Involuntary Termination of Employment. If the Executive does not exercise his withdrawal rights pursuant to Subsection 2.2, and the Executive's employment with the Bank is involuntarily terminated for any reason, including a termination due to disability of the Executive but excluding termination for Cause, or termination following a Change in Control within thirty-six (36) months of such Change in Control, within thirty (30) days of such involuntary termination of employment, the Bank shall be required to make an immediate lump sum Contribution to the Executive's Retirement Income Trust Fund in an amount equal to: (i) the full Contribution required for the Plan Year in which such involuntary termination occurs, if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of all remaining Contributions to the Retirement Income Trust Fund; provided however, that, if necessary, an additional amount shall be contributed to the Retirement Income Trust Fund which is sufficient to provide the Executive with after tax benefits (assuming a constant tax rate equal to the rate in effect as of the date of the Executive's termination) beginning at his Benefit Age, equal in amount to that benefit which would have been payable to the Executive if no secular trust had been implemented and the benefit obligation had been accrued under APB Opinion No. 12, as amended by FAS 106.
Involuntary Termination of Employment. If the Executive exercises his withdrawal rights pursuant to Subsection 2.2, and the Executive's employment with the Bank is involuntarily terminated for any reason including termination due to disability of the Executive, but excluding termination for Cause, or termination following a Change in Control, within thirty (30) days of such involuntary termination of employment, the Bank shall be required to record a final Phantom Contribution in an amount equal to: (i) the full Phantom Contribution required for the Plan Year in which such involuntary termination occurs, if not yet made, plus (ii) the present value (computed using a discount rate equal to the Interest Factor) of all remaining Phantom Contributions.
Involuntary Termination of Employment. In the event the Grantee’s employment with the Company is terminated by the Company not for Cause (as defined below), the Restricted Stock Units will vest immediately with respect to the number of Shares, if any, that would have vested in accordance with the regular vesting schedule set forth in paragraph (b) above as if the Grantee’s employment had continued for an additional twelve (12) months. Any remaining unvested portion of the Restricted Stock Units will be immediately forfeited. “Cause” shall mean (i) conviction of the Grantee of a felony involving moral turpitude or dishonesty; (ii) the Grantee, in carrying out his or her duties for the Company, has been guilty of (A) gross neglect or (B) willful misconduct; provided, however, that any act or failure to act by the Grantee shall not constitute Cause for this purpose if such act or failure to act was committed, or omitted, by the Grantee in good faith and in a manner reasonably believed to be in the overall best interests of the Company; (iii) the Grantee’s continued willful refusal to obey any appropriate policy or requirement duly adopted by the Company and the continuance of such refusal after receipt of notice; or (iv) Grantee’s sustained failure to perform the essential duties of Grantee’s role after receipt of notice. The determination of whether the Grantee acted in good faith and that he or she reasonably believed his or her action to be in the Company’s overall best interest will be in the reasonable judgment of the General Counsel of the Company or, if the General Counsel shall have an actual or potential conflict of interest, the Committee.
Involuntary Termination of Employment. Involuntary Termination of Employment" shall mean any termination of Executive's employment by the Company and its subsidiaries, other than a termination for Cause or due to death or Disability.
Involuntary Termination of Employment. “Involuntary Termination of Employment” shall mean
Involuntary Termination of Employment. PRIOR TO A CHANGE IN CONTROL OR EXECUTIVE'S RETIREMENT DATE. In the event of Executive's involuntary Termination of Employment without Cause prior to the earlier of a Change in Control or Executive's Retirement Date, the Company agrees to pay to or provide Executive with the following:
(a) A single cash payment in an amount equal to the Severance Multiple multiplied by the sum of (i) the highest Base Salary paid to Executive during his employment by the Company plus (ii) the Executive's then-current target bonus opportunity (stated in terms of a percentage of Base Salary) established under the Company's Annual Corporate Performance Incentive Plan for Officers (or any successor plan thereto), if any, in effect on the Termination Date, which payment shall be made within thirty (30) days after the Termination Date.
(b) Payment of retirement benefits and death benefits, computed in accordance with Paragraph 3 of this Agreement as if Executive's Retirement had occurred on the Termination Date, which such payments shall be made in accordance with the provisions of Paragraph 3 as if Executive's Retirement had occurred on the Termination Date.
(c) A single cash payment in an amount equal to Executive's unpaid Base Salary, accrued vacation pay, unreimbursed business expenses, and all other items earned by and owed to Executive through the Termination Date.
(d) A single cash payment in an amount equal to the greater of (i) the Executive's then-current target bonus opportunity (stated in terms of a percentage of Base Salary) established under the Company's Annual Corporate Performance Incentive Plan for Officers (or any successor plan thereto), if any, for the incentive plan year in which the Termination Date occurs, adjusted on a pro-rata basis based on the number of days Executive was actually employed during such incentive plan year or (ii) the actual bonus earned through the Termination Date under the Company's Annual Corporate Performance Incentive Plan for Officers (or any successor plan thereto), if any, based on the then-current level of goal achievement; which payment shall be made at the same time as the payments are made to the Company's other employees under the Company's
Involuntary Termination of Employment. In the event of the Executive’s Involuntary Termination prior to Retirement, the Bank shall pay the Executive an involuntary termination benefit, in lieu of any other benefit under this Agreement, in an amount equal to the present value of an annual retirement benefit of Fifty Thousand Dollars ($50,000) per year for fifteen (15) years, reduced by ten percent (10%) for each year prior to December 31, 2015 that Involuntary Termination occurs (prorated by month), determined as of the first day of the month in which Involuntary Termination occurs. The benefit shall be paid in a lump sum, determined by using the assumptions set forth in Section IX(L) and the payment shall be made on the date the Executive attains age sixty-five (65). “
Involuntary Termination of Employment. The Option granted under this Agreement shall automatically terminate after the involuntary termination of employment (as hereinafter defined) of the Optionee with the Corporation. For purposes of this Agreement, “Involuntary Termination of Employment” shall mean any termination of the Optionee’s employment with the Corporation by reason of being discharged, firing or other involuntary termination of an Optionee’s employment by action of the Corporation.
Involuntary Termination of Employment. In the event that within three (3) years following a Change in Control, an Involuntary Termination of Executive's employment with the Company occurs, the Executive shall be entitled to (i) payment of accrued compensation pursuant to Section 2.2, (ii) payment of severance compensation pursuant to Section 2.3, and (iii) receipt of other benefits pursuant to Section 2.4.
Involuntary Termination of Employment. If the Optionee participates in the Company’s Key Executive Severance Plan, as amended (the “KESP”), and, before the Option becomes vested, the Optionee’s employment with the Company terminates pursuant to an Involuntary Termination (as defined in the KESP), the Option shall vest in accordance with the terms of the KESP.
