Termination of Employee Without Cause. (a) Upon the occurrence of an Event of Termination (as herein defined) during Employee’s Term of employment under this Agreement, the provisions of this Section shall apply.
(b) As used in this Agreement, an “Event of Termination” shall mean and include any one or more of the following: (i) the termination by the Bank or the Holding Company of Employee’s full-time employment hereunder for any reason other than a termination governed by Section 12 below, or termination for Cause, as defined in Section 10(b) below; or (ii) Employee’s termination with good reason from the Bank’s employ in accordance with Section 9(c) below upon any (A) failure to elect or reelect or to appoint or reappoint Employee to the positions he has been appointed to pursuant to Section 2, unless consented to by Employee, (B) a material change in Employee’s function, duties, or responsibilities with the Bank, which change would cause Employee’s position to become one of substantially lesser responsibility, importance, or scope from the position and attributes thereof described in Section 2 above, unless consented to by Employee, (C) a relocation of Employee’s principal place of employment by more than 30 driving miles from its location at the effective date of this Agreement, unless consented to by the Employee, (D) a material reduction in the benefits and perquisites to Employee from those being provided as of the effective date of this Agreement, unless consented to by Employee, (E) a liquidation or dissolution of the Bank or Holding Company, or (F) breach of this Agreement by the Bank.
(c) Upon the occurrence of any event of a type described in clauses (ii)(A), (B), (C), (D), (E) or (F), of Section 9(b), Employee shall have the right to terminate with good reason his employment under this Agreement by delivering written notice to the Bank not less than sixty (60) days following the occurrence of such event, which termination with good reason shall be effective only if such event shall not be cured within thirty (30) days after the Bank’s receipt of such notice. The date of any Event of Termination shall be referred to herein as the “Date of Termination.”
(d) Upon the occurrence of an Event of Termination by the Bank, the Bank shall pay to Employee an amount equal to his base salary for the remaining portion of the Term (such payment, the “Severance Payment”), as severance pay in lieu of and in substitution for any other claims for salary and continued benefits hereunder (based on Emp...
Termination of Employee Without Cause. (a) The Board of Directors may terminate Employee's employment hereunder without Cause (as defined in subsection 10(b) below) at any time, provided, however, that such termination by the Board without Cause shall entitle Employee to the compensation described in subsection 9(b) below.
(b) In the event Employee is terminated by the Bank without Cause, the Bank shall pay to Employee an amount equal to twelve (12) months of base salary, auto allowance, vacation pay and insurance benefits, and accrued bonuses as severance pay in lieu of and in substitution for any other claims for salary and continued benefits hereunder (based on Employee's base salary and benefits prevailing at the time of termination). Such severance payment shall be in addition to all other sums owing to Employee as accrued vacation pay. However, if Employee's employment is terminated by the Bank or the Bank's successor pursuant to this Section 9 within nine (9) months as a result of the consummation of a plan of dissolution or a liquidation of the Bank, or consummation of a plan of reorganization, merger or consolidation of the Bank with one or more corporations, as a result of which the Bank is not the surviving corporation, or upon the sale of all or substantially all of the assets of the Bank to another corporation, or the acquisition of stock representing more than 25% of the voting power of the Bank then outstanding by another corporation or person, the Bank shall pay to Employee an amount equal to twenty-four (24) months of base salary, auto allowance, vacation pay, and insurance benefits, as severance pay in lieu of and in substitution for any other claims for salary and continued benefits hereunder (based on Employee's base salary and benefits prevailing at the time of termination). Such severance payment shall be in addition to all sums owing to employee as accrued vacation pay. With respect to any stock options issued to the Employee that were outstanding on the date of the termination of her employment under this Section 9, any options which would become exercisable had the Employee remained in the employ of the Bank through the end of the Employment Period but which are not exercisable on the effective date of the Employee's termination of employment under this Section 9 shall automatically become exercisable upon any such termination, and shall remain exercisable in full for a period of one year after such termination of employment.
Termination of Employee Without Cause. In the event the Employee is terminated for any reason other than for cause, the Employee shall be entitled to the compensation and bonuses he would have been paid had the Employer not terminated the Employee and the Employee had continued to provide services hereunder for as long as the CEO shall deem proper which in no event shall be less than two months from the date of termination. The Employee shall continue to be bound by Article 5 hereof. If the Employer compensates the Employee pursuant to this Article 6.4, the Employee shall have the following duties and obligations for the period so compensated: i) to cooperate with the Employer by providing consulting services on site at any site reasonably required by the Employer, ii) to not engage in any course of conduct which competes, directly or indirectly, with the business of the Employer, iii) to keep confidential all of the Employer's trade secrets, confidential information, knowledge or data, and iv) return all confidential material to the Employer.
Termination of Employee Without Cause. In the event that this Agreement is terminated without Cause, Employee shall be paid or provided all compensation and benefits to which he is entitled under this Agreement, including salary, bonuses, stock options, use of automobile and reimbursement of operating costs thereof, club membership dues, and all other benefits, through the expiration of the Term. Notwithstanding the foregoing, in the event that the Company is a party to a merger, consolidation or reorganization with one or more other entities in which the Company is not the surviving entity, or upon a sale of substantially all of the assets of the Company to another person or entity, in a transaction approved by the Board of Directors of the Company, and, in connection therewith or subsequent thereto, this Agreement is terminated without Cause, the only compensation and benefits which Employee shall be entitled to receive pursuant to this Paragraph 8 shall be his Base Salary in effect upon the termination of employment which shall be paid for the two-year period following such termination.
Termination of Employee Without Cause. Employer may terminate Employee's employment without Cause at any time by giving written notice to Employee. In such event Employer shall have no further obligation hereunder, except that Employee shall receive all compensation and other benefits in which he was vested or to which he was otherwise entitled under Section 4 and the plans and programs provided therein, by reason of his employment through the Termination Date, and Employee shall receive as severance his Base Salary in effect on the Termination Date continued until the date that the Employment Term would have ended had it not been terminated pursuant to this Section 5(iv), however such severance shall not be for less than a twelve (12) month period. Such severance shall be payable in the same manner that the Base Salary would have been paid. For purposes of this paragraph, a substantial reduction of Employee's duties by Employer shall be defined to be a termination of Employee's employment without cause.
Termination of Employee Without Cause. The Employer shall have the right to terminate the Employee's employment hereunder at any time without cause by giving no less than thirty (30) days notice whereupon:
(i) The Employee will be entitled to all earned Fees, Shares, Warrants and Stock Options without setback or extension of exercise dates immediately upon termination.
(ii) The Employee shall keep all prepaid expenses.
(iii) All Company benefits to which the Employee is participating will be severed in no less than 30days from date of termination and Employer shall be responsible for all expenses and costs related to those benefits to the severance date of the benefits.
Termination of Employee Without Cause. If the Employee’s employment is involuntarily terminated by the Company (other than for Cause) and the Employee has not declined another comparable position with the Company, an affiliate of the Company, or a successor or assignee of the Company, the Employee shall be paid a standard severance pay benefit equal to one (1) times the Employee’s then-current annual base salary. Such amount shall be payable in a cash lump sum as soon as reasonably practicable after the Employee’s termination of employment.
Termination of Employee Without Cause. If Employee is terminated by Employer without cause or this Agreement is terminated due to the Employer selling or otherwise ceasing to own and operate the Dealerships, Employee shall be entitled to the greater of (a) an amount equal to his Base Compensation and his Bonus Compensation for the period of twelve (12) months prior to the date of termination, or (b) his monthly Base Compensation for a twelve (12)
Termination of Employee Without Cause. In the event Employee's employment is terminated by the Company without Cause as defined in Section 6.2 below, Employee will receive Salary and accrued but unused vacation through the date of such termination (the "Termination Date"). In addition, Employee will receive severance in an aggregate amount equal to twelve (12) months' Salary (the "Severance Payment.") The Severance Payment is the exclusive severance payment to which Employee is entitled, and include any severance amounts to which Employee is entitled under any Company severance plan, policy or program. Any payment will be less applicable state and federal taxes and/or other payroll deductions. The Severance Payment will be made in a lump sum within forty five (45) days of the Effective Date as defined in Exhibit B. Further, if Employee elects continued coverage pursuant to the Consolidated Budget Reconciliation Act ("COBRA"), the Company will pay an amount equal to the previously paid "employer portion" of Employee's monthly premium, for continuation of the Employee's benefits for six (6) months.
Termination of Employee Without Cause. (a) Upon the occurrence of an Event of Termination (as herein defined) during Employee’s Term of employment under this Agreement, the provisions of this Section shall apply.
(b) As used in this Agreement, an “Event of Termination” shall mean and include any one or more of the following: (i) the termination by the Holding Company of Employee’s full-time employment hereunder for any reason other than a termination governed by Section 12 below, or Termination for Cause, as defined in Section 10 below; (ii) Employee’s termination with good reason from the Holding Company’s employ in accordance with Section 9(c) below upon any (A) failure to elect or reelect or to appoint or reappoint Employee as Executive Vice President, unless consented to by the Employee, (B) a material change in Employee’s function, duties, or responsibilities with the Holding Company or its subsidiaries, which change would cause Employee’s position to become one of substantially lesser responsibility, importance, or scope from the position and attributes thereof described in Section 2 above, unless consented to by Employee,
