Termination by Officer Sample Clauses

Termination by Officer. Officer may terminate his employment hereunder at any time upon sixty (60) days written notice. Upon such termination by Officer, other than termination in accordance with Section 8 (ii) or 8 (iii) herein, the Company shall pay the Officer his Base Salary due through the date on which his employment is terminated at the rate in effect at the time of notice of termination. The Company shall than have no further obligation to Officer under this Agreement.

Termination by Officer. This Agreement may be terminated at any time by the Officer upon sixty (60) days prior written notice to the Bank. Unless the provisions of Paragraphs 7(f)(ii) or 7(g) are applicable and the Officer elects to apply the applicable provisions, upon such termination, the Officer shall be entitled to receive the compensation and benefits payable to, or accruable or vested for the benefit of, the Officer under this Agreement through the effective date of such termination.

Termination by Officer. Officer shall have the right to cancel and terminate this Agreement and his employment at any time on thirty (30) days prior written notice to the Bank Board, with his compensation and benefits ceasing as of his last day of employment, provided, however, that he shall be entitled to benefits through the last day of employment and accrued compensation to that date. Officer agrees to resign from any and all positions held with the Bank or any other subsidiary, trust, plan or other entity for which Officer may be serving as a director, officer, member, trustee, employee or otherwise, effective upon the date of delivery of his written notice terminating this Agreement.

Termination by Officer. Officer agrees not to voluntarily terminate his employment hereunder except by giving at least sixty (60) days written notice to the Company, except as provided in Section 2.8. Upon such voluntary termination by Officer, Officer shall be entitled to receive the following: (a) the accrued but unpaid portion of his Base Salary and any bonuses and other compensation that are earned, accrued or vested but unpaid through the date of termination; (b) an amount equal to the Severance Amount, computed and payable as provided in Section 2.12; and (c) any rights and benefits of any of the employee benefits earned, accrued or vested (including under any plans in which he was participating) as of the date of such termination, subject to the terms and conditions of such plans and benefits, but Officer shall not attain vested status in any plans or benefits in which he is not vested on the date of termination.

Termination by Officer. This Officer’s employment hereunder may be terminated by Officer with 90 days’ written notice to Company, except in the event of partial or full physical or mental disablement of the Officer, which may occur at the Officer’s discretion prior to 90 days. Upon receiving notice of termination from Officer, Company shall utilize this 90-day period to recruit a replacement CFO and Officer agrees to prepare and train the replacement CFO within the 90-day period, or any part thereof. In the event of termination by Officer, Company shall be obligated to continue to pay Officer the Guaranteed Regular Compensation and Guaranteed Bonus due Officer under this Agreement up to the earlier of (i) the end of Officer’s notice period or (ii) the earlier termination date set by Company. The Company shall continue to make any redemptions of shares granted in lieu of cash compensation earned but not yet paid during the 90-day period, and if not paid in full by the last date of employment, the payments of all types of compensation earned and due to the Officer, but not yet paid, shall continue to be made to the Officer as if he were still employed, in the same timing and manner as is paid to the CEO, or other executives as applicable. All other terms of this Agreement that would be required to remain in force after the last day of the Officer’s employment to complete the obligations of the Company to the Officer, are hereby deemed to survive the Officer’s voluntary termination and remain in force until all obligations to the Officer, his beneficiaries or estate are satisfied.

Termination by Officer. Officer may terminate his employment hereunder at any time (i) for Good Reason (subject to Corporation’s opportunity to cure, if applicable, the circumstance(s) giving rise to Good Reason in the time period set forth in Section 2(a)(iii)), or (ii) pursuant to a Covered Resignation, or (iii) pursuant to a Voluntary Termination or upon thirty (30) days’ written Notice of Termination to Corporation, in the event of Officer’s Disability.

Termination by Officer. Officer agrees not to voluntarily terminate his employment hereunder except by giving at least sixty (60) days written notice to the Company, except as provided in Section 4(f). Upon such voluntary termination by Officer, Officer shall be entitled to receive the following: (i) the accrued but unpaid portion of his Base Salary and any bonuses and other compensation that are earned, accrued or vested but unpaid through the date of termination; and (ii) any rights and benefits of any of the employee benefits earned, accrued or vested (including under any plans in which he was participating) as of the date of such termination, subject to the terms and conditions of such plans and benefits, but Officer shall not attain vested status in any plans or benefits in which he is not vested on the date of termination.

Termination by Officer. 10 (i) Termination Other Than For Good Reason. . 10 (ii)

Termination by Officer. Officer’s employment with Employer may be terminated by Officer in accordance with the following provisions: (i) Officer shall be entitled to terminate his employment pursuant to this Agreement voluntarily at any time, provided, however, that in the event Officer terminates his employment pursuant to this Agreement without “good reason” (as defined below) or other than in connection with a “Change in Control” as described below, then Officer shall be entitled to no termination allowance and/or no severance allowance and no further compensation or benefits after the “Date of Termination” (as defined Paragraph 3(d)). (ii) Officer may terminate his employment for good reason and will be entitled in such event to the payments and other benefits provided in Paragraph 3(a)(ii) in the event of a termination of Officer’s employment without good cause. For purposes of this Agreement, “good reason” shall mean: (aa) the continued assignment to Officer of duties inconsistent with Officer’s position, duty and responsibilities with Employer as of the Commencement Date to which Officer objects, in writing, to the Board; (bb) the relocation of Officer to a primary place of employment which might require Officer to move his residence which, for this purpose, includes any reassignment to a place or employment located more than fifty (50) miles from Virginia Beach, Virginia, without Officer’s express written consent to such relocation; or (cc) any failure by Employer or any successor entity following a “Change of Control” (as defined below), to comply with the provisions of Section 2 or other material term of this Agreement. Notwithstanding the foregoing, “good reason” shall not include any resignation by Officer where good cause exists for Officer’s termination by Employer or an isolated, insubstantial, immaterial and/or inadvertent action not taken in bad faith by Employer and which is remedied within a reasonable time after receipt of written notice thereof given by Officer to the Board.

Termination by Officer. Employer shall have the right, at its election to be ---------------------- made in writing and delivered to Officer within sixty (60) days prior to the effective date thereof, to terminate Officer's employment hereunder without "cause" (as defined in Section 7(c) below). Officer shall have the right, at his election to be made in writing and delivered to Employer within sixty (60) days after such event, to terminate his employment hereunder if a material breach of this Agreement by Employer occurs which Employer fails to cure within fifteen (15) days after receipt of notice of such breach. In the event of a termination for either of the reasons enumerated in this paragraph, Officer shall be entitled to the following: