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 (including but not limited to residual rights and benefits, if any, under the Participant's SERP Agreement dated April 5, 1994), 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 or under the Participant's SERP Agreement dated April 5, 1994 (pursuant to the operations of Section 9(j) of this Agreement)."

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 (including but not limited to residual rights and benefits, if any, under the Participant's 1994 SERP Agreement dated April 5, 1994Agreement), 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 or under the Participant's 1994 SERP Agreement dated April 5, 1994 (pursuant to the operations of Section 9(j) of this Agreement)."

TERMINATION OF EMPLOYMENT AND FORFEITURE. Prior to the ---------------------------------------- occurrence of a ofa 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 (including but not limited to residual rights and benefits, if any, under the Participant's SERP Agreement dated April 5, 1994), 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 or under the Participant's SERP Agreement dated April 5, 1994 (pursuant to the operations of Section 9(j) of this Agreement)."