Common use of Extent of Obligations Clause in Contracts

Extent of Obligations. The provisions of Sections 7.1 and 7.2 apply only to Disability or death occurring during the Employment Period while the Employee is employed by the Bank and the Company. Other than as set forth in Section 7.1 or 7.2, neither of the Employers shall have any obligation or liability to the Employee upon the employee's death or Disability except that the Employee shall be entitled to all of his accrued rights under stock option, retirement and other employee benefit plans of the Company and the Bank, and the Bank shall promptly pay the Employee (or his personal representative) his Base Cash Compensation due through the effective date of the termination of his employment, the cash equivalent of any accrued vacation days not taken as of such effective date (calculated based on the Employee's annual base salary attributable to each vacation day), and any out-of -pocket expenses for which the Employee is entitled to be reimbursed, and for which reimbursement has not yet been made.

Appears in 9 contracts

Samples: Employment Agreement (Mercantile Bank Corp), Employment Agreement (Mercantile Bank Corp), Employment Agreement (Mercantile Bank Corp)

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Extent of Obligations. The provisions of Sections 7.1 and 7.2 apply only to Disability or death occurring during the Employment Period while the Employee is employed by the Bank and the Company. Other than as set forth in Section 7.1 or 7.2, neither of the Employers shall have any obligation or liability to the Employee upon the employee's death or Disability except that the Employee shall be entitled to all of his accrued rights under stock option, retirement and other employee benefit plans of the Company and the Bank, and the Bank shall promptly pay the Employee (or his personal representative) his Base Cash Compensation due through the effective date of the termination of his employment, the cash equivalent of any accrued vacation days not taken as of such effective date (calculated based on the Employee's annual base salary attributable to each vacation day), and any out-of -pocket of-pocket expenses for which the Employee is entitled to be reimbursed, and for which reimbursement has not yet been made.

Appears in 7 contracts

Samples: Employment Agreement (Mercantile Bank Corp), Employment Agreement (Mercantile Bank Corp), Employment Agreement (Mercantile Bank Corp)

Extent of Obligations. The provisions of Sections 7.1 and 7.2 apply only to Disability or death occurring during the Employment Period while the Employee is employed by the Bank and the Company. Company Other than as set forth in Section 7.1 or 7.2, neither of the Employers shall not have any obligation or liability to the Employee upon the employeeEmployee's death or Disability except that the Employee shall be entitled to all of his accrued rights under stock option, retirement and other employee benefit plans of the Company and the Bank, and the Bank shall promptly pay the Employee (or his personal representative) his Base Cash Compensation due through the effective date of the termination of his employment, the cash equivalent of any accrued vacation days not taken as of such effective date (calculated based on the Employee's annual base salary attributable to each vacation day), and any out-of -pocket of-pocket expenses for which the Employee is entitled to be reimbursed, and for which reimbursement has not yet been made.

Appears in 2 contracts

Samples: Employment Agreement (Mercantile Bank Corp), Employment Agreement (Mercantile Bank Corp)

Extent of Obligations. The provisions of Sections 7.1 and 7.2 apply only to Disability or death occurring during the Employment Period while the Employee is employed by the Bank and the Company. Company Other than as set forth in Section 7.1 or 7.2, neither of the Employers shall not have any obligation or liability to the Employee upon the employeeEmployee's death or Disability except that the Employee shall be entitled to all of his her accrued rights under stock option, retirement and other employee benefit plans of the Company and the Bank, and the Bank shall promptly pay the Employee (or his her personal representative) his her Base Cash Compensation due through the effective date of the termination of his her employment, the cash equivalent of any accrued vacation days not taken as of such effective date (calculated based on the Employee's annual base salary attributable to each vacation day), and any out-of -pocket of-pocket expenses for which the Employee is entitled to be reimbursed, and for which reimbursement has not yet been made.

Appears in 1 contract

Samples: Employment Agreement (Mercantile Bank Corp)

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Extent of Obligations. The provisions of Sections 7.1 9.1 and 7.2 9.2 apply only to Disability or death occurring during the Employment Period while the Employee is employed by the Bank and the CompanyBank. Other than as set forth in Section 7.1 9.1 or 7.29.2, neither of the Employers Bank shall not have any obligation or liability to the Employee upon the employeeEmployee's death or Disability except that the Employee shall be entitled to all of his accrued rights under stock option, retirement and other employee benefit plans of the Company and the Bank, and the Bank shall promptly pay the Employee (or his the Employee's personal representative) his Base Cash Compensation due through the effective date of the termination of his employment, the cash equivalent of any accrued vacation days not taken as of such effective date (calculated based on the Employee's annual base salary attributable to each vacation day), and any out-of -pocket of-pocket expenses for which the Employee is entitled to be reimbursed, and for which reimbursement has not yet been made.

Appears in 1 contract

Samples: Employment Agreement (Mercantile Bank Corp)

Extent of Obligations. The provisions of Sections 7.1 and 7.2 apply only to Disability or death occurring during the Employment Period Term while the Employee is employed by the Bank and the Company. Other than as set forth in Section 7.1 or 7.2, neither of the Employers shall have any obligation or liability to the Employee upon the employee's death or Disability except that the Employee shall be entitled to all of his accrued rights under stock option, retirement and other employee benefit plans of the Company and the Bank, and the Bank shall promptly pay the Employee (or his personal representative) his Base Cash Compensation Salary due through the effective date of the termination of his employment, the cash equivalent of any accrued vacation days not taken as of such effective date (calculated based on the Employee's annual base salary Base Salary attributable to each vacation day), and any out-of -pocket of-pocket expenses for which the Employee is entitled to be reimbursed, and for which reimbursement has not yet been made.

Appears in 1 contract

Samples: Employment Agreement (Dearborn Bancorp Inc /Mi/)

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