Common use of Severance Terms Clause in Contracts

Severance Terms. Upon termination of the Employee’s employment under this Section 5, the Employee shall forfeit all rights to future compensation under Section 3; provided, however, that if employment is terminated as a result of the Employee’s death or disability as described in Section 5(f)(iii), compensation under Section 3(b) will not be forfeited, and will be payable to the Employee or the Employee’s estate/heirs in accordance with the terms of the Bank’s executive incentive plans. Additionally, Employee will be paid for accrued but unused PTO pursuant to the terms of the Bank’s PTO policy. Except where termination follows a change in control, as defined in the Employee’s Change-in-Control Agreement, and subject to any applicable regulatory requirements and the Employee’s signing and not revoking a release of claims in a form reasonably acceptable to the Bank, and further subject to compliance with Sections 6 to 8 below (Agreement Not to Compete, Solicitation of Employees, and Confidential Information), the Employee shall receive the following amounts, except to the extent previously paid by the Bank to the Employee, as full payment, compromise and settlement of all non-vested compensation, and as additional consideration for the restrictive covenants contained in this Agreement. The Employee must sign and return the above-referenced release, if at all, so that the release is effective (taking into account any revocation period provided for therein) by no later than the sixtieth (60th) calendar day following the date the Employee’s employment is terminated. Where the period available to execute (and to not revoke) the release spans more than one calendar year, the first payment shall not be made until the second calendar year as required by the applicable terms of this Agreement and Section 409A of the Code.

Severance Terms. Upon termination of the Employee’s 's employment under this Section 5, the Employee shall forfeit all rights to future compensation under Section 3; provided, however, that if employment is terminated as a result of the Employee’s 's death or disability as described in Section 5(f)(iii), compensation under Section 3(b) will not be forfeited, and will be payable to the Employee or the Employee’s 's estate/heirs in accordance with the terms of the Bank’s 's executive incentive plans. Additionally, Employee will be paid for accrued but unused PTO pursuant to the terms of the Bank’s PTO policy. Except where termination follows a change in control, as defined in the Employee’s 's Change-in-Control Agreement, and subject to any applicable regulatory requirements and the Employee’s 's signing and not revoking a release of claims in a form reasonably acceptable to the Bank, and further subject to compliance with Sections 6 to 8 below (Agreement Not to Compete, Solicitation of Employees, and Confidential Information), the Employee shall receive the following amounts, except to the extent previously paid by the Bank to the Employee, as full payment, compromise and settlement of all non-vested compensation, and as additional consideration for the restrictive covenants contained in this Agreement. The Employee must sign and return the above-referenced release, if at all, so that the release is effective (taking into account any revocation period provided for therein) by no later than the sixtieth (60th) calendar day following the date the Employee’s employment is terminated. Where the period available to execute (and to not revoke) the release spans more than one calendar year, the first payment shall not be made until the second calendar year as required by the applicable terms of this Agreement and Section 409A of the Code.

Severance Terms. Upon termination of the Employee’s employment under this Section 5, the Employee shall forfeit all rights to future compensation under Section 3; provided, however, that if employment is terminated as a result of the Employee’s death or disability as described in Section 5(f)(iii), compensation under Section 3(b) will not be forfeited, and will be payable to the Employee or the Employee’s estate/heirs in accordance with the terms of the Bank’s executive incentive plans. Additionally, Employee will be paid for accrued but unused PTO pursuant to the terms of the Bank’s PTO policy. Except where termination follows a change in control, as defined in the Employee’s Change-in-Control Agreement, and subject to any applicable regulatory requirements and the Employee’s signing and not revoking a release of claims in a form reasonably acceptable to the Bank, and further subject to compliance with Sections 6 to 8 below (Agreement Not to Compete, Solicitation of Employees, and Confidential Information), the Employee shall receive the following amounts, except to the extent previously paid by the Bank to the Employee, as full payment, compromise and settlement of all non-vested compensation, and as additional consideration for the restrictive covenants contained in this Agreement. The Employee must sign and return the above-referenced release, if at all, so that the release is effective (taking into account any revocation period provided for therein) by no later than the sixtieth (60th) calendar day following the date the Employee’s employment is terminated. Where the period available to execute (and to not revoke) the release spans more than one calendar year, the first payment shall not be made until the second calendar year as required by the applicable terms of this Agreement and Section 409A of the Code.:

Severance Terms. Upon termination of the Employee’s employment under this Section 5, the Employee shall forfeit all rights to future compensation under Section 3; provided, however, that if employment is terminated as a result of the Employee’s death or disability as described in Section 5(f)(iii), compensation under Section 3(b) will not be forfeited, and will be payable to the Employee or the Employee’s estate/heirs in accordance with the terms of the Bank’s executive incentive plans. Additionally, Employee will be paid for accrued but unused PTO pursuant to the terms of the Bank’s PTO policy. Except where termination follows a change in control, as defined in the Employee’s Change-in-Control Agreement, and subject Subject to any applicable regulatory requirements and the Employee’s signing and not revoking a release of claims in a form reasonably acceptable to the Bank, and further subject to compliance with Sections 6 to 8 below (Agreement Not to Compete, Solicitation of Employees, and Confidential Information), the Employee shall receive the following amounts, except to the extent previously paid by the Bank to the Employee, as full payment, compromise and settlement of all non-vested compensation, and as additional consideration for the restrictive covenants contained in this Agreement. The Employee must sign and return the above-referenced release, if at all, so that the release is effective (taking into account any revocation period provided for therein) by no later than the sixtieth (60th) calendar day following the date the Employee’s employment is terminated. Where the period available to execute (and to not revoke) the release spans more than one calendar year, the first payment shall not be made until the second calendar year as required by the applicable terms of this Agreement and Section 409A of the Code.