Termination of Employee for Cause. (a) Upon or following a Change of Control, the Company may at any time terminate the Employee’s employment for Cause. Termination of employment by the Company for “Cause” shall mean termination upon: (i) the willful and continued failure by the Employee to substantially perform his/her duties with the Company (other than (A) any such failure resulting from Employee’s disability or (B) any such actual or anticipated failure resulting from Employee’s termination of his/her employment for Good Reason), after a written demand for substantial performance is delivered to the Employee by the Board of Directors which specifically identifies the manner in which the Board of Directors believes that the Employee has not substantially performed his/her duties, and which failure has not been cured within thirty days (30) after such written demand; or (ii) the willful and continued engaging by the Employee in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise, or (iii) the breach by the Employee of any of the covenants set forth in Section 8 hereof.
Termination of Employee for Cause. The Employer shall have the right to terminate Employee's employment at any time for "cause." Prior to such termination, the Employer shall provide Employee with written notification of any and all allegations constituting "cause" and the Employee shall be given five (5) working days after receipt of such written notification to respond to those allegations in writing. Upon receipt of the Employee's response, the Employer shall meet with the Employee to discuss the allegations. For purposes hereof, "cause" shall mean (i) an act or acts of personal dishonesty taken by the Employee and intended to result in personal enrichment of the Employee, (ii) material violations by the Employee of the Employee's obligations or duties under, or any terms of, this Agreement, which are not remedied in a reasonable period (not to exceed ten (10) days) after receipt of written notice thereof from the Employer, (iii) any violation by the Employee of any of the provisions of Articles Three, or Four, or (iv) Employee being indicted or convicted (by trial, guilty or no contest plea or otherwise) of (a) a felony, (b) any other crime involving moral turpitude, or (c) any violation of law which would impair the ability of the Employer or any affiliate to obtain any license or authority to do any business deemed necessary or desirable for the conduct of its actual or proposed business.
Termination of Employee for Cause. (a) The Board of Directors may terminate Employee’s employment at any time, but any termination by the Board of Directors for other than cause shall not prejudice the Employee’s right to compensation or other benefits under the Agreement. The Employee shall have no right to receive compensation or other benefits for any period after termination for cause. Termination for cause shall include termination because of the Employee’s personal dishonesty, incompetence, willful misconduct, 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 the contract.
(b) If Employee is suspended and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(3) and (g)(1)), the Bank’s obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in part) any of its other obligations which were suspended.
(c) If Employee is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(4) or (g)(1)), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.
(d) If the Bank is in default (as defined in section 3(x)(1) of the Federal Deposit Insurance Act), all its obligations under this Agreement shall terminate as of the date of default, but this paragraph (g) shall not affect any vested rights of the contracting parties.
(e) All obligations under this Agreement shall be terminated, except to the extent it is determined that continuation of the Agreement is necessary for the continued operation of the Bank:
(i) by the director of the Office of Thrift Supervision (the “Director”) or his or her designee, at the time the Federal Deposit Insurance Corporation enters into an agreement to provide assistance to or on behalf of th...
Termination of Employee for Cause. The Board of Directors may terminate Employee’s employment at any time, but any termination by the Board of Directors for other than cause shall not prejudice the Employee’s right to compensation or other benefits under this Agreement. The Employee shall have no right to receive compensation or other benefits for any period after termination for cause. Termination for cause shall include termination because of the Employee’s personal dishonesty, incompetence, willful misconduct, 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 regulatory cease and desist order, or material breach of any provision of this Agreement.
Termination of Employee for Cause. (a) Notwithstanding anything herein contained, on or after the date hereof and prior to the end of the Employment Period, the Bank and the Bancorp, by action of the Boards of Directors (upon a vote of two-thirds of each of its members, excluding Employee), which determination shall be binding upon the parties for all purposes under this Agreement, shall have the right to terminate Employee's employment hereunder for Cause (as defined in subsection 10(b) below) by giving to Employee written notice of such termination as of a date (not earlier than ten (10) days after such notice) to be specified in such notice, and the Employment Period shall terminate on the date so specified, whereupon Employee shall be entitled to receive only his salary at the rate provided in Section 4(a), plus his accrued vacation pay, but only to the date on which termination shall take effect; provided, however, that if termination is due to physical or mental disability of Employee, such termination shall not affect any rights which Employee may have at the time of termination pursuant to any insurance or other death benefit, bonus, retirement, or arrangements of the Bank and the Bancorp; or any stock option plan or any options thereunder, which rights shall continue to be governed by the provisions of such plans and agreements.
(b) For purposes of this Agreement, "Cause" shall mean the determination by the Boards of Directors, acting in good faith and by the vote of two-thirds of the members of each board, excluding Employee, with or without a meeting, that Employee has (i) willfully failed to perform or habitually neglected the duties which he is required to perform hereunder; or (ii) willfully failed to follow any policy of the Bank or the Bancorp which materially adversely affects the condition of the Bank or the Bancorp; or (iii) engaged in any activity in contravention of any Bank or Bancorp policy, statute, regulation or governmental policy which materially adversely affects the Bank’s or the Bancorp's condition, or its reputation in the community, or which evidences the lack of Employee's fitness or ability to perform Employee's duties; or (iv) willfully refused to follow any instruction from the Boards of Directors unless Employee asserts that compliance with such instruction would cause the Bank, the Bancorp or Employee to violate any federal or state statute, regulation or governmental or Bank/Bancorp policy; or (v) been convicted of or pleaded guilty or nolo contendere ...
Termination of Employee for Cause. Upon or following a Change of Control, the Company may at any time terminate the Employee's employment for Cause. Termination of employment by the Company for "
Termination of Employee for Cause. Employee’s employment shall only be terminated for good cause. Good cause is defined as the happening of any of the following events:
Termination of Employee for Cause. The Employer shall have the right to terminate Employee's employment at any time for "cause." Prior to such termination, the Employer shall provide Employee with written notification of any and all allegations constituting "cause" and the Employee shall be given five (5) working days after receipt of such written notification to respond to those allegations in writing. Upon receipt of the Employee's response, the Employer shall meet with the Employee to discuss the allegations.
Termination of Employee for Cause. If Employee is terminated for cause by Employer, Employee shall be entitled to his Base Compensation and Bonus Compensation, prorated to the date of termination, and Employer shall be relieved of its obligation to pay Employee any remaining Base Compensation or Bonus Compensation that would thereafter be due under Paragraph 3 of this Agreement. In addition, if Employee is terminated for cause by Employer, Employee shall be bound by the non-compete provisions of Paragraph 19 of this Agreement.
Termination of Employee for Cause. The occurrence of any of the following events or circumstances shall constitute “Cause” for the termination, at the election of Employer, of the employment of Employee under this Agreement:
(i) conduct by Employee, or as a result of Employee’s direction, of a willful act (including, without limitation, a dishonest or fraudulent act) or a grossly negligent act, or the willful or grossly negligent omission to act, by the Employee, which is intended to cause, causes or is reasonably likely to cause harm to the Employer (including harm to its business reputation);
(ii) the indictment or the arrest of Employee for the commission or perpetration by the Employee of any felony, or any act involving dishonesty, moral turpitude or fraud;
(iii) the receipt of any form of notice, written or otherwise, that any regulatory agency having jurisdiction over the Employer intends to institute any form of formal or informal regulatory action against the Employee or the Employer (provided, that the respective Board of Directors determines, in good faith, that the subject matter of such action involves acts or omissions by or under the supervision of the Employee or that termination of the Employee would materially advance the Employer’s compliance with a concern prompting such regulatory action or would materially assist the Employer or the Bank in avoiding or reducing the restrictions or adverse affects to the Employer or the Bank related to the regulatory action);
(iv) knowing violation by Employee of any federal or state banking or securities law or regulation which is material to the Bank or its operations, or Employee’s act or omission which he reasonably should have known violated any such law or regulation;
(v) Employee’s refusal to perform a duly authorized directive of the CEO;
(vi) Any other material breach by the Employee of this Agreement that, if susceptible of cure remains uncured for 10 days following notice to the Employee of such breach; or
(vii) Employee exhibits a standard of behavior within the scope of her employment that is materially disruptive to the orderly conduct of the Employer’s business operations (including, without limitation, substance abuse or sexual misconduct) to a level which, in good faith and the reasonable judgment of the CEO, is detrimental to the Employer’s best interests, that if susceptible of cure remains uncured for 10 days following written notice to the Employee of such specific inappropriate behavior. Provided, however, that wit...
