Common use of Termination by Bank for Cause Clause in Contracts

Termination by Bank for Cause. Executive's employment pursuant to this Employment Agreement can be terminated at any time by the Bank (i) if after written notice to Executive of a material breach of the provisions of this Agreement specifying the nature of such breach, Executive fails to cure the breach within fifteen (15) days of such notice; or (ii) if Executive commits a felony or any material act of fraud, dishonesty, gross negligence or any material act that is detrimental or harmful to the reputation, character or standing of the Bank, or any material act or omission which constitutes willful misfeasance or malfeasance by Executive in connection with the performance of his employment duties. Termination of Executive's employment under the provisions of Paragraph 5(a) shall be deemed a termination for "Cause".