Common use of Payment and Waiver Provision Clause in Contracts

Payment and Waiver Provision. Notwithstanding any other provision of this Agreement to the contrary, the following provision shall apply: If, during the Employment Period (as that term is defined in that certain Employment Agreement dated July 30, 2002, entered into between the Executive and Valley Independent Bank), the Executive voluntarily terminates his employment with the Company for any reason other than the Executive's death, Disability, or because of material demotion under Section 1.2 or a relocation outside of California under Section 1.4 or if the Executive is terminated under the Termination for Cause, then the Executive will not be entitled to any benefits of any kind under this Agreement (including Early Termination Benefit) and the Executive hereby waives any right to assert any other claim of any kind for such benefits in such event."

Payment and Waiver Provision. Notwithstanding any other provision of this Agreement to the contrary, the following provision shall apply: If, during the Employment Period (as that term is defined in that certain Employment Agreement dated July 30, 2002, entered into between the Executive and Valley Independent Bank), the Executive voluntarily terminates his employment with the Company for any reason other than the Executive's death, Disability, or because of material demotion under Section 1.2 or a relocation outside of California under Section 1.4 or if the Executive is terminated under the Termination for Cause, then the Executive will not be entitled to any benefits of any kind under this Agreement (including Early Termination Benefit) and the Executive hereby waives any right to assert any other claim of any kind for such benefits in such event.. "