Common use of Suspension and Special Regulatory Rules Clause in Contracts

Suspension and Special Regulatory Rules. (i) The Bank's board of directors may terminate the Executive's employment at any time, but any termination by the Bank's board of directors other than termination for "Just Cause", shall not prejudice the Executive's right to compensation or other benefits under the Agreement. The Executive shall have no right to receive compensation or other benefits for any period after termination for "Just Cause". Termination for "Just Cause" shall mean termination for personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, regulation (other than a law, rule or regulation relating to a traffic violation or similar offense), final cease-and-desist order, or material breach of any provision of this Agreement. Subject to the provisions of 8(c) and (d) hereof, in the event this Agreement is terminated for Just Cause, the Bank shall only be obligated to continue to pay Executive his salary up to the date of termination, and the vested rights of the parties shall not be affected.