Other Compensation and Terms of Employment. This Agreement is not an employment agreement. Accordingly, other than providing for the Salary Continuation Payment, this Agreement will not affect the determination of any compensation payable by the Company to Executive, nor will it affect the other terms of Executive's employment with the Company. The specific arrangements referred to in this Agreement are not intended to exclude or circumvent any other benefits that may be available to
Other Compensation and Terms of Employment. Except with respect to the Severance Benefit, this Agreement shall have no effect on the determination of any compensation payable by the Bank to the Employee, or upon any of the other terms of Employee’s employment with the Bank.
Other Compensation and Terms of Employment. This Agreement is not an employment agreement. Accordingly, except with respect to the Change in Control Payment and the Salary Continuation Payment, this Agreement shall have no effect on the determination of any compensation payable by the Company or the Bank to Executive, or upon any of the other terms of Executive's employment with the Company or the Bank. The specific arrangements referred to herein are not intended to exclude any other benefits which may be available to Executive upon a termination of employment with the Company or the Bank pursuant to employee benefit plans of the Company or the Bank or otherwise.
Other Compensation and Terms of Employment. This Agreement is not an employment agreement and shall not be construed as such or as providing the Executive any right to be retained in the employ of the Holding Company or the Bank or any affiliate thereof. Accordingly, except with respect to the Change of Control severance benefits, this Agreement shall have no effect on the determination of any compensation payable by the Bank to Executive, or upon any of the terms of Executive’s employment with the Bank. Nothing in this Agreement shall be deemed to prohibit the Bank at any time from terminating the Executive’s employment during the term of this Agreement with or without notice for any reason. The specific arrangements referred to herein are not intended to exclude any other benefits which may be available to Executive upon a termination of employment with the Bank pursuant to employee benefit plans of the Bank or otherwise.
Other Compensation and Terms of Employment. Except with respect to the ------------------------------------------ Severance Payment, this Agreement shall have no effect on the determination of any compensation payable by the Bank to the Executive, or upon any of the other terms of Executive's employment with the Bank.
Other Compensation and Terms of Employment. This Agreement is not an employment agreement. Accordingly, except with respect to the Salary Continuation Payment, this Agreement shall have no effect on the determination of any compensation payable by Bancorp to Executive, or upon any of the other terms of Executive's employment with Bancorp. The specific arrangements referred to herein are not intended to exclude any other benefits which may be available to Executive upon a termination of employment with Bancorp pursuant to employee benefit plants of Bancorp or otherwise.
Other Compensation and Terms of Employment. This Agreement is not an employment agreement. Accordingly, except with respect to the Change In Control Payment, this Agreement shall have no effect on the determination of any compensation payable by the Company to Executive, or upon any of the other terms of Executive’s employment with the Company. The specific arrangements referred to herein are not intended to exclude any other benefits which may be available to Executive upon a termination of employment with the Company pursuant to employee benefit plans of the Company or otherwise; provided, however, that payment of the Change in Control Payment shall be deemed to be in lieu of any and all other severance payments to which Executive may be entitled upon or by reason of the termination of Executive’s employment with the Company.
Other Compensation and Terms of Employment. This Agreement is not an employment agreement. Accordingly, except with respect to the Change In Control Payment, this Agreement shall have no effect on the determination of any compensation payable by MBHC or the Bank to Executive, or upon any of the other terms of Executive’s employment with MBHC or the Bank. The specific arrangements referred to herein are not intended to exclude any other benefits which may be available to Executive upon a termination of employment with MBHC or the Bank pursuant to employee benefit plans of MBHC or the Bank or otherwise.
Other Compensation and Terms of Employment. Except with respect to the Severance Payment and as otherwise explicitly set forth herein, this Agreement shall have no effect on the determination of any compensation payable by the Bank to the Employee, or upon any of the other terms of Employee’s employment with the Bank. Each of the Existing CIC Agreement and the Employment Agreement shall terminate in its entirety and be null and void upon the Effective Date, except that the terms and conditions of the following sections of the Employment Agreement shall remain in full force and effect: Section 2(b)(v) (Retention Bonus); Section 4(a)(i)(B) (Retention Bonus payment if terminated without cause or resigns for good reason); and Section 4(a)(ii) (vesting of Equity Benefits and lapse of restrictions thereon); provided, however, that the terms “Cause” and “Good Reason” as used in the foregoing sections of the Employment Agreement shall have the definitions set forth below in Section 6 of this Agreement and not the definitions set forth in the Employment Agreement. In addition to the foregoing:
3.1 Notwithstanding termination of the Employment Agreement, Employee shall receive in cash no later than March 15, 2014, the Annual Bonus for 2013, as defined in Section 2(b)(i) of the Employment Agreement, prorated from April 1, 2013. From the Effective Date, Employee’s bonus will be governed by the Short-Term Bonus Compensation Plan (or any successor plan for senior executives of the Bank).
3.2 If Employee voluntarily terminates his employment with the Bank and CBSI before March 1, 2017, he shall reimburse the Bank for the prorated portion of the relocation allowance paid to him for relocating to the Tacoma, Washington area.
3.3 If Employee remains employed by the Bank and CBSI until April 1, 2015 or if Employee’s employment is terminated without Cause or due to Disability (as defined in the Supplemental Executive Retirement Plan adopted by West Coast Bancorp, West Coast Bank and Employee, as amended and restated January 1, 2009 (the “West Coast SERP”)) or Employee resigns for Good Reason before April 1, 2015, then to the extent the West Coast SERP has not otherwise been amended or replaced by mutual agreement of the Bank, CBSI and Employee, the benefit paid under the West Coast SERP shall be no less than an amount equal to the Change in Control Benefit set forth in Section 3.5 of the West Coast SERP.
Other Compensation and Terms of Employment
