Common use of Termination or Nonrenewal by The Bank Clause in Contracts

Termination or Nonrenewal by The Bank. In the event that the Bank provides the Executive with a notice of termination without cause or nonrenewal under paragraph 5(a), The Bank will pay to the Executive his salary from the date of the notice for the balance of the then current Term or for twelve (12) months from the date of the notice, whichever is greater, and in its discretion will advise the Executive of those duties and responsibilities, if any, it wants him to perform during this time. All forfeiture provisions regarding restricted stock awards and all vesting requirements regarding stock options shall lapse or be deemed fully completed.

Termination or Nonrenewal by The Bank. In the event that the Bank provides the Executive with a notice of termination without cause or nonrenewal under paragraph 5(a)this paragraph, The Bank will pay to the Executive his salary from the date of the notice for the balance of the then current Term or for twelve (12) months from the date of the notice, whichever is greater, and in its discretion will advise the Executive of those duties and responsibilities, if any, it wants him to perform during this time. All forfeiture provisions regarding restricted stock awards and all vesting requirements regarding stock options shall lapse or be deemed fully completed.

Termination or Nonrenewal by The Bank. In the event that the Bank provides the Executive with a notice of termination without cause or nonrenewal under paragraph 5(a)this paragraph, The Bank will pay to the Executive his salary from the date of the notice for the balance of the then current Term or for twelve (12) months from the date of the notice, whichever is greater, and in its discretion will advise the Executive of those duties and responsibilities, if any, it wants him to perform during this time. All forfeiture provisions regarding restricted stock awards and all vesting requirements regarding stock options shall lapse or be deemed fully completed.

Termination or Nonrenewal by The Bank. In the event that the Bank provides the Executive Officer with a notice of termination without cause or nonrenewal under paragraph 5(a), The Bank will pay to the Executive his Officer her salary from the date of the notice for the balance of the then current Term or for twelve (12) months from the date of the notice, whichever is greater, and in its discretion will advise the Executive Officer of those duties and responsibilities, if any, it wants him to perform during this time. All forfeiture provisions regarding restricted stock awards and all vesting requirements regarding stock options shall lapse or be deemed fully completed.