Common use of Termination by Employee; Termination for Good Cause Clause in Contracts

Termination by Employee; Termination for Good Cause. If the Employee terminates this Agreement pursuant to Article VIII Section 1(i) above or if Employer terminates this Agreement with Good Cause pursuant to Article VIII Section 1(ii) above, this Agreement shall terminate without further obligations to Employee, other than those obligations owing or accrued to, vested in, or earned by Employee through the date of termination, including, but not limited to: (i) to the extent not theretofore paid, Employee's annual salary in effect at the time of such termination through the date of termination; and (ii) in the case of compensation previously deferred by Employee, all amounts previously deferred (together with any accrued interest thereon) and not yet paid by the Employer and any accrued vacation pay not yet paid by the Employer; and (iii) all other amounts or benefits owing or accrued to, vested in, earned by Employee through the date of termination under (a) the then existing or applicable plans, programs, arrangements, and policies of Employer and (b) the bonus provisions of Article V Section 4 of this Agreement; such obligations owing or accrued to, vested in, or earned by Employee through the date of termination, including, but not limited to, such amounts and benefits specified in clauses (i), (ii), and (iii) of this sentence, being hereinafter collectively referred to as the "Accrued Obligations." The aggregate amount of such obligations owing or accrued to, vested in, or earned by Employee through the date of termination, including, but not limited to, the Accrued Obligations, shall be paid by the Employer to Employee in cash in one lump sum within thirty (30) days after the date of termination; provided, however that the bonus payable pursuant to Article V Section 4 of this Agreement shall be payable within thirty (30) days after the end of the quarter in which the Employee's employment ends and shall be based on the ROAA for the prior twelve months.

Termination by Employee; Termination for Good Cause. If the Employee terminates this Agreement pursuant to Article VIII Section 1(i7.1(a) above or if Employer Bank terminates this Agreement with Good Cause pursuant to Article VIII Section 1(ii7.1(b) above, this Agreement shall terminate without further obligations to Employee, other than those obligations owing or accrued to, vested in, or earned by Employee through the date of termination, including, but not limited to: (ia) to the extent not theretofore paid, Employee's annual salary in effect at the time of such termination through the date of termination; and (iib) in the case of compensation previously deferred by Employee, all amounts previously deferred (together with any accrued interest thereon) and not yet paid by the Employer Bank and any accrued vacation pay not yet paid by the EmployerBank; and (iiic) all other amounts or benefits owing or accrued to, vested in, earned by Employee through the date of termination under (a) the then existing or applicable plans, programs, arrangements, and policies of Employer and (b) the bonus provisions of Article V Section 4 of this AgreementBank; such obligations owing or accrued to, vested in, or earned by Employee through the date of termination, including, but not limited to, such amounts and benefits specified in clauses (ia), (iib), and (iiic) of this sentence, being hereinafter collectively referred to as the "Accrued Obligations." The aggregate amount of such obligations owing or accrued to, vested in, or earned by Employee through the date of termination, including, but not limited to, the Accrued Obligations, shall be paid by the Employer Bank to Employee in cash in one lump sum within thirty (30) days after the date of termination; provided, however that the bonus payable pursuant to Article V Section 4 of this Agreement shall be payable within thirty (30) days after the end of the quarter in which the Employee's employment ends and shall be based on the ROAA for the prior twelve months.