Common use of Payment Upon Termination of Employment Clause in Contracts

Payment Upon Termination of Employment. Upon the termination of the Executive’s employment with the Company pursuant to Section 4, the Executive will receive the following: (a) Termination by the Company for Cause, by the Executive Without Good Reason or Due to Death or Disability of the Executive. Upon the termination of the Executive’s employment by the Company for Cause pursuant to subsection 4(a), by the Executive without Good Reason pursuant to subsection 4(d) or in the event of termination due to the death or Disability of the Executive pursuant to subsection 4(e), the Company will pay or provide to the Executive the following amounts and benefits: (i) that portion of the Executive’s Base Salary earned through the Date of Termination, payable in accordance with normal payroll practices; (ii) all amounts that have vested or accrued prior to the Date of Termination under all incentive compensation or employee benefit plans of the Bank or Holding Company in accordance with the provisions of such plans; and (iii) notwithstanding the foregoing, all options granted to the Executive to purchase shares of common stock of the Holding Company and all shares of restricted stock of the Holding Company (whether such options and restricted shares are vested or unvested) shall be treated in accordance with the applicable plan and award agreement(s) between the Holding Company and the Executive. It is noted that nothing in this Agreement will serve to prevent the Executive from receiving long term disability payments from the Company’s long term disability program, if any, if the Executive is otherwise eligible to receive benefits under such a program.

Payment Upon Termination of Employment. Upon the termination of the Executive’s employment with the Company pursuant to Section 4, the Executive will receive the following: (a) Termination by the Company for Cause, by the Executive Without Good Reason or Due to Death or Disability of the Executive. Upon the termination of the Executive’s employment by the Company for Cause pursuant to subsection 4(a), by the Executive without Good Reason pursuant to subsection 4(d) or in the event of termination due to the death or Disability disability of the Executive pursuant to subsection 4(e), the Company will pay or provide to the Executive the following amounts and benefits: (i) that portion of the Executive’s Base Salary earned through the Date of Termination, payable in accordance with normal payroll practices; (ii) all amounts that have vested or accrued prior to the Date of Termination under all incentive compensation or employee benefit plans of the Bank or Holding Company in accordance with the provisions of such plans; and (iii) notwithstanding the foregoing, all options granted to the Executive to purchase shares of common stock of the Holding Company and all shares of restricted stock of the Holding Company (whether such options and restricted shares are vested or unvested) shall be treated in accordance with the applicable plan and award agreement(s) between the Holding Company and the Executive. It is noted that nothing in this Agreement will serve to prevent the Executive from receiving long term disability payments from the Company’s long term disability program, if any, if the Executive is otherwise eligible to receive benefits under such a program.

Payment Upon Termination of Employment. Upon the termination of the Executive’s employment with the Company pursuant to Section 4, the Executive will receive the following: (a) Termination by the Company for Cause, by the Executive Without Good Reason or Due to Death or Disability of the Executive. Upon the termination of the Executive’s employment by the Company for Cause pursuant to subsection Section 4(a), by the Executive without Good Reason pursuant to subsection Section 4(d) or in the event of termination due to the death or Disability of the Executive pursuant to subsection Section 4(e), the Company will pay or provide to the Executive (or, in the event of death, the Executive’s estate) the following amounts and benefits: (i) that portion of the Executive’s Base Salary earned through the Date of Termination, payable in accordance with normal payroll practices; (ii) all amounts that have vested or accrued prior to the Date of Termination under all incentive compensation or employee benefit plans of the Bank or Holding Company in accordance with the provisions of such plans; and (iii) notwithstanding the foregoing, all options granted to the Executive to purchase shares of common stock of the Holding Company and all shares of restricted stock and restricted stock units of the Holding Company (whether such options and restricted shares or units are vested or unvested) shall be treated in accordance with the applicable plan and award agreement(s) between the Holding Company and the Executive. It is noted that nothing in this Agreement will serve to prevent the Executive from receiving long long-term disability payments from the Company’s long long-term disability program, if any, if the Executive is otherwise eligible to receive benefits under such a program.

Payment Upon Termination of Employment. Upon the termination of the Executive’s employment with the Company pursuant to Section 4, the Executive will receive the following: (a) Termination by the Company for Cause, by the Executive Without Good Reason or Due to Death or Disability of the Executive. Upon the termination of the Executive’s employment by the Company for Cause pursuant to subsection 4(a), by the Executive without Good Reason pursuant to subsection 4(d4(e) or in the event of termination due to the death or Disability of the Executive pursuant to subsection 4(e4(f), the Company will pay or provide to the Executive the following amounts and benefits: (i) that portion of the Executive’s Base Salary earned through the Date of Termination, payable in accordance with normal payroll practices; (ii) all amounts that have vested or accrued prior to the Date of Termination under all incentive compensation or employee benefit plans of the Bank or the Holding Company in accordance with the provisions of such plans; and (iii) notwithstanding the foregoing, all options granted to the Executive to purchase shares of common stock of the Holding Company and all shares of restricted stock and restricted stock units of the Holding Company (whether such options and restricted shares are vested or unvested) shall be treated in accordance with the applicable plan and award agreement(s) between the Holding Company and the Executive; provided, however, the Retention Bonus shall terminate and be automatically forfeited upon the effective date of termination. It is noted that nothing in this Agreement will serve to prevent the Executive from receiving long term disability payments from the Company’s long term disability program, if any, if the Executive is otherwise eligible to receive benefits under such a program.

Payment Upon Termination of Employment. Upon the termination of the Executive’s employment with the Company pursuant to Section 4, the Executive will receive the following: (a) Termination by the Company for Cause, by the Executive Without Good Reason or Due to Death or Disability of the Executive. Upon the termination of the Executive’s employment by the Company for Cause pursuant to subsection 4(a), by the Executive without Good Reason pursuant to subsection 4(d) or in the event of termination due to the death or Disability of the Executive pursuant to subsection 4(e), the Company will pay or provide to the Executive (or, in the event of death, the Executive’s estate) the following amounts and benefits: (i) that portion of the Executive’s Base Salary earned through the Date of Termination, payable in accordance with normal payroll practices; (ii) all amounts that have vested or accrued prior to the Date of Termination under all incentive compensation or employee benefit plans of the Bank or Holding Company in accordance with the provisions of such plans; and (iii) notwithstanding the foregoing, all options granted to the Executive to purchase shares of common stock of the Holding Company and all shares of restricted stock of the Holding Company (whether such options and restricted shares are vested or unvested) shall be treated in accordance with the applicable plan and award agreement(s) between the Holding Company and the Executive. It is noted that nothing in this Agreement will serve to prevent the Executive from receiving long long-term disability payments from the Company’s long long-term disability program, if any, if the Executive is otherwise eligible to receive benefits under such a program.