Termination of Employment During the Term. The Employee’s employment with the Bank may be terminated during the Term at any time and for any reason and, in such event:
(a) If such termination results from the Employee’s resignation or discharge for cause (as hereinafter defined), the Bank shall pay to the Employee (or, in the event of his death, to his estate) his earned but unpaid compensation (including, without limitation, salary and all other items which constitute wages under applicable law) as of the date of his termination of employment. This payment shall be made at the time and in the manner prescribed by law applicable to the payment of wages but in no event later than thirty (30) days after the date of the Employee’s termination of employment.
(b) If such termination results from the Employee’s discharge by the Bank other than for “cause” (as hereinafter defined), death, disability as a result of which the Employee qualifies for disability insurance benefits under the Bank’s group long-term disability insurance plan or under the federal Social Security Act, the Bank shall pay the Employee the amount, if any, of the remaining amount of Retention Compensation the Employee would have received over the Term but for the early termination of the Agreement. The Bank shall pay such amount, if any, in a single lump sum as soon as practicable following termination of employment. The Bank shall have the right to discharge the Employee for “cause” if it determines that the Employee has committed gross negligence in the performance of, or continually neglects, after due notice, to perform his assigned duties; has been convicted or entered a plea of guilty or nolo contendere to, the commission of a felony or any other crime involving dishonesty, personal profit or other circumstance likely, in the reasonable judgment of the Bank, to have a material adverse effect on the Bank or its business, operations or reputation; or has violated, in any material respect, any law, rule, regulation, written agreement or final cease-and-desist order applicable to the Bank in his performance of services for the Bank.
Termination of Employment During the Term. (a) The Executive shall be entitled to the compensation and benefits provided in Section 3 upon the termination of the Executive's employment with the Company during the term of this Agreement by the Executive or by the Company, unless such termination is as a result of (i) the Executive's death; (ii) the Executive's Disability; (iii) the Executive's termination by the Company for Cause; or (iv) the Executive's decision to terminate employment other than for Good Reason.
Termination of Employment During the Term. Nothing in this Section 3 shall limit the right of the Company or the Executive to terminate the Executive's employment under this Agreement during the Term hereof on the terms and conditions set forth in Section 7 hereof. Further, notwithstanding any other provision of this Agreement, the Company shall have the right to terminate the Executive's employment under this Agreement at any time prior to the expiration of the Term for any other reason whatsoever, including termination without Cause, in the sole discretion of the Company's Board of Directors (the "Board"); provided, however, that, any termination of the employment relationship by the Company prior to the expiration of the Term other than a termination by the Company on the terms and conditions set forth in Section 7 hereof shall be deemed to be a termination without Cause within the meanings of Sections 8(c) and 8(e) hereof.
Termination of Employment During the Term. Upon completion of the probationary period, the employment contract may be terminated without cause at any time during the term of employment by the University. If the employee has less than the equivalent of three years of service within a five (5) year period she/he will receive at least one month’s written notice of termination, or pay in lieu. For those term employees with greater than the equivalent of three years of service within a five (5) year period, notice will be as stated in 9.1.7.
Termination of Employment During the Term. Nothing in this Section 3 shall limit the right of the Company or the Executive to terminate the Executive’s employment under this Agreement during the Term hereof on the terms and conditions set forth in Section 7 hereof.
Termination of Employment During the Term. In the event that you materially breach any provision of this Agreement or any continuing obligations under the Proprietary Information and Inventions Agreement, the Company, at its election, may terminate your employment with the Company and its obligations to make any further payments or provide any further benefits to you under this Agreement, effective upon written notice to you. You acknowledge that your options will cease vesting and terminate in accordance with the applicable terms of the Stock Option Agreements upon the termination of your employment with the Company under this paragraph 7. Likewise, you may elect to terminate this Agreement at any time and for any reason, effective upon your delivery of written notice to the Company. This contract will only be terminated by the company if there is a material breach of this agreement. In the event of a breach, the company will provide a 60 day written notice in advance of the companies intent to terminate the contract. The written notice will include a description of the reason for termination. During the 60 day period you will be given an opportunity to respond and resolve any reasons for breach in order to come back into compliance with the agreement. It is understood that your accepting employment as a consultant with another organization during the term of this contract does not constitute breach of this agreement. Reduction in force and reorganizational changes also do not constitute reason to terminate the agreement.
Termination of Employment During the Term. (a) Termination by the Company Without Cause or by the Employee for Good
Termination of Employment During the Term. (a) Termination by the Company Without Cause or by the Employee for Good Reason. If the Employee's employment is terminated during the Term by the Company without Cause or by the Employee for Good Reason, the Employee shall be entitled to the following:
4 (i) the Company shall pay the Employee his full base salary through the Date of Termination at the rate in effect at the time the Notice of Termination is given;
(ii) as the annual bonus for the year in which the Date of Termination occurs, the Company will pay the Employee an amount equal to the product of (i) the average of the Employee's annual bonus for the three fiscal years of the Company ending prior to the Date of Termination and (ii) a fraction, the numerator of which is the actual number of the days Employee was employed by the Company during the fiscal year in which the Date of Termination occurs and the denominator of which is 365;
(iii) the Company shall pay to the Employee as a severance benefit a lump-sum amount equal to two (2) times the sum of (a) the Employee's annual base salary as in effect on the Effective Date or Date of Termination, whichever is greater, without reduction for any mandatory or voluntary deferrals, (b) 100% of the targeted commissions, if any, for the year in which the Effective Date or Date of Termination occurs, whichever is greater, and (c) 100% of the targeted short-term and long-term cash bonuses for the year in which the Effective Date or Date of Termination occurs, whichever is greater, without reduction for any amounts that would otherwise be deferred, within thirty days after the Date of Termination; and
(iv) for a 24-month period after the Date of Termination starting with month immediately after the month in which the Date of Termination occurs, the Company will arrange to provide the Employee and the Employee's eligible dependents, at the Company's expense, with benefits under the medical and dental plans of the Company, or, if such benefits are not available, benefits substantially similar to the benefits the Employee was receiving during the 90-day period immediately prior to the Date of Termination; provided, however, that benefits otherwise receivable by the Employee pursuant to this Subsection 2(a)(iv) will be reduced to the extent other comparable benefits are actually received by the Employee from subsequent employment during the 24-month period following the Date of Termination, and any such benefits actually received by the Employee will be report...
Termination of Employment During the Term. Upon completion of the probationary period, the employment contract may be terminated without cause at any time during the term of employment by the University.
Termination of Employment During the Term
