Common use of Termination by the Bank Clause in Contracts

Termination by the Bank. In the event that The Bank provides the Executive with a notice of termination without cause under paragraph 5(a), The Bank will pay to the Executive an amount equal to the salary he would have received from the date of termination through the end of the then-current Term. Such payment will be made in equal monthly payments beginning on the 15th day of the calendar month immediately following the termination date and ending on the date which is the 15th day of the third calendar month of the calendar year immediately following the termination date. All forfeiture provisions affecting restricted stock awards and all vesting requirements affecting stock options shall lapse or be deemed fully completed.

Termination by the Bank. In the event that The Bank provides the Executive with a notice of termination without cause under paragraph 5(a), The Bank will pay to the Executive an amount equal to the salary he she would have received from the date of termination through the end of the then-current Term. Such payment will be made in equal monthly payments beginning on the 15th day of the calendar month immediately following the termination date and ending on the date which is the 15th day of the third calendar month of the calendar year immediately following the termination date. All forfeiture provisions affecting restricted stock awards and all vesting requirements affecting stock options shall lapse or be deemed fully completed.

Termination by the Bank. In the event that The Bank provides the Executive with a notice of termination without cause under paragraph 5(a), The Bank will pay to the Executive an amount equal to the salary he would have received from the date of termination through the end of the then-then current Term. Such payment will be made in equal monthly payments beginning on the 15th day of the calendar month immediately following the termination date and ending on the date which is the 15th day of the third calendar month of the calendar year immediately following the termination date. All forfeiture provisions affecting restricted stock awards and all vesting requirements affecting stock options shall lapse or be deemed fully completed.