Termination at Expiration Date Sample Clauses

Termination at Expiration Date. If Executive’s employment is terminated as a result of expiration of this Agreement at the Expiration Date, the Employer shall provide Executive only the following: 5.4.1 if within ten (10) business days following the Expiration Date, Executive first enters into the Separation and Consulting Agreement and that agreement is fully effective, the Employer shall pay Executive his base monthly salary at the rate in effect at the Expiration Date under Paragraph 3.1 for a period of six (6) months from the date the Separation and Consulting Agreement is fully effective, with the first payment to be paid one month after such date, or at the option of the Employer a lump sum payment of such amount. 5.4.2 if within ten (10) business days following the Expiration Date, Executive does not enter into the Separation and Consulting Agreement and that agreement is not fully effective, the Employer has the option to pay Executive his base monthly salary at the rate in effect at the date of termination under Paragraph 3.1 for a period of six (6) months from the date of termination, with the first payment to be paid on the one month anniversary of such date, and if the Employer provides the first such payment, regardless of whether Executive has executed and entered into the Separation and Consulting Agreement with the Employer, Executive shall be deemed bound by such agreement in the form attached hereto in exchange for the consideration provided in this Paragraph, as if executed and delivered by him and fully effective, other than with respect to releases of claims and consideration for those releases; 5.4.3 a payout of all accrued but unused vacation as of the date of termination; 5.4.4 in lieu of Employer-paid medical benefits, six (6) monthly payments equal to Employer’s monthly defined contribution in force at the date of termination including Employer premium support and any Employer paid HSA contributions if executive is enrolled in a HAS qualifying high deductible health plan on the date of termination. At his own expense, Executive shall have the right to elect to continue Employer group health coverage as permitted under COBRA; 5.4.5 continuation of other non-medical Benefits, if any, then provided under Paragraph 3.7, for a period of six (6) months from the date of termination; and 5.4.6 payment of certain incentive compensation under the Plan, subject to the terms and conditions of the Plan that are not contrary to this Paragraph 5.4.6.

Termination at Expiration Date. If Executive’s employment is terminated as a result of expiration of this Agreement at the Expiration Date, subject to Executive first entering into the Separation Agreement and such agreement being fully effective, the Bank shall provide Executive only the following: 5.4.1 continued salary at the rate then in effect under Paragraph 3.1 for a period of six (6) months from the date of termination, or at the option of the Bank a lump sum payment of such amount, all subject to withholding; 5.4.2 continuation of the group medical and other insurance benefits, if any, then-provided under Paragraph 3.6, for a period of six (6) months from the date of termination, subject to the limitations of and to the extent permitted by the policy or policies under which such benefits are provided; 5.4.3 a payout of all accrued but unused vacation as of the date of termination; and 5.4.4 payment of certain incentive compensation due Executive, if any, in compliance with the Plan, with Executive’s termination as a result of expiration being considered for the limited purpose of interpreting the Plan in the context of this Agreement as being a termination “without cause.”