Common use of Termination by Executive for Good Cause Clause in Contracts

Termination by Executive for Good Cause. If Executive's employment is terminated by Executive for “good cause” pursuant to Section 4(c) other than as a result of a Change in Control, but including a termination by Executive as a result of a change in Executive’s position or duties other than following a Change in Control, the Bank (or its successor) shall continue to pay to Executive, his Base Salary, in equal installments in accordance with the Bank's standard payroll practices, for a period of one (1) year following the Termination Date, and any unvested portion of the Equity Award as of the Termination Date shall be immediately vested.

Appears in 2 contracts

Samples: Executive Employment Agreement (Jacksonville Bancorp Inc /Fl/), Executive Employment Agreement (Jacksonville Bancorp Inc /Fl/)

AutoNDA by SimpleDocs

Termination by Executive for Good Cause. If Executive's employment is terminated by Executive for “good cause” pursuant to Section 4(c) other than as a result of a Change in Control, but including a termination by Executive as a result of a change in Executive’s position or duties other than following a Change in Control, the Bank (or its successor) shall continue to pay to Executive, his her Base Salary, in equal installments in accordance with the Bank's standard payroll practices, for a period of one (1) year following the Termination Date, and any unvested portion of the Equity Award as of the Termination Date shall be immediately vested.

Appears in 2 contracts

Samples: Executive Employment Agreement (Jacksonville Bancorp Inc /Fl/), Executive Employment Agreement (Jacksonville Bancorp Inc /Fl/)

AutoNDA by SimpleDocs

Termination by Executive for Good Cause. If Executive's employment is terminated by Executive for “good cause” pursuant to Section 4(c) other than as a result of a Change in Control, ,” but including a termination by Executive as a result of a change in Executive’s position or duties other than following a Change in Control, the Bank (or its successor) shall continue to pay to Executive, his Base Salary, in equal installments in accordance with the Bank's standard payroll practices, for a period of one two (12) year calendar months following the Termination Date, and any unvested portion of the Equity Award as of the Termination Date shall be immediately vested.

Appears in 1 contract

Samples: Executive Employment Agreement (Jacksonville Bancorp Inc /Fl/)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!