Common use of Termination by the Bank for Cause Clause in Contracts

Termination by the Bank for Cause. The Bank may terminate the Executive’s employment hereunder For Cause, in which event the Bank may elect to terminate the Executive’s employment immediately or upon the expiration of a set period not to exceed 30 days, as set forth in a written notice to the Executive. During any such period between the Executive’s receipt of such notice and the date of termination, the Executive may be relieved of his duties as specified herein and assigned alternate duties by the Board of Directors. If the Executive’s employment hereunder is terminated by the Bank For Cause, then all compensation and benefits payable to the Executive shall cease on the date of termination; provided, however, that the Bank shall pay to the Executive within 60 days of the date of termination any accrued but unpaid compensation, including accrued annual bonus, if any, which otherwise would have been payable to the Executive through the date of termination.

Termination by the Bank for Cause. The Bank may terminate the Executive’s employment hereunder For Cause, in which event the Bank may elect to terminate the Executive’s employment immediately or upon the expiration of a set period not to exceed 30 days, as set forth in a written notice to the Executive. During any such period between the Executive’s receipt of such notice and the date of termination, the Executive may be relieved of his duties as specified herein and assigned alternate duties by the Board of DirectorsChief Executive Officer. If the Executive’s employment hereunder is terminated by the Bank For Cause, then all compensation and benefits payable to the Executive shall cease on the date of termination; provided, however, that the Bank shall pay to the Executive within 60 days of the date of termination any accrued but unpaid compensation, including accrued annual bonus, if any, which otherwise would have been payable to the Executive through the date of termination.

Termination by the Bank for Cause. The Bank may terminate the Executive’s employment hereunder For Cause, in which event the Bank may elect to terminate the Executive’s employment immediately or upon the expiration of a set period not to exceed 30 days, as set forth in a written notice to the Executive. During any such period between the Executive’s receipt of such notice and the date of termination, the Executive may be relieved of his duties as specified herein and assigned alternate duties by the Board of DirectorsChief Executive Officer. If the Executive’s employment hereunder is terminated by the Bank For Cause, then all compensation and benefits payable to the Executive shall cease on the date of termination; provided, however, that the Bank shall pay to the Executive within 60 days of the date of termination any accrued but unpaid compensation, including accrued annual bonus, if any, which otherwise would have been payable to the Executive through the date of termination.