Common use of Termination of Employee for Cause Clause in Contracts

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 the Bank under the authority contained in 13(c) of the Federal Deposit Insurance Act; or (ii) by the Director or his or her designee, at the time the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.

Termination of Employee for Cause. (a) The Board Holding Company's board of Directors directors may terminate the Employee’s 's employment at any time, but any termination by the Board Holding Company's board of Directors for directors other than cause termination for cause, shall not prejudice the Employee’s 's right to compensation or other benefits under the Agreementcontract. 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 '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 Holding Company's affairs by a notice served under section 8(e)(38 (e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(3) and (g)(1)), ) the Bank’s Holding Company'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 Holding Company 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 Holding Company's affairs by an order issued under section 8(e)(48 (e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(41818 (e)(4) or (g)(1)), all obligations of the Bank Holding Company 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 Holding Company is in default (as defined in section 3(x)(13 (x)(1) of the Federal Deposit Insurance Act), all its obligations under this Agreement shall shal1 terminate as of the date of default, 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 contract is necessary for of the continued operation of the BankHolding Company: (i) by By the director of the Office of Thrift Supervision OTS (the “"Director”") or his or her designee, at the time the Federal Deposit Insurance Corporation or Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank Holding Company under the authority contained in 13(c13(C) of the Federal Deposit Insurance Act; or (ii) by By the Director or his or her designee, at the time the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank Holding Company or when the Bank Holding Company is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.

Termination of Employee for Cause. (a) The Board Bank's board of Directors directors may terminate the Employee’s 's employment at any time, but any termination by the Board Bank's board of Directors for directors other than cause termination for cause, shall not prejudice the Employee’s 's right to compensation or other benefits under the Agreementcontract. 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 '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 's affairs by a notice served under section 8(e)(38 (e) (3) or (g)(1g) (1) of the Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(3e) (3) and (g)(1g) (1)), ) the Bank’s '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 's affairs by an order issued under section 8(e)(48 (e) (4) or (g)(1g) (1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(41818 (e) (4) or (g)(1g) (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)(13 (x) (1) of the Federal Deposit Insurance Act), all its obligations under this Agreement shall terminate as of the date of default, default but this paragraph (g) shall not affect any vested rights of the contracting parties. (e) All obligations under this Agreement shall shal1 be terminated, except to the extent it is determined that continuation of the Agreement contract is necessary for of the continued operation of the Bank: (i) by By the director of the Office of Thrift Supervision OTS (the “"Director”") or his or her designee, at the time the Federal Deposit Insurance Corporation or Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in 13(c13 (C) of the Federal Deposit Insurance Act; or (ii) by By the Director or his or her designee, at the time the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.

Termination of Employee for Cause. (a) The Board Bank's board of Directors directors may terminate the Employee’s 's employment at any time, but any termination by the Board Bank's board of Directors for directors other than cause termination for cause, shall not prejudice the Employee’s 's right to compensation or other benefits under the Agreementcontract. 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 '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 's affairs by a notice served under section 8(e)(38 (e) (3) or (g)(1g) (1) of the Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(3e) (3) and (g)(1g) (1)), ) the Bank’s '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 's affairs by an order issued under section 8(e)(48 (e) (4) or (g)(1g) (1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(41818 (e) (4) or (g)(1g) (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)(13 (x) (1) of the Federal Deposit Insurance Act), all its obligations under this Agreement shall terminate as of the date of default, 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 contract is necessary for of the continued operation of the Bank: (i) by By the director of the Office of Thrift Supervision OTS (the “"Director”") or his or her designee, at the time the Federal Deposit Insurance Corporation or Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in 13(c13 (C) of the Federal Deposit Insurance Act; or (ii) by By the Director or his or her designee, at the time the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.

Termination of Employee for Cause. (a) The Board Holding Company's board of Directors directors may terminate the Employee’s 's employment at any time, but any termination by the Board Holding Company's board of Directors for directors other than cause termination for cause, shall not prejudice the Employee’s 's right to compensation or other benefits under the Agreementcontract. 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 '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 Holding Company's affairs by a notice served under section 8(e)(38 (e) (3) or (g)(1g) (1) of the Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(3e) (3) and (g)(1g) (1)), ) the Bank’s Holding Company'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 Holding Company 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 Holding Company's affairs by an order issued under section 8(e)(48 (e) (4) or (g)(1g) (1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(41818 (e) (4) or (g)(1g) (1)), all obligations of the Bank Holding Company 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 Holding Company is in default (as defined in section 3(x)(13 (x) (1) of the Federal Deposit Insurance Act), all its obligations under this Agreement shall terminate as of the date of default, 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 contract is necessary for of the continued operation of the BankHolding Company: (i) by By the director of the Office of Thrift Supervision OTS (the “"Director”") or his or her designee, at the time the Federal Deposit Insurance Corporation or Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank Holding Company under the authority contained in 13(c13 (C) of the Federal Deposit Insurance Act; or (ii) by By the Director or his or her designee, at the time the Director or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank Holding Company or when the Bank Holding Company is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.