Common use of Termination by the Employer Clause in Contracts

Termination by the Employer. Nothing herein contained shall prevent the Employer from terminating the services of the Executive at any time prior to the expiration of this Agreement. (i) If such termination is effective prior to the time “a change in control” (as defined in paragraph (b) of this Section 2) occurs with respect to either the Employer or the Holding Company, and prior to the time the Employer or the Holding Company enters into negotiations which result in such change of control, then unless the termination is “for good cause” as hereinafter defined, the Employer shall pay the Executive a termination allowance in 12 equal monthly payments commencing on the last day of the month in which the date of actual termination occurs, the total amount of which will equal the base salary plus director’s fees, if any, but not including any bonuses paid to the Executive by the Employer in the 12 months next preceding the Notice of Termination. Except as provided in this paragraph 2(a)(i), upon the termination herein described, the compensation and benefits of the Executive will cease as of the Date of Termination as defined in paragraph 2(d). (ii) Termination of employment “for good cause” means a dismissal of the Executive because of (i) the material failure of the Executive, after written notice, for reasons other than disability, to render services to the Employer as provided herein, (ii) the Executive’s gross or willful neglect of duty, or (iii) illegal or intentional acts by the Executive demonstrating bad faith toward the Employer. If the Employer shall terminate the Executive’s employment for good cause, the Executive shall be entitled only to receive his/her base salary in respect of services performed through the Date of Termination.

Termination by the Employer. Nothing herein contained shall prevent the Employer from terminating the services of the Executive at any time prior to the expiration of this Agreement. (i) If such termination is effective prior to the time “a change in control” (as defined in paragraph (b) of this Section 2) occurs with respect to either the Employer or the Holding Company, and prior to the time the Employer or the Holding Company enters into negotiations which result in such change of control, then unless the termination is “for good cause” as hereinafter defined, the Employer shall pay the Executive a termination allowance in 12 equal monthly payments commencing on the last day of the month in which the date of actual termination occurs, the total amount of which will equal the base salary plus director’s fees, if any, but not including any bonuses paid to the Executive by the Employer in the 12 months next preceding the Notice of Termination. Notwithstanding the foregoing, if the Executive is a Key Employee on the Date of Termination, the termination allowance shall not commence until the first day of the seventh month following the Date of Termination, and the first payment shall include the first six months of termination allowance payments. Except as provided in this paragraph 2(a)(i), upon the termination herein described, the compensation and benefits of the Executive will cease as of the Date of Termination as defined in paragraph 2(d). (ii) Termination of employment “for good cause” means a dismissal of the Executive because of (i) the material failure of the Executive, after written notice, for reasons other than disability, to render services to the Employer as provided herein, (ii) the Executive’s gross or willful neglect of duty, or (iii) illegal or intentional acts by the Executive demonstrating bad faith toward the Employer. If the Employer shall terminate the Executive’s employment for good cause, the Executive shall be entitled only to receive his/her base salary in respect of services performed through the Date of Termination.

Termination by the Employer. Nothing herein contained shall prevent the Employer from terminating the services of the Executive at any time prior to the expiration of this Agreement. (i) If such termination is effective prior to the time “a change in control” (as defined in paragraph (b) of this Section 2) 2 occurs with respect to either the Employer or the Holding Company, and prior to the time the Employer or the Holding Company enters into negotiations which result in such change of control, then unless the termination is “for good cause” as hereinafter defined, the Employer shall pay the Executive a termination allowance in 12 equal monthly payments commencing on the last day of the month in which the date of actual termination occurs, the total amount of which will equal the base salary plus director’s fees, if any, but not including any bonuses paid to the Executive by the Employer in the 12 months next preceding the Notice of Termination. Except as provided in this paragraph 2(a)(i2(a)(1), upon the termination herein described, the compensation and benefits of the Executive will cease as of the Date of Termination as defined in paragraph 2(d). (ii) Termination of employment “for good cause” means a dismissal of the Executive because of (iI) the material failure of the Executive, after written notice, for reasons other than disability, to render services to the Employer as provided herein, (ii) the Executive’s gross or willful neglect of duty, or (iii) illegal or intentional acts by the Executive demonstrating bad faith toward the Employer. If the Employer shall terminate the Executive’s employment for good cause, the Executive shall be entitled only to receive his/her his base salary in respect of services performed through the Date of Termination.

Termination by the Employer. Nothing herein contained shall prevent the Employer from terminating the services of the Executive at any time prior to the expiration of this Agreement. (i) If such termination is effective prior to the time “a change in control” (as defined in paragraph (b) of this Section 2) 2 occurs with respect to either the Employer or the Holding Company, and prior to the time the Employer or the Holding Company enters into negotiations which result in such change of control, then unless the termination is “for good cause” as hereinafter defined, the Employer shall pay the Executive a termination allowance in 12 equal monthly payments commencing on the last day of the month in which the date of actual termination occurs, the total amount of which will equal the base salary plus director’s fees, if any, but not including any bonuses paid to the Executive by the Employer in the 12 months next preceding the Notice of Termination. Except as provided in this paragraph 2(a)(i2(a)(1), upon the termination herein described, the compensation and benefits of the Executive will cease as of the Date of Termination as defined in paragraph 2(d). (ii) Termination of employment “for good cause” means a dismissal of the Executive because of (i) the material failure of the Executive, after written notice, for reasons other than disability, to render services to the Employer as provided herein, (ii) the Executive’s gross or willful neglect of duty, or (iii) illegal or intentional acts by the Executive demonstrating bad faith toward the Employer. If the Employer shall terminate the Executive’s employment for good cause, the Executive shall be entitled only to receive his/her base salary in respect of services performed through the Date of Termination.

Termination by the Employer. Nothing herein contained shall prevent the Employer from terminating the services of the Executive at any time prior to the expiration of this Agreement. (i1) If such termination is effective prior to the time “a change in control” (as defined in paragraph part (b) of this Section 2Paragraph (3) occurs with respect to either the Employer or the Holding CompanyBank, and prior to the time the Employer or the Holding Company enters into negotiations which result in such change of control, then unless the termination is “for good cause” cause “ as hereinafter defined, the Employer shall pay the Executive a termination allowance in 12 equal monthly payments commencing on the last day of the month in which the date of actual termination occurs, the total amount of which will equal the base salary plus director’s fees, if any, but not including any bonuses paid to the Executive by the Employer Bank in the 12 months next preceding the Notice of Termination. Except as provided in this paragraph 2(a)(iParagraph 3(a)(1), upon the termination herein described, the compensation and benefits of the Executive will cease as of the Date of Termination as defined in paragraph 2(dParagraph 3(d). (ii2) Termination of employment “for good cause” means a dismissal of the Executive because of (i) the material failure of the Executive, after written notice, for reasons other than disability, to render services to the Employer as provided herein, (ii) the Executive’s gross or willful neglect of duty, or (iii) illegal or intentional acts by the Executive demonstrating bad faith toward the Employer. If the Employer shall terminate the Executive’s employment for good cause, the Executive shall be entitled only to receive his/her base his basic salary in respect of services performed through the Date of Termination.

Termination by the Employer. Nothing herein contained shall prevent the Employer from terminating the services of the Executive at any time prior to the expiration of this Agreement. (i) If such termination is effective prior to the time “a change in control” (as defined in paragraph (b) of this Section 2) 2 occurs with respect to either the Employer or the Holding Company, and prior to the time the Employer or the Holding Company enters into negotiations which result in such change of control, then unless the termination is “for good cause” as hereinafter defined, the Employer shall pay the Executive a termination allowance in 12 equal monthly payments commencing on the last day of the month in which the date of actual termination occurs, the total amount of which will equal the base salary plus director’s fees, if any, but not including any bonuses paid to the Executive by the Employer in the 12 months next preceding the Notice of Termination. Except as provided in this paragraph 2(a)(i2(a)(1), upon the termination herein described, the compensation and benefits of the Executive will cease as of the Date of Termination as defined in paragraph 2(d). (ii) Termination of employment “for good cause” means a dismissal of the Executive because of (i) the material failure of the Executive, after written notice, for reasons other than disability, to render services to the Employer as provided herein, (ii) the Executive’s gross or willful neglect of duty, or (iii) illegal or intentional acts by the Executive demonstrating bad faith toward the Employer. If the Employer shall terminate the Executive’s employment for good cause, the Executive shall be entitled only to receive his/her his base salary in respect of services performed through the Date of Termination.