve an extension of the Agreement for a given year, or if the Executive objects year in which its term is scheduled to such an extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date)end.
(c) 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 lesser of two (2) years and ending on the date the Employment Period is then scheduled to expire, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the last day before of the second anniversary of such dateEmployment Period (determined by taking into account any extension or extensions pursuant to Section 2(b) hereof).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Bank from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Bank and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. Any continuation of the Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Bank and the Executive agree otherwise.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions of this Agreement Company shall be and remain in effect employ Executive during the period of employment established under this Section 2 (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years period beginning on the Effective Date and ending on December 31, 2017, and during the day before the second anniversary date period of the Effective Date, plus such extensions, if any, as are provided pursuant to any additional extensions described in Section 2(b) (the “Employment Period”).
(b) Prior to the first anniversary The Board of Directors of the Effective Date and on Company shall conduct an annual review of Executive’s performance prior to January 1 of each subsequent anniversary date year, commencing January 1, 2016 (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 hereunder and may, in on the absence basis of objection from the such review and by written notice to Executive, approve an the extension of the AgreementEmployment Period through the day before the third (3rd) anniversary of the relevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable absence of objection from Executive by written notice to the Executive under any mandatory retirement policy Company given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Company’s written offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) For all Notwithstanding the foregoing, in the event of a Change of Control, the Employment Period shall be deemed to have been extended by the Company through the day before the third (3rd) anniversary of the effective date of the Change of Control, and the date of the Change of Control will thereupon constitute the Anniversary Date for purposes of the renewal provisions provided for in subsection 2(b) hereof. In such event, the Employment Period shall be deemed extended in the absence of objection from Executive by written notice to the Company given no later than ten (10) business days after the effective date of the Change in Control.
(d) 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 the date the Employment Period is then scheduled to expireDecember 31, assuming no further extensions occur; provided2017, howeveror, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending if later, on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to Section 2(b) or 2(c), as applicable.
(de) Nothing in this Agreement shall be deemed to prohibit the Association Company from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Company and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of Executive’s employment at the expiration of the Employment Period. Any continuation of Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Company and Executive agree otherwise.
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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”)section 2. The Employment Period hereunder shall be for an initial term of two (2) years beginning on the Effective Date January 1, 2011 and ending on December 31, 2012, and during the day before period of any additional extensions described in section 2(b) (the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b“Employment Period”).
(b) Prior to The Board of Directors of the Bank shall conduct an annual review of the Executive’s performance during the first calendar quarter of each calendar year beginning with the first annual anniversary of the Effective Employment Commencement Date and on each subsequent anniversary date (each, an “Anniversary Date”). Following the Board’s review, the Board of Directors of may elect to extend the Association (the “Board”) shall review the terms term of this Agreement for an additional one (1) year period beyond the date on which it would otherwise have expired, by providing written notice of renewal to the Executive no later than March 31 of the year in which its term is scheduled to end. If, between March 1 and March 15th of the year in which the Agreement’s term is scheduled to end, the Executive sends a written notice by e-mail and regular mail substantially in the form attached as Exhibit “A” to this Agreement, and the Executive’s performance hereunder and may, Board does not notify the Executive in writing by March 31 of such year that the absence of objection from the Executive, approve an extension of Board is renewing or not renewing the Agreement. In such event, then the Employment Period term of this Agreement shall be extended for an additional one year (without any action on the part of the Company or if less, through the mandatory retirement date applicable Executive. The Executive shall have the right to require the Company to issue a letter to the Executive under any mandatory retirement policy (specifying the “Mandatory Retirement Date”))extension date in accordance with the prior sentence. If One year extensions due to action or non-action by the Board does not approve an extension of the Agreement for a given year, or if the Executive objects to such an extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date)shall be successive.
(c) 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 greater of eighteen (18) months and ending on the date the Employment Period is then scheduled to expire, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the last day before the second anniversary of such date.
(d) Nothing in this Agreement shall be deemed to prohibit the Association from terminating the Executive’s employment at any time during the Employment Period with (determined by taking into account any extension or without notice for any reason; provided, however, that the relative rights and obligations of the Association and the Executive in the event of any such termination shall be determined extensions pursuant to this AgreementSection 2(b) hereof).
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Employment Period; Remaining Unexpired Employment Period. (a) The terms and conditions Company shall employ the Executive during an initial period of three (3) years beginning on the date of this Agreement shall be (the “Employment Commencement Date”) and remain in effect ending on the day before the third (3rd) anniversary of the Employment Commencement Date, and during the period of employment established under this Section 2 any additional extensions described in section 2(b) (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to the first anniversary The Board of Directors of the Effective Date and Company shall conduct an annual review of the Executive’s performance on or about each subsequent anniversary date January 1st (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 hereunder and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable absence of objection from the Executive by written notice to the Executive under any mandatory retirement policy Company given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Company’s offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 the date day before the third (3rd) anniversary of the Employment Period is then scheduled to expireCommencement Date or, assuming no further extensions occur; providedif later, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to section 2(b).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Company from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Company and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. Any continuation of the Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Company and the Executive agree otherwise.
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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 an initial period of employment established under this Section 2 three (the “Employment Period”). The Employment Period shall be for an initial term of two (23) years beginning on the Effective Date date of this agreement (the "Employment Commencement Date") and ending on the day before the second third (3rd) anniversary date of the Effective Employment Commencement Date, plus such extensions, if any, as are provided pursuant to Section and during the period of any additional extensions described in section 2(b) (the "Employment Period").
(b) Prior The Employment Period shall be subject to extension in the first anniversary following manner:
(i) For purposes of determining the rights and obligations of the Effective Executive and the Company with respect to each other, on the day after the Employment Commencement Date and on each subsequent day thereafter, the Employment Period shall be extended by one day, such that on any date the Employment Period will expire on the day before the third (3rd) anniversary of such date. These extensions shall continue in perpetuity until discontinued by: (i) notice to the Executive given by the Company that they have elected to discontinue the extensions; (ii) notice by the Executive to the Company that he has elected to discontinue the extensions; or (iii) termination of the Executive's employment with the Company, whether by resignation, discharge or otherwise. On the date on which such a notice is deemed given, or on the effective date of a termination of the Executive's employment with the Company, the Employment Period shall be converted to a fixed period of three (each, an “Anniversary Date”)3) years ending on the day before the third (3rd) anniversary of such date.
(ii) For purposes of determining the rights and obligations of the Executive and the Bank with respect to each other, the Board of Directors of the Association (the “Board”) Bank shall conduct an annual review the terms of this Agreement and the Executive’s 's performance hereunder on or about each anniversary of the Employment Commencement Date (each, an "Anniversary Date") and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable to absence of objection from the Executive under any mandatory retirement policy by written notice to Bank given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Bank's offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 (i) for purposes of determining the period beginning on such date rights and ending on obligations of the date Company and the Employment Period is then scheduled Executive to expireeach other, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such date.
(d) Nothing the earliest of the date in this Agreement shall be question, any earlier date on which the Executive or the Company is deemed to prohibit have given a notice to discontinue extensions of the Association from terminating Employment Period, and any earlier date on which the Executive’s 's employment at any time during with the Employment Period with or without notice Bank and the Company was terminated; and (ii) for any reason; provided, however, that purposes of determining the relative rights and obligations of the Association Company and the Executive in to each other, the event period beginning on such date and ending on the day before the third (3rd) anniversary of any such termination shall be determined the Employment Commencement Date or, if later, on the day before the third (3rd) anniversary of the last Anniversary Date as of which the Employment Period was extended pursuant to this Agreementsection 2(b)(ii).
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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 an initial period of employment established under this Section 2 three (the “Employment Period”). The Employment Period shall be for an initial term of two (23) years beginning on the Effective Date effective date of the Reorganization (the "Employment Commencement Date") and ending on the day before the second third (3rd) anniversary date of the Effective 2 Employment Commencement Date, plus such extensions, if any, as are provided pursuant to Section and during the period of any additional extensions described in section 2(b) (the "Employment Period").
(b) Prior to On the first anniversary of day after the Effective Employment Commencement Date and on each subsequent anniversary date (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 hereunder and may, in the absence of objection from the Executive, approve an extension of the Agreement. In such eventday thereafter, the Employment Period shall be extended for an additional year (or if lessby one day, through the mandatory retirement such that on any date applicable to the Executive under any mandatory retirement policy (the “Mandatory Retirement Date”)). If the Board does not approve an extension of the Agreement for a given year, or if the Executive objects to such an extension, the Employment Period will end automatically, without the requirement of any notice or other action, expire on the day before the second Anniversary Date after third (3rd) anniversary of such date. These extensions shall continue in perpetuity until discontinued by: (i) joint notice to the determination not Executive given by the Bank and the Company that they have elected to approve discontinue the extension extensions; (orii) notice by the Executive to the Bank and the Company that he has elected to discontinue the extensions; or (iii) termination of the Executive's employment with the Bank and the Company, if earlierwhether by resignation, discharge or otherwise. On the date on which such a notice is deemed given, or on the effective date of a termination of the Executive's employment with the Bank and the Company, the Mandatory Retirement Date).
Employment Period shall be converted to a fixed period of three (c3) For all purposes years ending on the day before the third (3rd) anniversary of such date. 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 the date the Employment Period is then scheduled to expire, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such date.
(d) Nothing the earliest of the date in this Agreement shall be question, any earlier date on which the Executive or the Bank and the Company is deemed to prohibit have given a notice to discontinue extensions of the Association from terminating Employment Period, and any earlier date on which the Executive’s 's employment at any time during with the Employment Period with or without notice for any reason; provided, however, that the relative rights and obligations of the Association Bank and the Executive in the event of any such termination shall be determined pursuant to this AgreementCompany was terminated.
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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 an initial period of employment established under this Section 2 three (the “Employment Period”). The Employment Period shall be for an initial term of two (23) years beginning on the Effective Date effective date of the Reorganization (the "Employment Commencement Date") and ending on the day before the second third (3rd) anniversary date of the Effective 2 Employment Commencement Date, plus such extensions, if any, as are provided pursuant to Section and during the period of any additional extensions described in section 2(b) (the "Employment Period").
(b) Prior The Employment Period shall be subject to extension in the first anniversary following manner:
(i) For purposes of determining the rights and obligations of the Effective Executive and the Company with respect to each other, on the day after the Employment Commencement Date and on each subsequent day thereafter, the Employment Period shall be extended by one day, such that on any date the Employment Period will expire on the day before the third (3rd) anniversary of such date. These extensions shall continue in perpetuity until discontinued by: (i) notice to the Executive given by the Company that they have elected to discontinue the extensions; (ii) notice by the Executive to the Company that he has elected to discontinue the extensions; or (iii) termination of the Executive's employment with the Company, whether by resignation, discharge or otherwise. On the date on which such a notice is deemed given, or on the effective date of a termination of the Executive's employment with the Company, the Employment Period shall be converted to a fixed period of three (each, an “Anniversary Date”)3) years ending on the day before the third (3rd) anniversary of such date.
(ii) For purposes of determining the rights and obligations of the Executive and the Bank with respect to each other, the Board of Directors of the Association (the “Board”) Bank shall conduct an annual review the terms of this Agreement and the Executive’s 's performance hereunder on or about each anniversary of the Employment Commencement Date (each, an "Anniversary Date") and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable to absence of objection from the Executive under any mandatory retirement policy by written notice to Bank given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Bank's offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 (i) for purposes of determining the period beginning on such date rights and ending on obligations of the date Company and the Employment Period is then scheduled Executive to expireeach other, assuming no further extensions occur; provided, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such date.
(d) Nothing the earliest of the date in this Agreement shall be question, any earlier date on which the Executive or the Company is deemed to prohibit have given a notice to discontinue extensions of the Association from terminating Employment Period, and any earlier date on which the Executive’s 's employment at any time during with the Employment Period with or without notice Bank and the Company was terminated; and (ii) for any reason; provided, however, that purposes of determining the relative rights and obligations of the Association Company and the Executive in to each other, the event period beginning on such date and ending on the day before the third (3rd) anniversary of any such termination shall be determined the Employment Commencement Date or, if later, on the day before the third (3rd) anniversary of the last Anniversary Date as of which the Employment Period was extended pursuant to this Agreementsection 2(b)(ii).
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Employment Period; Remaining Unexpired Employment Period. (a) The terms Bank shall employ the Executive during an initial period of three (3) years beginning on April 2, 2010 (the “Employment Commencement Date”) and conditions ending on the day before the third (3rd) anniversary of this Agreement shall be the Employment Commencement Date, and remain in effect during the period of employment established under this Section 2 any additional extensions described in section 2(b) (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to The Board of Directors of the first Bank shall conduct an annual review of the Executive’s performance on or about each anniversary of the Effective Employment Commencement Date and on each subsequent anniversary date (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 hereunder and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable absence of objection from the Executive by written notice to the Executive under any mandatory retirement policy Bank given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Bank’s offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 the date day before the third (3rd) anniversary of the Employment Period is then scheduled to expireCommencement Date or, assuming no further extensions occur; providedif later, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to section 2(b).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Bank from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Bank and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. Any continuation of the Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Bank and the Executive agree otherwise.
Appears in 1 contract
Employment Period; Remaining Unexpired Employment Period. (a) The terms Company shall employ the Executive during an initial period of three (3) years beginning on the effective date of the Conversion (the “Employment Commencement Date”) and conditions ending on the day before the third (3rd) anniversary of this Agreement shall be the Employment Commencement Date, and remain in effect during the period of employment established under this Section 2 any additional extensions described in section 2(b) (the “Employment Period”). The Employment Period shall be for an initial term of two (2) years beginning on the Effective Date and ending on the day before the second anniversary date of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b).
(b) Prior to The Board of Directors of the first Company shall conduct an annual review of the Executive’s performance on or about each anniversary of the Effective Employment Commencement Date and on each subsequent anniversary date (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 hereunder and may, in on the absence basis of objection from such review and by written notice to the Executive, approve an extension offer to extend the Employment Period through the day before the third (3rd) anniversary of the Agreementrelevant Anniversary Date. In such event, the Employment Period shall be deemed extended for an additional year (or if less, through in the mandatory retirement date applicable absence of objection from the Executive by written notice to the Executive under any mandatory retirement policy Company given within ten (the “Mandatory Retirement Date”)). If the Board does not approve an extension 10) business days after his receipt of the Agreement for a given year, or if the Executive objects to such an Company’s offer of extension, the Employment Period will end automatically, without the requirement of any notice or other action, on the day before the second Anniversary Date after the determination not to approve the extension (or, if earlier, the Mandatory Retirement Date).
(c) 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 the date day before the third (3rd) anniversary of the Employment Period is then scheduled to expireCommencement Date or, assuming no further extensions occur; providedif later, however, that the “Remaining Unexpired Employment Period” as of any date upon or following a Change in Control shall mean the period beginning on such date and ending on the day before the second third (3rd) anniversary of such datethe last Anniversary Date as of which the Employment Period was extended pursuant to section 2(b).
(d) Nothing in this Agreement shall be deemed to prohibit the Association Company from terminating the Executive’s employment at any time during before the end of the Employment Period with or without notice for any reason; provided, however, that . This Agreement shall determine the relative rights and obligations of the Association Company and the Executive in the event of any such termination. In addition, nothing in this Agreement shall require the termination of the Executive’s employment at the expiration of the Employment Period. Any continuation of the Executive’s employment beyond the expiration of the Employment Period shall be determined pursuant to this Agreementon an “at-will” basis unless the Company and the Executive agree otherwise.
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