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

Termination by the Bank Without Cause. This Agreement may be terminated by the Bank for any reason whatsoever, by giving 30 days' prior written notice of termination to the other party. If Employee is terminated without cause pursuant to this Section 7.4, Employee shall be entitled to the base compensation earned prior to the date of termination as provided for in this Agreement, computed pro-rata up to and including the date of termination plus a continued salary (at the then current rate) which shall terminate on the sooner of the expiration of the remaining term of this Agreement or at such time as the Employee has found other employment comparable with Employee's employment with the Bank. Employee shall use his best efforts to obtain such employment.

Termination by the Bank Without Cause. This Agreement may be terminated by the Bank for any reason whatsoever, by giving 30 days' prior written notice of termination to the other party. If Employee is terminated without cause pursuant to this Section 7.4, Employee shall be entitled to the base compensation salary earned prior to the date of termination as provided for in this Agreement, computed pro-rata up to and including the date of termination plus a continued monthly base salary (at the then current rate) which for a period of six (6) months from the date of termination. Notwithstanding the foregoing, such right to a continued salary shall terminate on the sooner of the expiration of the remaining term of this Agreement or at such time as the Employee has found other employment comparable with Employee's employment with the Bank. Employee shall use his best efforts to obtain such employment.