Termination of Employment Term. (a) In the event of the death of the Executive during the Employment Term, the Executive's employment hereunder shall automatically terminate as of the date of death; provided, however, that the Executive's estate or legal representative, as the case may be, shall be entitled to receive, and the Company shall pay, any accrued and unpaid Salary for a one (1) year period following the date of death, any Performance Bonus that would be payable for the one (1) year period in which the Executive died which are properly owing to the Executive pursuant to Section 6 hereof.
(b) In the event of the Executive's Incapacity, the Company may, in its sole discretion, terminate the Executive's employment hereunder upon written notice to the Executive; provided, however, that the Executive or the Executive's legal representative, as the case may be, shall be entitled to receive, and the Company shall pay, (i) any accrued and unpaid Salary for a one (1) year period from the date of termination, less any amounts received by the Executive under any disability insurance policy maintained by the Company; and (ii) any Performance Bonus that would be payable for the one (1) year period in which the Executive's employment is terminated (payment of which shall be for the entire year) due to Incapacity and reimbursement of business expenses which are properly owing to the Executive pursuant to Section 6 hereof, through the date of termination.
(c) The Company shall have the right to terminate the Executive's employment under this Agreement at any time for Cause upon written notice to the Executive. In the event the Executive's employment hereunder is terminated by the Company for Cause, the Company shall only be obligated to pay accrued and unpaid Salary through the date of termination and the Company shall pay any accrued and unreimbursed business expenses which are properly owing to the Executive pursuant to Section 6 hereof through the date of termination.
(d) The Company shall have the right to terminate the Executive's employment hereunder Without Cause at any time upon thirty (30) days' prior written notice to the Executive. If the Company terminates the Executive's employment hereunder Without Cause prior to December 31, 2003, the Company shall (i) continue to pay the Salary to the Executive provided for hereunder for a period equal to the lesser of (x) eighteen (18) months from the date of termination and (y) the remaining period of the Employment Term and (ii) pay any unre...
Termination of Employment Term. The Employment Term shall terminate prior to its expiration upon the earliest to occur of the following:
(a) the death of Employee, effective as of the date of death;
(b) the substantial disability of Employee, as determined by a competent medical doctor selected by the Company, for a period of 90 days;
(c) without "Cause", as defined below, upon written notice to Employee by the Company, effective as of the date of such notice;
Termination of Employment Term. (a) In the event of the death of the Employee during the term of his employment (or any renewal term), the Employee's employment shall terminate and this Agreement shall terminate on the date of such death; provided, however, -------- ------- that the Employee, his estate or legal representative, as the case may be, shall ---- be entitled to receive, and the Company shall pay, any unpaid Salary and other benefits and reimbursable expenses accrued and owing to the Employee with respect to his employment prior to the termination. The sum of such amounts shall hereinafter be referred to as the "Accrued Obligations" which shall be paid to Employee's estate or beneficiary within thirty (30) days of the date of termination.
(b) If the Company determines in good faith that the Disability of Employee has occurred (pursuant to the definition of Disability set forth below), it may give to Employee written notice of its intention to terminate Employee's employment. In such event, Employee's employment with the Company shall terminate effective on the 30th day after receipt of such notice by Employee, provided that, within the 30 days after such receipt, Employee shall not have returned to full-time performance of his duties. For the purposes of this Agreement, "Disability" shall mean a physical or mental impairment which substantially limits a major life activity of Employee and which renders Employee unable to perform the essential functions of his position, even with reasonable accommodation which does not impose an undue hardship on the Company and which has lasted at least 120 consecutive days. In the event of termination of this Agreement on account of Employee's disability, within thirty (30) days of termination of this Agreement, the Company shall pay to Employee (i) all Accrued Obligations and (ii) a lump sum amount equal to one year of Employee's salary and his most recent bonus. In addition, the Company shall reimburse Employee for any payments made by him to the Company (or its insurance carrier) for the purpose of continuation of his medical and dental insurance under the provisions of the Consolidated Omnibus Reconciliation Act (COBRA).
Termination of Employment Term. Executive’s employment under the terms of this Agreement may terminate upon the occurrence of any of the following:
Termination of Employment Term. (a) In the event of the death of the Executive during the Employment Term, the Executive’s employment hereunder shall automatically terminate as of the date of death.
(b) In the event of the Executive’s Incapacity, the Company may, in its sole discretion, terminate the Executive’s employment hereunder upon written notice to the Executive.
(c) The Company shall have the right to terminate the Executive’s employment hereunder without Cause at any time upon ten (10) days prior written notice to the Executive. If the Company terminates the Executive’s employment hereunder without Cause, for any reason, the Company shall be obligated to pay as severance an amount equal to three (3) months of salary to the Executive. The Company shall have the right to terminate the Executive’s employment under this Agreement at any time for Cause upon written notice to the Executive effective immediately. In the event the Executive’s employment hereunder is terminated by the Company for Cause, the Company shall only be obligated to pay accrued and unpaid Salary and vacation through the date of termination and the Company shall pay any accrued and unreimbursed business expenses which are properly owing to the Executive pursuant to Section 7 hereof through the date of termination.
(d) In the event the Company declares bankruptcy or becomes insolvent, or under similar circumstances, the Executive will immediately become entitled to all payments to the Executive provided for in Section 8(c) hereof as if terminated without Cause as provided for therein.
Termination of Employment Term. (a) Unless extended by mutual agreement of the Company and the Executive, the Employment Term shall terminate at the first to occur of (i) the close of business on the third anniversary of the Effective Date; (ii) the date of the death of the Executive; and (iii) at any time after the Due Date (as defined in Section 25(b)) upon sixty (60) days notice from the Executive to the Company or the Company to the Executive.
(b) Notwithstanding anything herein to the contrary, the Employment Term shall not terminate during any period of physical or mental incapacity of the Executive which results in the Executive's temporary or permanent inability to perform the services contemplated under this Agreement, as determined by an Approved Medical Doctor. For this purpose, an Approved Medical Doctor shall be a medical doctor jointly selected by the Executive and the Company. In the event that the Executive and the Company cannot agree on a medical doctor, each Party shall select a medical doctor and the two selected medical doctors shall jointly select a third medical doctor to serve as the Approved Medical Doctor.
Termination of Employment Term. This Agreement shall automatically terminate and shall become null and void without any further action by the parties immediately upon Participant’s service as a director of the Board for any reason prior to a Change in Control.
Termination of Employment Term. The Bank and the Executive agree that the Employment Term under the Agreement shall terminate on October 1, 2005. The Executive acknowledges that such termination is voluntary and shall not trigger any severance compensation described in Section 6(e) or otherwise. The Executive also acknowledges that upon such termination he is no longer entitled to receive any of the compensation described in Section 5(b) of the Agreement.
Termination of Employment Term. (a) In the event of the death of the Employee during the term of his employment (or any renewal term), the Employee's employment shall terminate and this Agreement shall terminate on the date of such death; provided, however, that the Employee, his estate or legal representative, as the -------- ------- ---- case may be, shall be entitled to receive, and the Company shall pay, any unpaid Salary and other benefits and reimbursable expenses accrued and owing to the Employee with respect to his employment prior to the termination. The sum of such amounts shall hereinafter be referred to as the "Accrued Obligations" which shall be paid to Employee's estate or beneficiary within thirty (30) days of the date of termination.
(b) If the Company determines in good faith that the Disability of Employee has occurred (pursuant to the definition of Disability set forth below), it may give to
Termination of Employment Term. Notwithstanding SECTION 1.2 hereof, the Employment Term shall terminate upon the occurrence of any of the following events: (a) upon the mutual written agreement of the Company and Employee; (b) death of Employee; (c) Legal Disability of Employee, as defined in SECTION 2.5; (d) at any time by the Company for Cause, as defined in SECTION 2.2; (e) at any time by the Company, without Cause, upon provision of thirty (30) days written notice to Employee; or (f) at any time by Employee, without Cause, upon provision of sixty (60) days written notice to the Company. In the event of termination of this Agreement, the Company shall only be obligated to pay Employee such compensation as has been earned by him prior to the date of termination. Further, in such event, the provisions of ARTICLE IV shall remain in full force and effect in accordance with their terms.
