Common use of Termination of Employment by the Bank Without Cause Clause in Contracts

Termination of Employment by the Bank Without Cause. The Bank may terminate Executive's employment hereunder without cause, in which case the Executive shall receive (a) his base salary under Section 1.3 hereof through the then remaining term of employment under Section 1.1, (b) his theretofore unpaid base salary for the period of employment up to the date of termination, (c) medical, dental and life insurance through the then remaining term of employment under Section 1.1 consistent with the terms and conditions set forth in Section 1.4, to the extent the same can be provided under the insurance arrangements of the Bank in effect at the time of termination, (d) any other benefits to which Executive is entitled by law or the specific terms of the Bank's policies in effect at the time of termination of employment and (e) an amount equal to the product of the Bank's annual aggregate contribution, for the benefit of the Executive in the fiscal year preceding termination, to all qualified retirement plans in which the Executive participated multiplied by the number of years in the initial term of employment under Section 1.1. The benefit in (e) under this Section 2.5 shall be in addition to any benefit payable from any qualified or non-qualified plans or programs maintained by the Company or the Bank at the time of termination. If the Bank's medical and dental plans are not insured, the medical and dental benefit in (c) shall be accomplished by the Bank paying to Executive an additional cash amount equal to the COBRA premium for such coverage, plus taxes on such amount, so that Executive may purchase the coverage on an after-tax basis.

Termination of Employment by the Bank Without Cause. The Bank may terminate Executive's employment hereunder without cause, in which case the Executive shall receive (a) his base salary under Section 1.3 hereof through the then remaining term of employment under Section 1.1, (b) his theretofore unpaid base salary for the period of employment up to the date of termination, (c) medical, dental and life insurance through the then remaining term of employment under Section 1.1 consistent with the terms and conditions set forth in Section 1.4, to the extent the same can be provided under the insurance arrangements of the Bank in effect at the time of termination, (d) any other benefits to which Executive is entitled by law or the specific terms of the Bank's policies in effect at the time of termination of employment and (e) an amount equal to the product of the Bank's annual aggregate contribution, for the benefit of the Executive in the fiscal year preceding termination, to all qualified retirement plans in which the Executive participated multiplied by the number of years in the initial term of employment under Section 1.1. The benefit in (e) under this Section 2.5 shall be in addition to any benefit payable from any qualified or non-qualified plans or programs maintained by the Company or the Bank at the time of termination. If the Bank's medical and dental plans are not insured, the medical and dental benefit in (c) shall be accomplished by the Bank paying to Executive an additional cash amount equal to the COBRA premium for such coverage, plus taxes on such amount, so that Executive may purchase the coverage on an after-tax basis.

Termination of Employment by the Bank Without Cause. The Bank may terminate Executive's employment hereunder without cause, in which case the Executive shall receive (a) his base salary under Section 1.3 hereof through the then remaining term of employment under Section 1.1, (b) his theretofore unpaid base salary for the period of employment up to the date of termination, (c) medical, dental and life insurance through the then remaining term of employment under Section 1.1 consistent with the terms and conditions set forth in Section 1.4, to the extent the same can be provided under the insurance arrangements of the Bank in effect at the time of termination, (d) any other benefits to which Executive is entitled by law or the specific terms of the Bank's policies in effect at the time of termination of employment and (e) an amount equal to the product of the Bank's annual aggregate contribution, for the benefit of the Executive in the fiscal year preceding termination, to all qualified retirement plans in which the Executive participated multiplied by the number of years in the initial term of employment under Section 1.1. The benefit in (e) under this Section 2.5 shall be in addition to any benefit payable from any qualified or non-non- qualified plans or programs maintained by the Company or the Bank at the time of termination. If the Bank's medical and dental plans are not insured, the medical and dental benefit in (c) shall be accomplished by the Bank paying to Executive an additional cash amount equal to the COBRA premium for such coverage, plus taxes on such amount, so that Executive may purchase the coverage on an after-tax basis.

Termination of Employment by the Bank Without Cause. The Bank may terminate Executive's employment hereunder without cause, in which case the Executive shall receive (a) his base salary under Section 1.3 hereof through the then remaining term of employment under Section 1.1, (b) his theretofore unpaid base salary for the period of employment up to the date of termination, (c) medical, dental and life insurance through the then remaining term of employment under Section 1.1 consistent with the terms and conditions set forth in Section 1.4, to the extent the same can be provided under the insurance arrangements of the Bank in effect at the time of termination, (d) any other benefits to which Executive is entitled by law or the specific terms of the Bank's policies in effect at the time of termination of employment and (e) an amount equal to the product of the Bank's annual aggregate contribution, for the benefit of the Executive in the fiscal year preceding termination, to all qualified retirement plans in which the Executive participated multiplied by the number of years in the initial then remaining term of employment under Section 1.1. The benefit in (e) under this Section 2.5 shall be in addition to any benefit payable from any qualified or non-qualified plans or programs maintained by the Company or the Bank at the time of termination. If the Bank's medical and dental plans are not insured, the medical and dental benefit in (c) shall be accomplished by the Bank paying to Executive an additional cash amount equal to the COBRA premium for such coverage, plus taxes on such amount, so that Executive may purchase the coverage on an after-tax basis.