Termination by Illini Without Cause. Illini may terminate this Agreement without cause prior to the Firm Term as hereinafter defined by providing thirty days notice to the Officer. In such event, the Officer shall have no further obligation to Illini hereunder, except the duty to not disclose Confidential Information in accordance with Section II, E, and Illini shall have no further obligation to the Officer hereunder from the date of such termination except (i) to pay to the Officer the salary payments described in Section II, B, in the amount in effect on the date of termination, for a period of twelve months from the date of termination, (ii) to pay to the Officer earned but unpaid salary and any other benefits under the Compensation and Benefit Plans without imposing further condition or reduction, and (iii) to pay to the Officer reasonable expenses of out placement within the financial institutions or financial industry during the twelve month period following the date of termination; provided, however, out placement expenses shall be paid only upon actually incurring such expense and Officer’s furnishing of evidence thereof to Illini and shall not include moving or relocation expense; and provided, however, that any benefit to be provided by a Compensation and Benefit Plan may be provided by Illini through cash or equivalent value or through a nonqualified arrangement or arrangements if, in the judgment of Illini, permitting the Officer to participate in such plan after the date of termination would adversely affect the tax status of such plan, and if, in the judgment of the Officer, any proposed cash or equivalent value through a nonqualified arrangement or arrangement would not materially increase the tax liabilities of Officer under federal or state income tax or estate tax laws.
Termination by Illini Without Cause. Illini may terminate this Agreement without cause prior to the Firm Term as hereinafter defined by providing thirty days notice to the Officer. In such event, the Officer shall have no further obligation to Illini hereunder, except the duty to not disclose Confidential Information in accordance with Section I, E, and Illini shall have no further obligation to the Officer hereunder from the date of such termination except (i) to pay to the Officer the salary payments described in Section I, B, in the amount in effect on the date of termination for a period of twelve months from the date of termination, (ii) to pay to the Officer any other benefits under the Compensation and Benefit Plans without imposing further condition or reduction; and provided, however, that any benefit to be provided by a Compensation and Benefit Plan may be provided by Illini through cash or equivalent value or through a nonqualified arrangement or arrangements if, in the judgment of Illini, permitting the Officer to participate in such plan after the date of termination would adversely affect the tax status of such plan, and if, in the judgment of the Officer, any proposed cash or equivalent value through a nonqualified arrangement or arrangement would not materially increase the tax liabilities of Officer under federal or state income tax or estate tax laws.
