Common use of Termination Upon Expiration of Term Clause in Contracts

Termination Upon Expiration of Term. In the event that either the Corporation or Executive gives notice under Section 2 that the Term is not to be renewed but will terminate at the end of the then current Term, Executive’s employment, if not otherwise terminated under Sections 4 or 5, shall automatically terminate as of December 31 of the year in which the Term ends. In this situation, the Corporation shall not owe Executive any severance, subject only to the provisions of Section 10(a).

Termination Upon Expiration of Term. In the event that either the Corporation or Executive gives notice under Section 2 that the Term is not to be renewed but will terminate at the end of the then current Term, Executive’s 's employment, if not otherwise terminated under Sections 4 or 5, shall automatically terminate as of December 31 of the year in which the Term ends. In this situation, the Corporation shall not owe Executive any severance, subject only to the provisions of Section 10(a).

Termination Upon Expiration of Term. In the event that either the Corporation or Executive gives notice under Section 2 that the Term is not to be renewed but will terminate at the end of the then current Terminitial Term or any extension thereof, Executive’s employment, if not otherwise terminated under Sections 4 or 5, shall automatically terminate as of December 31 of the year in which the Term ends. In this situation, neither the Corporation nor the Bank shall not owe Executive any severance, subject only to the provisions of Section 10(a).

Termination Upon Expiration of Term. In the event that either the Corporation (or its Successor) or the Executive gives notice under Section 2 that the Term is not to be renewed but will terminate at the end of the then current Term, Executive’s employment, if not otherwise terminated under Sections 4 or 5, shall automatically terminate as of December May 31 of the year in which the Term ends. In this situation, neither the Corporation nor its Successor shall not owe Executive any severance, subject only to the provisions of Section 10(a).