Common use of Other Voluntary Termination by the Executive Clause in Contracts

Other Voluntary Termination by the Executive. During the Term of Employment, the Executive may effect, upon sixty (60) days prior written notice to the Holding Company, a Voluntary Termination of the Executive's employment hereunder and thereupon the Term of Employment (if not already expired) shall end. A "VOLUNTARY TERMINATION" shall mean a termination of employment by the Executive on the Executive's own initiative other than (a) a termination due to death or Disability (as defined in Section 12), (b) a termination for Good Reason (as defined in Section 7.4), (c) a termination due to Retirement (as defined in Section 7.3), or (d) a termination as a result of the normal expiration of the full Term of Employment. If, during the Term of Employment, the Executive's employment is so terminated due to a Voluntary Termination, the Term of Employment shall thereupon end and the Holding Company shall pay to the Executive an amount equal to the sum of (a) base salary or other compensation earned through the date of termination, plus (b) any other compensation and benefits as may be provided in accordance with the terms and provisions of any applicable plans and programs, if any, of the Holding Company.

Appears in 2 contracts

Samples: Employment Agreement (Benjamin Franklin Bancorp, M.H.C.), Employment Agreement (Benjamin Franklin Bancorp, M.H.C.)

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Other Voluntary Termination by the Executive. During the Term of Employment, the Executive may effect, upon sixty (60) days prior written notice to the Holding Company, a Voluntary Termination of the Executive's ’s employment hereunder and thereupon the Term of Employment (if not already expired) shall end. A "VOLUNTARY TERMINATION" “Voluntary Termination” shall mean a termination of employment by the Executive on the Executive's ’s own initiative other than (a) a termination due to death or Disability (as defined in Section 12), (b) a termination for Good Reason (as defined in Section 7.4), (c) a termination due to Retirement (as defined in Section 7.3), or (d) a termination as a result of the normal expiration of the full Term of Employment. If, during the Term of Employment, the Executive's ’s employment is so terminated due to a Voluntary Termination, the Term of Employment shall thereupon end and the Holding Company shall pay to the Executive an amount equal to the sum of (a) base salary or other compensation earned through the date of termination, plus (b) any other compensation and benefits as may be provided in accordance with the terms and provisions of any applicable plans and programs, if any, of the Holding Company.

Appears in 2 contracts

Samples: Employment Agreement (Benjamin Franklin Bancorp, Inc.), Employment Agreement (Benjamin Franklin Bancorp, Inc.)

Other Voluntary Termination by the Executive. During the Term of Employment, the Executive may effect, upon sixty (60) days prior written notice to the Holding CompanyBank, a Voluntary Termination of the Executive's his employment hereunder and thereupon the Term of Employment (if not already expired) shall end. A "VOLUNTARY TERMINATIONVoluntary Termination" shall mean a termination of employment by the Executive on the Executive's his own initiative other than (a) a termination due to death or Disability becoming Disabled (as defined in Section 12), (b) a termination for Good Reason (as defined in Section 7.4)Reason, (c) a termination due to Retirement (as defined in Section 7.3), or (d) a termination as a result of the normal expiration of the full Term of Employment. If, during the Term of Employment, the Executive's employment is so terminated due to a Voluntary Termination, the Term of Employment shall thereupon end and the Holding Company Executive shall pay be entitled to (i) continuation of the Executive's medical benefits at the level in effect on, and at the same out-of-pocket cost to the Executive an amount equal to the sum of (a) base salary or other compensation earned through as of, the date of termination, plus termination for the six month period following the termination of the Executive's employment due to Voluntary Termination and (bii) any other compensation and benefits as may be provided in accordance with the terms and provisions of any applicable plans and programs, if any, of the Holding CompanyBank. Such medical benefits shall be deemed to have been provided under the provisions of COBRA.

Appears in 1 contract

Samples: Employment Agreement (First Essex Bancorp Inc)

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Other Voluntary Termination by the Executive. During the Term of Employment, the Executive may effect, upon sixty (60) days prior written notice to the Holding Company, a Voluntary Termination of the Executive's his employment hereunder and thereupon the Term of Employment (if not already expired) shall end. A "VOLUNTARY TERMINATIONVoluntary Termination" shall mean a termination of employment by the Executive on the Executive's his own initiative other than (a) a termination due to death or Disability becoming Disabled (as defined in Section 1211), (b) a termination for Good Reason (as defined in Section 7.4)Reason, (c) a termination due to Retirement (as defined in Section 7.3), or (d) a termination as a result of the normal expiration of the full Term of Employment. If, during the Term of Employment, the Executive's employment is so terminated due to a Voluntary Termination, the Term of Employment shall thereupon end and the Holding Company Executive shall pay be entitled to continuation of the Executive's medical benefits at the level in effect on, and at the same out-of-pocket cost to the Executive an amount equal to the sum of (a) base salary or other compensation earned through as of, the date of termination, plus termination for the six month period following the termination of the Executive's employment due to Voluntary Termination and (bii) any other compensation and benefits as may be provided in accordance with the terms and provisions of any applicable plans and programs, if any, of the Holding Company. Such medical benefits shall be deemed to have been provided under the provisions of COBRA.

Appears in 1 contract

Samples: Employment Agreement (First Essex Bancorp Inc)

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