Common use of Termination by the Bank Without Cause Clause in Contracts

Termination by the Bank Without Cause. In the event of termination pursuant to Section 6(d), the Bank shall, within 90 days of the Date of Termination, pay to the Executive in a lump sum cash payment Executive’s accrued and unpaid salary to the Date of Termination, plus his accrued and unpaid incentive compensation, if any. In addition, the Executive shall be entitled to the following benefits, subject to the Executive signing a general release of claims (other than claims for the right to receive the payments or benefits set forth in this Section 7(d)) in a form and manner satisfactory to the Bank: (i) The Bank shall within 30 days following the Date of Termination pay Executive in a lump sum cash payment an amount equal to two times the sum of (A) Executive’s current base salary and (B) the greater of (1) his immediate prior fiscal year’s bonus or (2) the average of the Executive’s bonus for the immediate past three fiscal years; (ii) Upon the Date of Termination, each unvested stock option and any other stock-based grants and awards held by Executive shall immediately vest and become exercisable by the Executive. Subject to the provisions of Section 9(c), each such stock option may be exercised by Executive within 180 days after the Date of Termination; (iii) In addition to any other benefits to which Executive may be entitled in accordance with the Bank’s then existing severance policies, the Bank shall, for a period of two years commencing on the Date of Termination, pay such health insurance premiums as may be necessary to allow Executive and Executive’s spouse and dependents to continue to receive health insurance coverage substantially similar to coverage they received immediately prior to the Date of Termination; and (iv) Except as expressly set forth in this Section 7(d) or required by applicable law, the Executive shall not be entitled to any other payments or benefits from the Bank following his termination without cause. Notwithstanding the foregoing, the terms of this Section 7(d) shall not apply to a termination with respect to which Executive is entitled to receive benefits pursuant to Section 8(c).

Termination by the Bank Without Cause. In the event of termination pursuant to Section 6(d), the Bank shall, within 90 days of the Date of Termination, pay to the Executive in a lump sum cash payment Executive’s 's accrued and unpaid salary to the Date of Termination, plus his accrued and unpaid incentive compensation, if any. In addition, the Executive shall be entitled to the following benefits, subject to the Executive signing a general release of claims (other than claims for the right to receive the payments or benefits set forth in this Section 7(d)) in a form and manner satisfactory to the Bank: (i) The Bank shall within 30 days following the Date of Termination pay Executive in a lump sum cash payment an amount equal to two times the sum of (A) Executive’s 's current base salary and (B) the greater of (1) his immediate prior fiscal year’s 's bonus or (2) the average of the Executive’s 's bonus for the immediate past three fiscal years; (ii) Upon the Date of Termination, each unvested stock option and any other stock-based grants and awards held by Executive shall immediately vest and become exercisable by the Executive. Subject to the provisions of Section 9(c), each such stock option may be exercised by Executive within 180 days after the Date of Termination; (iii) In addition to any other benefits to which Executive may be entitled in accordance with the Bank’s 's then existing severance policies, the Bank shall, for a period of two years commencing on the Date of Termination, pay such health insurance premiums as may be necessary to allow Executive and Executive’s 's spouse and dependents to continue to receive health insurance coverage substantially similar to coverage they received immediately prior to the Date of Termination; and (iv) Except as expressly set forth in this Section 7(d) or required by applicable law, the Executive shall not be entitled to any other payments or benefits from the Bank following his termination without cause. Notwithstanding the foregoing, the terms of this Section 7(d) shall not apply to a termination with respect to which Executive is entitled to receive benefits pursuant to Section 8(c).

Termination by the Bank Without Cause. In the event of termination pursuant to Section 6(d), the Bank shall, within 90 days of the Date of Termination, pay to the Executive in a lump sum cash payment Executive’s 's accrued and unpaid salary to the Date of Termination, plus his accrued and unpaid incentive compensation, if any. In addition, the Executive shall be entitled to the following benefits, subject to the Executive signing a general release of claims (other than claims for the right to receive the payments or benefits set forth in this Section 7(d)) in a form and manner satisfactory to the Bank: (i) The Bank shall within 30 days following the Date of Termination pay Executive in a lump sum cash payment an amount equal to two three times the sum of (A) Executive’s 's current base salary and (B) the greater of (1) his immediate prior fiscal year’s 's bonus or (2) the average of the Executive’s 's bonus for the immediate past three fiscal years; (ii) Upon the Date of Termination, each unvested stock option and any other stock-based grants and awards held by Executive shall immediately vest and become exercisable by the Executive. Subject to the provisions of Section 9(c), each such stock option may be exercised by Executive within 180 days after the Date of Termination; (iii) In addition to any other benefits to which Executive may be entitled in accordance with the Bank’s 's then existing severance policies, the Bank shall, for a period of two three years commencing on the Date of Termination, pay such health insurance premiums as may be necessary to allow Executive and Executive’s 's spouse and dependents to continue to receive health insurance coverage substantially similar to coverage they received immediately prior to the Date of Termination; and (iv) Except as expressly set forth in this Section 7(d) or required by applicable law, the Executive shall not be entitled to any other payments or benefits from the Bank following his termination without cause. Notwithstanding the foregoing, the terms of this Section 7(d) shall not apply to a termination with respect to which Executive is entitled to receive benefits pursuant to Section 8(c).

Termination by the Bank Without Cause. In the event of termination pursuant to Section 6(d), the Bank shall, within 90 days of the Date of Termination, pay to the Executive in a lump sum cash payment Executive’s accrued and unpaid salary to the Date of Termination, plus his accrued and unpaid incentive compensation, if any. In addition, the Executive shall be entitled to the following benefits, subject to the Executive signing a general release of claims (other than claims for the right to receive the payments or benefits set forth in this Section 7(d)) in a form and manner satisfactory to the Bank: (i) The Bank shall within 30 days following the Date of Termination pay Executive in a lump sum cash payment an amount equal to two times the sum of (A) Executive’s current base salary and (B) the greater of (1) his immediate prior fiscal year’s bonus or (2) the average of the Executive’s bonus for the immediate past three fiscal yearsannual salary; (ii) Upon the Date of Termination, each unvested stock option and any other stock-based grants and awards held by Executive shall immediately vest and become exercisable by the Executive. Subject to the provisions of Section 9(c), each such stock option may be exercised by Executive within 180 days after the Date of Termination; (iii) In addition to any other benefits to which Executive may be entitled in accordance with the Bank’s then existing severance policies, the Bank shall, for a period of two years one year commencing on the Date of Termination, pay such health insurance premiums as may be necessary to allow Executive and Executive’s spouse and dependents to continue to receive health insurance coverage substantially similar to coverage they received immediately prior to the Date of Termination; and (iv) Except as expressly set forth in this Section 7(d) or required by applicable law, the Executive shall not be entitled to any other payments or benefits from the Bank following his termination without cause. Notwithstanding the foregoing, the terms of this Section 7(d) shall not apply to a termination with respect to which Executive is entitled to receive benefits pursuant to Section 8(c).