Termination by the Bank for Cause. The Bank may, at any time and without notice (except as required below), terminate the Executive for “cause”. Termination by the Bank of the Executive for “cause” shall include but not be limited to termination based on any of the following grounds: (a) fraud, misappropriation, embezzlement or acts of similar dishonesty; (b) conviction of a crime (other than a minor traffic offense); (c) illegal use of drugs or excessive use of alcohol in the workplace; (d) intentional and willful misconduct that may subject the Bank to criminal or civil liability; or (e) breach of the Executive’s duty of loyalty to the Bank or diversion or usurpation of corporate opportunities properly belonging to the Bank; (f) willful disregard of material Bank policies and procedures; and (g) insubordination or continued failure to satisfactorily perform the duties of Executive’s position. Executive shall not be terminated for cause under subsection (f) or (g) unless the Bank first has provided Executive with written notice that the Bank considers the Executive to be in violation of his obligations under those subsections and Executive fails, within 30 days of such notice, to cure the conduct that has given rise to the notice. In the event of a termination by the Bank for cause, Executive shall be entitled to receive only that base salary earned on or before the Executive’s last day of active service and other post-employment benefits required by law or under Bank policy. Executive shall not be entitled to receive any portion of Executive’s target bonus for the period in which the termination occurs but shall receive any accrued bonus for any performance period completed prior to the date of termination.
Appears in 3 contracts
Samples: Executive Employment Agreement (Millennium Bankshares Corp), Executive Employment Agreement (Millennium Bankshares Corp), Executive Employment Agreement (Millennium Bankshares Corp)
Termination by the Bank for Cause. The Bank may, at any time and without notice (except as required below), terminate the Executive for “cause”. Termination by the Bank of the Executive for “cause” shall include but not be limited to termination based on any of the following grounds: (a) fraud, misappropriation, embezzlement or acts of similar dishonesty; (b) conviction of a crime (other than a minor traffic offense); (c) illegal use of drugs or excessive use of alcohol in the workplace; (d) intentional and willful misconduct that may subject the Bank to criminal or civil liability; or (e) breach of the Executive’s duty of loyalty to the Bank or diversion or usurpation of corporate opportunities properly belonging to the Bank; (f) willful disregard of material Bank policies and procedures; and (g) insubordination or continued failure to satisfactorily perform the duties of the Executive’s position. The Executive shall not be terminated for cause under subsection (f) or (g) unless the Bank first has provided the Executive with written notice that the Bank considers the Executive to be in violation of his obligations under those subsections and the Executive fails, within 30 days of such notice, to cure the conduct that has given rise to the notice. In the event of a termination by the Bank for with cause, the Executive shall be entitled to receive only that base salary earned on or before the Executive’s last day of active service and other post-employment benefits required by law or under Bank policy. The Executive shall not be entitled to receive any portion of the Executive’s target bonus for the period in which the termination occurs but shall receive any accrued bonus for any performance period completed prior to the date of termination.
Appears in 2 contracts
Samples: Merger Agreement (Millennium Bankshares Corp), Merger Agreement (Premier Community Bankshares Inc)
Termination by the Bank for Cause. The Bank may, at any time and without notice (except as required below), may terminate the Executive Officer’s employment immediately (except when the Cure Period applies) hereunder for Cause. For purposes of this Agreement, “cause”. Termination by the Bank of the Executive for “causeCause” shall include but not be limited to termination based on any of the following groundsmean: (ai) fraud, misappropriation, embezzlement or acts other misappropriation by the Executive Officer of similar dishonesty; (b) conviction of a crime (other than a minor traffic offense); (c) illegal use of drugs funds, property or excessive use of alcohol in the workplace; (d) intentional and willful misconduct that may subject the Bank to criminal or civil liability; or (e) breach rights of the Executive’s duty of loyalty to the Bank Corporation or diversion or usurpation of corporate opportunities properly belonging to the Bank; (fii) willful disregard commission by, plea of no contest by or conviction of the Executive Officer with respect to any felony, or any misdemeanor, if such misdemeanor involves a crime of theft, trust or dishonesty; (iii) any misconduct by the Executive Officer; (iv) unsatisfactory performance or non-performance by the Executive Officer of his material Bank policies and procedures; and (g) insubordination obligations to the Corporation or continued failure to satisfactorily perform the duties of Executive’s position. Executive shall not be terminated for cause under subsection (f) or (g) unless the Bank first has or under this Agreement (other than by reason of the Executive Officer’s Disability), provided that the Executive with Officer shall have 15 days after the Bank’s written notice of such unsatisfactory performance or non-performance to cure such condition (the “Cure Period”), further provided that the Bank considers the Executive to be in violation of his obligations under those subsections and Executive fails, within 30 days of such notice, to cure the conduct that has given rise to the notice. In the event of a termination by the Bank for cause, Executive Officer shall only be entitled to receive only that base salary earned on one such Cure Period; or before (v) a breach of the ExecutiveExecutive Officer’s last day fiduciary duties as an officer of active service and other post-the Bank or a material breach of any of the provisions contained in this Agreement. If the Bank has terminated the Executive Officer’s employment benefits required by law or under Bank policy. without Cause and, after the Executive shall not be entitled to receive any portion Officer’s date of Executive’s target bonus for termination (the period in which the termination occurs but shall receive any accrued bonus for any performance period completed prior “Date of Termination”), matters constituting Cause become known to the date of terminationBank, the Bank may, by written notice to the Executive Officer, treat such termination as being for Cause.
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Termination by the Bank for Cause. The Bank may, at any time and without notice (except as required below), terminate the Executive for “cause”. Termination by the Bank of the Executive for “cause” shall include but not be limited to termination based on any of the following grounds: (a) fraud, misappropriation, embezzlement or acts of similar dishonesty; (b) conviction of a crime (other than a minor traffic offense); (c) illegal use of drugs or excessive use of alcohol in the workplace; (d) intentional and willful misconduct that may subject the Bank to criminal or civil liability; or (e) breach of the Executive’s duty of loyalty to the Bank or diversion or usurpation of corporate opportunities properly belonging to the Bank; (f) willful disregard of material Bank policies and proceduresprocedures for which he has received notice; and (g) insubordination or continued failure to satisfactorily perform the duties of Executive’s position. Executive shall not be terminated for cause under subsection (f) or (g) unless the Bank first has provided Executive with written notice that the Bank considers the Executive to be in violation of his obligations under those subsections and Executive fails, within 30 days of such notice, to cure the conduct that has given rise to the notice. In the event of a termination by the Bank for with cause, Executive shall be entitled to receive only that base salary earned on or before the Executive’s last day of active service and other post-employment benefits required by law or under Bank policy. Executive shall not be entitled to receive any portion of Executive’s target bonus for the period in which the termination occurs but shall receive any accrued bonus for any performance period completed prior to the date of termination.
Appears in 1 contract
Samples: Executive Employment Agreement (Millennium Bankshares Corp)
Termination by the Bank for Cause. The Bank may, at any time and without notice (except as required below), terminate the Executive for “cause”. Termination by the Bank of the Executive for “cause” shall include but not be limited to termination based on any of the following grounds: (a) fraud, misappropriation, embezzlement or acts of similar dishonesty; (b) conviction of a crime (other than a minor traffic offense); (c) illegal use of drugs or excessive use of alcohol in the workplace; (d) intentional and willful misconduct that may subject the Bank to criminal or civil liability; or (e) breach of the Executive’s duty of loyalty to the Bank or diversion or usurpation of corporate opportunities properly belonging to the Bank; (f) willful disregard of material Bank policies and procedures; and (g) insubordination or continued failure to satisfactorily perform the duties of Executive’s position. Executive shall not be terminated for cause under subsection (f) or (g) unless the Bank first has provided Executive with written notice that the Bank considers the Executive to be in violation of his obligations under those subsections and Executive fails, within 30 days of such notice, to cure the conduct that has given rise to the notice. In the event of a termination by the Bank for with cause, Executive shall be entitled to receive only that base salary earned on or before the Executive’s last day of active service and other post-employment benefits required by law or under Bank policy. Executive shall not be entitled to receive any portion of Executive’s target bonus for the period in which the termination occurs but shall receive any accrued bonus for any performance period completed prior to the date of termination.
Appears in 1 contract
Samples: Executive Employment Agreement (Millennium Bankshares Corp)
Termination by the Bank for Cause. The Bank maymay terminate this Agreement and Executive's employment hereunder effective immediately for "Cause," which shall be one or more of only the following events: (i) Executive's material breach of this Agreement, which breach is not cured within thirty (30) days of receipt by Executive of 'Mitten notice from the Bank specifying the breach; (ii) Executive's gross negligence or willful misconduct in the performance of his material duties hereunder, material misperformance of such duties, or willful or repeated refusal to abide by or comply with lawful directives of the Board or the Bank's policies and procedures, any of which conduct is not cured within thirty (30) days of receipt by Executive of written notice from the Bank specifying the conduct to be cured; (iii) Executive's fraud, embezzlement, or theft with respect to the business or affairs of the Bank, upon notice from the Bank specifying such fraud, embezzlement, or theft; (iv) Executive's dishonesty or misconduct with respect to the financial affairs of the Bank, that in the reasonable judgment of the Board materially and adversely affects the operations or reputation of the Banki (v) Executive's conviction of a felony or of any misdemeanor involving fraud, dishonesty, misappropriation of funds or any property or assets of the Bank or its "affiliates" (as defined in Section 7(d)); (vi) Executive's abuse of alcohol or drugs (legal or illegal) that, in the Board's reasonable judgment, substantially impairs Executive's ability to perform his duties hereunder after notice and at any time and without notice least thirty (except 30) days' opportunity to cure; or (vii) based on Regulatory Action, as required described in Section 6(e) below), terminate the Executive for “cause”. Termination Should Executive's employment be terminated by the Bank of the Executive for “cause” Cause, he shall include but not be limited entitled within sixty (60) days following such termination only to termination based on (i) Base Salary, (ii) any of the following grounds: accrued, unused vacation time, and (aiii) fraud, misappropriation, embezzlement any other vested benefits under any welfare or acts of similar dishonesty; (b) conviction of a crime (other than a minor traffic offense); (c) illegal use of drugs or excessive use of alcohol in the workplace; (d) intentional and willful misconduct that may subject benefit plan maintained by the Bank to criminal or civil liability; or (e) breach of the Executive’s duty of loyalty to the Bank or diversion or usurpation of corporate opportunities properly belonging to the Bank; (f) willful disregard of material Bank policies in accordance with its terms and procedures; and (g) insubordination or continued failure to satisfactorily perform the duties of Executive’s position. Executive shall not be terminated for cause under subsection (f) or (g) unless the Bank first has provided Executive with written notice that the Bank considers the Executive to be in violation of his obligations under those subsections and Executive fails, within 30 days of such notice, to cure the conduct that has given rise to the noticeapplicable law. In the event of a the Executive's termination by the Bank for causeCause, Executive all Deferred Compensation shall be entitled to receive only that base salary earned on or before the Executive’s last day of active service and other post-employment benefits required by law or under Bank policy. Executive shall not be entitled to receive any portion of Executive’s target bonus for the period in which the termination occurs but shall receive any accrued bonus for any performance period completed prior to the date of terminationforfeited.
Appears in 1 contract
Samples: Employment Agreement (Broadway Financial Corp \De\)