Common use of Termination by the Bank Clause in Contracts

Termination by the Bank. The Bank may terminate the employment of the Executive as follows: (i) For Cause upon the adoption of a resolution by the affirmative vote of not less than a majority of the entire membership of the Bank’s Board of Directors at a meeting of the Board (after reasonable notice to the Executive and an opportunity for the Executive, together with counsel, to be heard by the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct set forth in the definition of “Cause” in Section 1 hereof and specifying the particulars thereof in detail. A vote of the Board is not required if the Executive is removed for cause by the Federal Housing Finance Board pursuant to 12 U.S.C. 1422b(a)(2); (ii) Without Cause; (iii) Upon the Disability of the Executive; and (iv) Upon the death of the Executive.

Termination by the Bank. The Bank may terminate the employment of the Executive as follows: (i) For Cause upon the adoption of a resolution by the affirmative vote of not less than a majority of the entire membership of the Bank’s Board of Directors at a meeting of the Board (after reasonable notice to the Executive and an opportunity for the Executive, together with counsel, to be heard by the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct set forth in the definition of “Cause” in Section 1 hereof and specifying the particulars thereof in detail. A vote of the Board is not required if the Executive is removed for cause by or at the direction of the Federal Housing Finance Board Agency pursuant to federal laws, rules and regulations, including 12 U.S.C. 1422b(a)(2)§4501 et. seq. as amended; (ii) Without Cause; (iii) Upon the Disability of the Executive; and (iv) Upon the death of the Executive.

Termination by the Bank. The Bank may terminate the employment of the Executive as follows: (i) For Cause upon the adoption of a resolution by the affirmative vote of not less than a majority of the entire membership of the Bank’s 's Board of Directors at a meeting of the Board (after reasonable notice to the Executive and an opportunity for the Executive, together with counsel, to be heard by the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct set forth in the definition of “Cause” in Section 1 hereof and specifying the particulars thereof in detail. A vote of the Board is not required if the Executive is removed for cause by or at the direction of the Federal Housing Finance Board Agency pursuant to federal laws, rules and regulations, including 12 U.S.C. 1422b(a)(2)§4501 et. seq. as amended; (ii) Without Cause; (iii) Upon the Disability of the Executive; and (iv) Upon the death of the Executive.

Termination by the Bank. The Bank may terminate the employment of the Executive as follows: (i) For Cause upon the adoption of a resolution by the affirmative vote of not less than a majority of the entire membership of the Bank’s Board of Directors at a meeting of the Board (after reasonable notice to the Executive and an opportunity for the Executive, together with counsel, to be heard by the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct set forth in the definition of “Cause” in Section 1 hereof and specifying the particulars thereof in detail. A vote of the Board is not required if the Executive is removed for cause by the Federal Housing Finance Board Agency or a successor agency pursuant to 12 U.S.C. 1422b(a)(2)) or a similar statute; (ii) Without Cause; (iii) Upon the Disability of the Executive; and (iv) Upon the death of the Executive.