Common use of TERMINATION OF EMPLOYMENT AND FORFEITURE Clause in Contracts

TERMINATION OF EMPLOYMENT AND FORFEITURE. Prior to the occurrence of ---------------------------------------- a change in control, as defined in Section 8.3 of the Omnibus SERP, Centura and the Bank may terminate the Participant's employment for "cause" as defined in paragraph 8.5 of the Omnibus SERP and upon such termination, Participant shall forfeit all rights and benefits under this Agreement except those benefits provided pursuant to Section 4 above and Article VII of the Omnibus SERP. Notwithstanding the foregoing, the Participant's rights and benefits hereunder shall not be subject to forfeiture at any time after the occurrence of an event entitling the Participant to begin receiving benefits pursuant to Sections 1, 2 or 3 hereunder. Section 8.2 of the Omnibus SERP shall apply in the event of termination by Centura or the Bank "without cause."

TERMINATION OF EMPLOYMENT AND FORFEITURE. Prior to the occurrence of ---------------------------------------- a change in control, as defined in Section 8.3 of the Omnibus SERP, Centura and the Bank may terminate the Participant's employment for "cause" as defined in paragraph 8.5 of the Omnibus SERP and upon such termination, Participant shall forfeit all rights and benefits under this Agreement except those benefits provided pursuant to Section 4 above and Article VII of the Omnibus SERP. Notwithstanding the foregoing, the Participant's rights and benefits hereunder shall not be subject to forfeiture at any time after the occurrence of an event entitling the Participant to begin receiving benefits pursuant to Sections 1, 2 or 3 hereunder. Section 8.2 of the Omnibus SERP shall apply in the event of termination by Centura or the Bank "without cause."