Common use of Termination of Employment During the Term Clause in Contracts

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. 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 voluntary 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 dutiesduties which are reasonable in light of the employee’s position and experience; 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. The Employee’s '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 's voluntary 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 's termination of employment. (b) If such termination results from the Employee’s '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 '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 dutiesduties which are reasonable in light of the employee's position and experience; 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.