Rights of Executive Upon Termination. Subject to the Executive’s adherence to the terms of this Agreement, including but not limited to the non-competition, no-hire/non-solicitation and non-disclosure provisions set forth below, the Executive shall be entitled to receive the following benefits in the event his employment is terminated pursuant to Section 4 above prior to the expiration of the Term specified in Section 3 above.
Rights of Executive Upon Termination. (a) In the event that Executive's employment is terminated (i) pursuant to Sections 3.1(a) or (b), (ii) by the Company pursuant to Section 3.1(c), (iii) by the Company with Cause pursuant to Section 3.1(d) or (iv) due to a resignation by Executive pursuant to Section 3.1(e) without Good Reason (as defined), the Company shall have no further obligation to Executive under this Agreement except for payment to Executive of (A) his accrued, but unpaid Base Salary through the date of termination, (B) any unreimbursed expenses, subject to any right of set-off, and (c) if terminated pursuant to Sections 3.1(a) or (b), the Company will reimburse Executive (or his qualified beneficiaries) for the same portion of Executive's family COBRA health insurance premium (if continued coverage under COBRA is elected) that it paid during the Executive's employment for at least 12 months after the date of Executive's termination and the Executive or his estate shall be entitled to any unpaid annual bonus from any prior performance year.
(b) In the event that Executive's employment is terminated (i) by the Company pursuant to Section 3.1(e) without Cause, (ii) due to a resignation by Executive pursuant to Section 3.4 for Good Reason or (iii) any termination resulting from a Change of Control in which this Agreement is not assumed by the successor to the Company (if assumption is required for this Agreement to be binding upon such successor), the Company shall have no further obligation to Executive under this Agreement except for payment to Executive of (A) his accrued, but unpaid Base Salary through the date of termination, (B) any unreimbursed expenses, subject to any right of set-off, (C) in the event the Executive elects continued coverage under COBRA, the Company will reimburse Executive for the same portion of Executive's family COBRA health insurance premium that it paid during the Executive's employment up until the earlier of (i) the date nine months after the date of Executive's termination and (ii) the date on which the Executive is eligible for comparable health benefits with another company or business entity; provided, however, that in the event Executive's employment is terminated for the reasons stated above in this Section 3.2(b) immediately preceding or within one year following a Change of Control (including, without limitation, the failure of a successor to assume), the Company will reimburse Executive for the same portion of Executive's family COBRA health i...
Rights of Executive Upon Termination. In the event that Executive’s employment is terminated for any reason or no reason, the Company shall have no further obligation to Executive under this Agreement except for payment, subject to any right of set-off, to Executive of (A) Executive’s accrued, but unpaid Base Salary through the date of termination, (B) to the extent legally required to be paid, any accrued but unused vacation, and (C) any unreimbursed expenses, subject to Section 2.3. In addition, in the event that Executive is terminated by the Company without cause (as defined below), Executive shall be entitled to severance (“ Severance”) of continued payment of Executive’s Base Salary in effect at the time of termination of employment for the remaining unexpired portion of the 18-month Term of employment payable in accordance with the Company’ s regular payroll practices. Notwithstanding the foregoing, receipt of Severance shall be conditioned upon Executive executing a customary release within thirty (30) days of the receipt thereof by the Company. Provided such customary release has been signed and not revoked, such severance payments shall begin on the next regular payroll date after the 45th day after the Executive’s termination date in accordance with the Company’s regular payroll practices and with such payroll deductions and withholdings as required by law.
Rights of Executive Upon Termination. Executive shall not be entitled to any compensation or benefits upon any termination of this Agreement except to the extent provided in this Section 7. In the event of termination by the Bank without Cause, the Bank shall pay Executive, and Executive agrees to accept from the Bank, as Executive's sole and exclusive remedy for termination, (i) if such termination is prior to December 31, 1998, an amount equivalent to the Executive's annual base salary as defined in Section 3(a) hereof remaining to be paid to Executive through December 31, 1999 or (ii) if such termination is after December 31, 1998, an amount equal to Executive's then current annual base salary. Such payment may be paid, at the Bank's option, in a lump sum or in equal installments through the Bank's normal payroll system over the course of the ensuing year. In the event of termination of employment hereunder for any reason other than termination by the Bank without C use, Executive shall receive only the compensation accrued through the date of termination.
Rights of Executive Upon Termination. Executive shall not be entitled to any compensation or benefits upon any termination of this Agreement except to the extent provided in this Section 7. In the event of termination as a result of Executive's resignation, Executive shall receive only compensation through the effective date of the resignation as set forth in the notice provided for in Section 6(b). In the event of termination by the Bank for Cause, the Bank shall pay Executive an amount equal to the Executive's annual base salary as defined in Section 3(a) hereof through the December 31, 1999 or, if such termination occurs after December 31, 1999, through the December 31st following the date of termination. In the event of termination by the Bank without Cause, the Bank shall pay Executive, an amount equal to Executive's then current annual base salary. Executive agrees that such payments shall be Executive's sole and exclusive remedy for any termination, with or without Cause. Such payments may be paid, at the Executive's option, in a lump sum or in equal installments through the Bank's normal payroll system over the course of the ensuing year or period.
Rights of Executive Upon Termination. (a) The Company shall provide the Executive, within ten days following the Termination Date, Severance Compensation in lieu of compensation to the Executive for periods subsequent to the Termination Date, if any of the following events shall occur:
(1) the Company terminates the Executive's employment during the Term of this Agreement other than for any of the following reasons:
(i) the Executive dies;
(ii) the Executive suffers a Disability and is unable to work for a period of 180 consecutive days; or
(iii) for Cause,
(2) the Executive terminates his employment after the occurrence of at least one of the following events:
(i) Without the mutual agreement of the Company and the Executive (a) a change in the nature or scope of the authorities, functions or duties attached to the position with the Company that the Executive had immediately prior to the Termination Date; (b) a reduction in the Executive's salary, bonus or incentive compensation; (c) a significant reduction in scope or value of other monetary or nonmonetary benefits (other than benefits pursuant to a broad based employee benefit plan) to which the Executive was entitled from the Company; any of which is not remedied within ten calendar days after receipt by the Company of written notice from the Executive of such change, reduction, alteration or termination, as the case may be;
(ii) A determination by the Executive made in good faith that as a result of a change in policy of the Company made by the Board, he has been rendered substantially unable to carry out, or has been substantially hindered in the performance of, the authorities, functions or duties attached to his position immediately prior to the Termination Date, which situation is not remedied within ten calendar days after receipt by the Company of written notice from the Executive of such determination;
(iii) The Company shall require the Executive to relocate his principal location of work from the location thereof at the time this Agreement was entered or to travel away from his office in the course of discharging his responsibilities or duties significantly more than required of him at the time this Agreement was entered without, in either case, the Executive's prior written consent; or
(iv) The Company commits any material breach of this Agreement.
(b) Severance Compensation will not be subject to offset or mitigation.
(c) Upon termination of the Executive's employment (except for reasons set forth in Section 3(a)(1)(i), (ii) or...
Rights of Executive Upon Termination. Executive shall not be entitled to any compensation or benefits upon any termination of this Agreement except to the extent provided in this Section 7. In the event of termination by the Bank without Cause prior to December 31, 1998, or in the event of a termination without Cause in an subsequent one-year term, the Bank shall pay Executive, and Executive agrees to accept from the Bank, as Executive's sole and exclusive remedy for termination, an amount equivalent to the Executive's current annual base salary as defined in Section 3(a) hereof, which amount may be paid, at the Bank's option, in a lump sum or in equal installments through the Bank's normal payroll system over the course of the ensuing year. In the event of termination of employment hereunder for any reason other than termination by the Bank without Cause, Executive shall receive only the compensation accrued through the date of termination.
Rights of Executive Upon Termination. In the event that Executive’s employment is terminated for any reason, the Company shall have no further obligation to Executive under this Agreement except for payment or provision to Executive of (u) his accrued, but unpaid Base Salary (as of termination) through the date of termination, (v) any accrued but unused vacation (if and to the extent consistent with the Company’s policies), (w) any unreimbursed expenses, (x) any Bonus that has been earned by Executive for any fiscal year ending prior to the effective date of such termination but not yet paid, (y) any rights under any benefit or equity plan, and (z) any ongoing rights to indemnification and directors and officers liability insurance (collectively, the “Required Payments”).
(a) In the event that Executive’s employment is terminated by the Company without Cause or this Agreement is not renewed by the Company as provided in Section 1.1, in addition to the obligations of the Company to make the Required Payments, the Company shall also: (i) make a severance payment to Executive equal to the Base Salary (as of termination) (payable in equal installments in accordance with normal payroll procedures after termination and beginning on the first business day of the following pay period after which termination occurs) and (ii) pay to Executive any Bonus that has been earned by Executive for the period in which termination occurred, prorated for the partial period. For purposes of the foregoing, “Cause” shall mean: (i) conviction of an offense involving an act of dishonesty, fraud or any other act of moral turpitude under the provisions of any Federal, State or local laws or ordinances; (ii) willful failure to perform, or gross negligence in performing, Executive’s duties owed to the Company, after fifteen (15) days following written notice delivered to Executive by the Board, which notice specifies such failure or negligence; (iii) willful and knowing violation of any rules or regulations of any governmental or regulatory body that is materially injurious to the financial condition of the Company; (iv) conviction of or plea of guilty or nolo contendere to a felony; (v) material breach of the terms of this Agreement by Executive, which, if curabale, is not cured within thirty (30) days following written notice thereof from the Company; (vi) any breach by Executive of Executive’s fiduciary duty of care or duty of loyalty to the Company or (vii) commission of an act of dishonesty, fraud or misrepresentation...
Rights of Executive Upon Termination. (a) The Company shall provide the Executive, within thirty days following the Termination Date, Severance Compensation in lieu of compensation to the Executive for periods subsequent to the Termination Date, if, the Company terminates the Executive's employment during the Term, other than for any of the following reasons;
(1) the Executive dies; (2) the Executive becomes permanently disabled and is unable to work for a period of 180 consecutive days; or (3)
Rights of Executive Upon Termination. Executive shall not be entitled to any compensation or benefits upon any termination of employment by the Bank except to the extent provided in this Section 7. In the event of termination by the Bank without Cause during the Term, the Bank shall pay Executive, and Executive agrees to accept from the Bank, as Executive's sole and exclusive remedy for termination, an amount equivalent to the lesser of (i) the Executive's current annual base salary as defined in Section 3(a) hereof or (ii) the amount of base salary payable to Executive through the end of the Term, which amount may be paid, at the Bank's option, in a lump sum or in equal installments through the Bank's normal payroll system over the course of the ensuing year. A failure to renew the term of employment hereunder for an additional one-year term shall not be deemed for purposes of this Agreement to be termination without Cause. In the event of termination of employment hereunder for any reason other than termination by the Bank without Cause, Executive shall receive only the compensation and benefits accrued through the date of termination.
