Common use of Termination by Bank Without Cause Clause in Contracts

Termination by Bank Without Cause. The Bank may, upon one hundred twenty (120) days written notice to Employee, terminate Employee’s employment hereunder without cause. In the event that the Bank terminates the Employee’s employment hereunder without cause, the Bank shall be obligated to continue to pay to the Employee the Employee’s annual salary and benefits, as the same may have been modified from time to time since the Effective Date, for a period of two (2) years after the Date of Termination, and, at the end of each calendar year during that two year period, the Bank shall also pay to Employee an amount equal to the average annual discretionary bonus, as a percentage of total annual compensation, which Employee received (if any) during the last three (3) calendar years of Employee’s employment with the Bank.

Termination by Bank Without Cause. The Bank may, upon one hundred twenty (120) days written notice to Employee, terminate Employee’s employment hereunder without cause. In the event that the Bank terminates the Employee’s employment hereunder without cause, the Bank shall be obligated to continue to pay to the Employee the Employee’s annual salary and benefitssalary, as the same may have been modified from time to time since the Effective Date, for a period of two one (21) years year after the Date of Termination, as hereinafter defined, and, at the end of each calendar year during that two said one (1) year period, the Bank shall also pay to Employee an amount equal to the average annual discretionary bonus, as a percentage of total annual compensationif any, which Employee has received (if any) during the last three (3) calendar years Term of Employee’s employment with the Bank.

Termination by Bank Without Cause. The Bank may, upon one hundred twenty (120) days written notice to Employee, terminate this Agreement and Employee’s employment hereunder without cause. In the event that the Bank terminates the Employee’s employment hereunder without cause, the Bank shall be obligated to continue to pay to the Employee the Employee’s annual salary and benefitsBase Compensation, as the same may have been modified from time to time since the Effective Date, for a period of two one (21) years year after the Date of Termination, and, at the end of each calendar year during that two said one (1) year period, the Bank shall also pay to Employee an amount equal to the average annual discretionary bonus, as a percentage of total annual compensationif any, which Employee has received (if any) during the last three (3) calendar years Term of Employee’s employment with the Bank.