Common use of Termination by the Bank Without Clause in Contracts

Termination by the Bank Without. “Cause”. The Bank, upon written notice to Executive, shall have the right to terminate the Employment Period at any time, for any reason or for no reason. In the event of such termination by the Bank (including termination following delivery of a notice of non-renewal by the Bank under Section 2 without “Cause” (unless the Bank terminates for “Cause” thereafter), but excluding a termination by the Bank for “Cause” under Section 8(E)), Executive shall be entitled to all of the same compensation and benefits specified in Section 8(B)(ii) within the same time periods and on the same terms and conditions as specified therein, provided that Executive shall not be entitled to the compensation specified in Section 8(B)(ii)(b) or the continuation of Benefits specified in Section 8(B)(ii)(d) and Section 8(B(ii)(e) (other than as required by COBRA) if Executive’s employment is terminated in connection with the liquidation, dissolution, insolvency or cessation of operations of the Bank; provided further, that in the event of a non-renewal of the Employment Period by the Bank under Section 2 without “Cause,” the Severance Period shall be reduced by the number of whole and partial months elapsed from the delivery date of such non-renewal notice and the effective date of such termination.