Termination for Cause and Without Cause Sample Clauses

Termination for Cause and Without Cause. (a) The Bank or Bancorp may terminate the Agreement at any time by action of its Board for cause (“Cause”). For purposes of this Agreement, “Cause” means the termination of Employee’s employment by the Company due to (i) Employee’s conviction of a felony or the entering by the Employee of a pleas of nolo contendere to a felony charge, or any willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, (ii) Employee’s gross neglect, willful malfeasance or willful gross misconduct in connection with his employment hereunder which has or may reasonably be expected to have a significant adverse effect on the business or reputation of the Company, (iii) a substantial and continual refusal by Employee in breach of this Agreement to perform the duties, responsibilities or obligations assigned to Employee pursuant to the terms hereof, provided that such duties, responsibilities or obligations are consistent with his position as Executive Vice President and Chief Credit Officer of Bancorp and the Bank, or (iv) any other material breach by Employee of any material provision of this Agreement. Termination under this Section 6(a) shall not prejudice any remedy that the Bank or Bancorp may have at law, in equity, or under this Agreement. In the event Employee is terminated for Cause, Employee shall be entitled to receive his Base Salary through the effective date of the termination, any incurred but unreimbursed business expenses, and any accrued but unused vacation time as of the date of termination. Employee shall not be entitled to any other compensation. Employee shall not be eligible to receive any separation pay if terminated for Cause.

Termination for Cause and Without Cause. (a) The Bank or MB may terminate this Agreement at any time by action of its Board for cause (“Cause”). For purposes of this Agreement, termination for “Cause” shall mean termination because of Employee’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or cease-and-desist order or similar written agreement issued by the Federal Deposit Insurance Corporation or the United States Comptroller of the Currency or his or her designee, or material breach of any provision of this Agreement. For purposes of this Agreement, no act, or the failure to act, on Employee’s part shall be considered “willful” unless done, or omitted to be done, not in good faith and without reasonable belief that the action or omission was in the best interests of the Bank or MB. Termination under this Section 6(a) shall not prejudice any remedy that the Bank or MB may have at law, in equity, or under this Agreement. In the event Employee is terminated for Cause, Employee shall be entitled to receive his Base Salary through the effective date of the termination, any incurred but unreimbursed business expenses, and any accrued but unused vacation time as of the date of termination. Employee shall not be entitled to any other compensation. Employee shall not be eligible to receive any separation pay if terminated for Cause.

Termination for Cause and Without Cause. (a) The Bank or MB may terminate this Agreement at any time by action of its Board for cause (“Cause”). For purposes of this Agreement, termination for “Cause” shall mean termination because of Employee’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order or material breach of any provision of this Agreement. For purposes of this Agreement, no act, or the failure to act, on Employee’s part shall be considered “willful” unless done, or omitted to be done, not in good faith and without reasonable belief that the action or omission was in the best interests of the Bank or MB. If Employee shall have not relocated to the Manhattan Beach area on or before July 1, 2011, which is six months after the Effective Date, any termination of this Agreement by the Bank or MB from and after July 1, 2011 and until the date that Employee shall have relocated to the Manhattan Beach area shall be deemed a termination for Cause. Termination under this Section shall not prejudice any remedy that the Bank or MB may have at law, in equity, or under this Agreement. In the event Employee is terminated for Cause, Employee shall be entitled to receive his Base Salary through the effective date of the termination, any incurred but unreimbursed business expenses, and any accrued but unused vacation time as of the date of termination. Employee shall not be entitled to any other compensation. Employee shall not be eligible to receive any separation pay if terminated for Cause.

Termination for Cause and Without Cause