Common use of Termination With Compensation Clause in Contracts

Termination With Compensation. The Bank shall have the right to terminate the Employment term without cause at any time by giving Employee 60 days notice of the termination date. Under such circumstances, the Bank shall continue to pay to Employee based upon the Salary at time of notice of termination earned in the prior year and provide to Employee the Fringe Benefits which it is permitted by law to provide through the earlier of: (i) the end of the Employment Term; or (ii) twelve (12) months after such date of termination. Such period is referred to herein as the "Pay-Out Period" and the Salary and the Fringe Benefits to be provided under this Section 6 are referred to herein as the "Termination Compensation". As of the termination date, the Bank shall not have any further liability or obligation to Employee other than to continue providing the Termination Compensation for the period specified in this Section 6. Employee shall not be entitled to any Termination Compensation unless Employee executes and delivers to the Bank after a notice of termination a release in a form satisfactory to the Bank in its reasonable discretion by which Employee releases the Bank from any obligations and liabilities of any type whatsoever, except for the Bank's obligations with respect to the Termination Compensation. The parties hereto acknowledge that the Termination Compensation to be provided under this Section 6 is to be provided in consideration for the above-specified release.

Termination With Compensation. The Bank Company shall have the right to ----------------------------- terminate the Employment term Term without cause cause, or determined not to have the Employment Term continue for a successive one year period, at any time by giving the Employee 60 days 30 days' notice of the termination datedate or its non-renewal election. Under such circumstancesSubject to Section 9 hereof, in the event of a termination of the Employment Term pursuant to this Section 5 or election not to continue the Employment Term for a successive one year period, the Bank Company shall continue to pay to Employee based upon provide the Salary at time for a period ending six months after the date of notice of any such termination earned in the prior year or election and provide to Employee the Fringe Benefits which it is permitted by law to provide through the earlier of: listed in paragraph (ia) the end of the Employment Term; or (ii) twelve (12) Exhibit A hereto for a period ending 22 months after such the date of terminationany such termination or election. Such period is referred to herein as the "Pay-Out Period" and the The Salary and the Fringe Benefits to be provided under this Section 6 5 are referred to herein as the "Termination Compensation". As of the termination date, the Bank shall not have any further liability or obligation to Employee other than to continue providing the Termination Compensation for the period specified in this Section 6. ." The Employee shall not be entitled to any Termination Compensation unless the Employee executes and delivers to the Bank Company after a notice of termination a release in a the form satisfactory to the Bank in its reasonable discretion attached as Exhibit "B" hereto by which the Employee releases the Bank Company from any obligations and liabilities of any type whatsoeverwhatsoever under this Agreement, except for the BankCompany's obligations with respect to the Termination Compensation, which release shall not affect the Employee's right to indemnification, if any, for actions taken within the scope of his employment. The parties hereto acknowledge that the Termination Compensation to be provided under this Section 6 5 is to be provided in consideration for the above-specified release.

Termination With Compensation. The Bank Company shall have the right to terminate the Employment term Term without cause at any time by giving the Employee 60 days 30 days' notice of the termination date. Under such circumstances, the Bank shall continue to pay to Employee based upon the Employee's Salary at time of notice of termination earned under Section 4(a) then in the prior year and provide to Employee the Fringe Benefits which it is permitted by law to provide through the earlier of: (i) the end of the Employment Term; or (ii) twelve (12) months after such date of termination. Such period is referred to herein as the "Pay-Out Period" and the Salary effect hereunder and the Fringe Benefits specified on Exhibit "B" will continue for 24 months unless a different term is specified on Exhibit "B"; provided, however, that such Fringe Benefits shall not continue in effect for any period during which the Company is precluded from continuing the Employee's participation in the plan or program under which any such Fringe Benefit is provided by reason of any applicable law or regulation, including the Federal tax law regarding discrimination. In addition, for the calendar year in which the termination occurs, the Employee shall be entitled to a proportionate bonus under Section 4(b) by assuming that he remained employed for the full year and multiplying the bonus that otherwise would have been due by a fraction the numerator of which is the number of full months the Employee was actually employed by the Company during such calendar year and the denominator of which is 12. Such payment shall be provided under this Section 6 are referred to herein made at the same time as the "Termination Compensation"Company pays bonuses to other executives for that year. As of the termination date, the Bank shall not have any further liability or obligation to Employee other than to continue providing the Termination Compensation for the period specified in this Section 6. The Employee shall not be entitled to any Termination Compensation compensation under this Section 7 unless the Employee executes and delivers to the Bank Company after a notice of termination a release in a form satisfactory to the Bank Company in its reasonable sole discretion by which the Employee releases the Bank Company from any obligations and liabilities of any type whatsoever, except for the BankCompany's obligations with respect obligation to provide the Termination CompensationSalary and Fringe Benefits specified in this Section 7. The parties hereto acknowledge that the Termination Compensation Salary and Fringe Benefits to be provided under this Section 6 is 7 are to be provided in consideration for the above-specified release.

Termination With Compensation. The Bank Company shall have the right to ----------------------------- terminate the Employment term Term without cause cause, or determined not to have the Employment Term continue for a successive one year period, at any time by giving the Employee 60 days 30 days' notice of the termination datedate or its non-renewal election. Under such circumstancesSubject to Section 9 hereof, in the event of a termination of the Employment Term pursuant to this Section 5 or election not to continue the Employment Term for a successive one year period, the Bank Company shall continue to pay to the Employee based upon the Salary at time of notice of termination earned in the prior year and continue to provide to Employee the Fringe Benefits which it is permitted by law to provide through listed in paragraph (a) of Exhibit A hereto for a period ending one year after the earlier of: (i) the end of the Employment Term; or (ii) twelve (12) months after such date of terminationany such termination or election. Such period is referred The Salary to herein as the "Pay-Out Period" and the Salary be paid and the Fringe Benefits to be provided under this Section 6 5 are referred to herein as the "Termination Compensation". As of the termination date, the Bank shall not have any further liability or obligation to Employee other than to continue providing the Termination Compensation for the period specified in this Section 6. ." The Employee shall not be entitled to any Termination Compensation unless the Employee executes and delivers to the Bank Company after a notice of termination a release in a the form satisfactory to the Bank in its reasonable discretion attached as Exhibit "B" hereto by which the Employee releases the Bank Company from any obligations and liabilities of any type whatsoeverwhatsoever under this Agreement, except for the BankCompany's obligations with respect to the Termination Compensation, which release shall not affect the Employee's right to indemnification, if any, for actions taken within the scope of his employment. The parties hereto acknowledge that the Termination Compensation to be provided under this Section 6 5 is to be provided in consideration for the above-specified release.

Termination With Compensation. The Bank Company shall have the right to ----------------------------- terminate the Employment term Term without cause cause, or determined not to have the Employment Term continue for a successive one year period, at any time by giving the Employee 60 days 30 days' notice of the termination datedate or its non-renewal election. Under such circumstancesIn the event of a termination of the Employment Term pursuant to this Section 5 or election not to continue the Employment Term for a successive one year period and subject to Section 9 hereof, the Bank Company shall continue to pay to the Employee based upon the Salary at time of notice of termination earned in the prior year and continue to provide to Employee the Fringe Benefits which it is permitted by law to provide through listed in paragraph (a) of Exhibit A hereto for a period ending one year after the earlier of: (i) the end of the Employment Term; or (ii) twelve (12) months after such date of terminationany such termination or election. Such period is referred The Salary to herein as the "Pay-Out Period" and the Salary be paid and the Fringe Benefits to be provided under this Section 6 5 are referred to herein as the "Termination Compensation". As of the termination date, the Bank shall not have any further liability or obligation to Employee other than to continue providing the Termination Compensation for the period specified in this Section 6. ." The Employee shall not be entitled to any Termination Compensation unless the Employee executes and delivers to the Bank Company after a notice of termination a release in a the form satisfactory to the Bank in its reasonable discretion attached as Exhibit "B" hereto by which the Employee releases the Bank Company from any obligations and liabilities of any type whatsoeverwhatsoever under this Agreement, except for the BankCompany's obligations with respect to the Termination Compensation, which release shall not affect the Employee's right to indemnification, if any, for actions taken within the scope of his employment. The parties hereto acknowledge that the Termination Compensation to be provided under this Section 6 5 is to be provided in consideration for the above-specified release.

Termination With Compensation. The Bank Company shall have the right to terminate the Employment term Term without cause at any time by giving the Employee 60 days 30 days' notice of the termination date. Under such circumstances, the Bank shall continue to pay to Employee based upon the Employee's Salary at time of notice of termination earned under Section 4(a) then in the prior year and provide to Employee the Fringe Benefits which it is permitted by law to provide through the earlier of: (i) the end of the Employment Term; or (ii) twelve (12) months after such date of termination. Such period is referred to herein as the "Pay-Out Period" and the Salary effect hereunder and the Fringe Benefits specified on Exhibit "B" will continue for the duration of the Employment Term unless a different term is specified on Exhibit "B"; provided, however, that such Fringe Benefits shall not continue in effect for any period during which the Company is precluded from continuing the Employee's participation in the plan or program under which any such Fringe Benefit is provided by reason of any applicable law or regulation, including the Federal tax law regarding discrimination. In addition, for the calendar year in which the termination occurs, the Employee shall be entitled to a proportionate bonus under Section 4(b) by assuming that he remained employed for the full year and multiplying the bonus that otherwise would have been due by a fraction the numerator of which is the number of full months the Employee was actually employed by the Company during such calendar year and the denominator of which is 12. Such payment shall be provided under this Section 6 are referred to herein made at the same time as the "Termination Compensation"Company pays bonuses to other executives for that year. As of the termination date, the Bank shall not have any further liability or obligation to Employee other than to continue providing the Termination Compensation for the period specified in this Section 6. The Employee shall not be entitled to any Termination Compensation compensation under this Section 7 unless the Employee executes and delivers to the Bank Company after a notice of termination a release in a form satisfactory to the Bank Company in its reasonable sole discretion by which the Employee releases the Bank Company from any obligations and liabilities of any type whatsoever, except for the BankCompany's obligations with respect obligation to provide the Termination CompensationSalary and Fringe Benefits specified in this Section 7. The parties hereto acknowledge that the Termination Compensation Salary and Fringe Benefits to be provided under this Section 6 is 7 are to be provided in consideration for the above-specified release.

Termination With Compensation. The Bank Company shall have the right to terminate the Employment term Term without cause cause, or determine not to have the Employment Term continue for a successive one year period, at any time by giving the Employee 60 days 30 days' notice of the termination datedate or its non-renewal election. Under such circumstancesSubject to Section 9 hereof, in the event of a termination of the Employment Term pursuant to this Section 5 or election not to continue the Employment Term for a successive one year period, the Bank Company shall continue to pay to the Employee based upon the Salary (at time the rate of notice of termination earned in the prior year $250,000 per year) and provide to Employee the Fringe Benefits which it is permitted by law continue to provide through the earlier of: healthcare benefits referred to in item (ia) of Exhibit A for a period ending one year after the end date of any such termination or election. In addition, Employee shall be entitled to outplacement services of up to $10,000 at the cost of the Employment Term; or (ii) twelve (12) months after such date of terminationCompany. Such period is referred The Salary to herein as the "Pay-Out Period" and the Salary be paid and the Fringe Benefits to be provided under this Section 6 5 are referred to herein as the "Termination Compensation". As of the termination date, the Bank shall not have any further liability or obligation to Employee other than to continue providing the Termination Compensation for the period specified in this Section 6. ." The Employee shall not be entitled to any Termination Compensation unless the Employee executes and delivers to the Bank Company after a notice of termination a release in a the form satisfactory to the Bank Company, in its reasonable discretion by which the Employee releases the Bank Company from any obligations and liabilities of any type whatsoeverwhatsoever under this Agreement, except for the BankCompany's obligations with respect to the Termination Compensation, which release shall not affect the Employee's right to indemnification, if any, for actions taken within the scope of his employment. The parties hereto acknowledge that the Termination Compensation to be provided under this Section 6 5 is to be provided in consideration for the above-specified release. In the event of a Change of Control (as defined in the "Plan"), if the Employee's position is eliminated or significantly diminished, the Employee will be entitled to the Termination Compensation provided under this Section 5.

Termination With Compensation. The Bank Company shall have the right to ----------------------------- terminate the Employment term Term without cause cause, or determined not to have the Employment Term continue for a successive one year period, at any time by giving the Employee 60 days 30 days' notice of the termination datedate or its non-renewal election. Under such circumstancesSubject to Section 9 hereof, in the event of a termination of the Employment Term pursuant to this Section 5 or election not to continue the Employment Term for a successive one year period, the Bank Company shall continue to pay to the Employee based upon the Salary at time of notice of termination earned in the prior year and continue to provide to Employee the Fringe Benefits which it is permitted by law listed in paragraph (a) of Exhibit A hereto for a period ending one year after the date of any such termination or election. In addition, Employee shall be entitled to provide through outplacement services at the earlier of: (i) the end cost of the Employment Term; or (ii) twelve (12) months after such date of terminationCompany. Such period is referred The Salary to herein as the "Pay-Out Period" and the Salary be paid and the Fringe Benefits to be provided under this Section 6 5 are referred to herein as the "Termination Compensation". As of the termination date, the Bank shall not have any further liability or obligation to Employee other than to continue providing the Termination Compensation for the period specified in this Section 6. ." The Employee shall not be entitled to any Termination Compensation unless the Employee executes and delivers to the Bank Company after a notice of termination a release in a the form satisfactory to the Bank in its reasonable discretion attached as Exhibit "B" hereto by which the Employee releases the Bank Company from any obligations and liabilities of any type whatsoeverwhatsoever under this Agreement, except for the BankCompany's obligations with respect to the Termination Compensation, which release shall not affect the Employee's right to indemnification, if any, for actions taken within the scope of his employment. The parties hereto acknowledge that the Termination Compensation to be provided under this Section 6 5 is to be provided in consideration for the above-specified release.

Termination With Compensation. The Bank Company shall have the right to ----------------------------- terminate the Employment term Term without cause cause, or determined not to have the Employment Term continue for a successive one year period, at any time by giving the Employee 60 days 30 days' notice of the termination datedate or its non-renewal election. Under such circumstancesSubject to Section 9 hereof, in the event of a termination of the Employment Term pursuant to this Section 5 or election not to continue the Employment Term for a successive one year period, the Bank Company shall continue to pay to the Employee based upon the Salary at time of notice of termination earned in the prior year and continue to provide to Employee the Fringe Benefits which it is permitted by law to provide through listed in paragraph (a) of Exhibit A hereto for a period ending one year after the earlier of: (i) the end of the Employment Term; or (ii) twelve (12) months after such date of terminationany such termination or election. Such period is referred The Salary to herein as the "Pay-Out Period" and the Salary be paid and the Fringe Benefits to be provided under this Section 6 5 are referred to herein as the "Termination Compensation". As of the termination date, the Bank shall not have any further liability or obligation to Employee other than to continue providing the Termination Compensation for the period specified in this Section 6. ." The Employee shall not be entitled to any Termination Compensation unless the Employee executes and delivers to the Bank Company after a notice of termination a release in a the form satisfactory to the Bank in its reasonable discretion attached as Exhibit "B" hereto by which the Employee releases the Bank Company from any obligations and liabilities of any type whatsoeverwhatsoever under this Agreement, except for the BankCompany's obligations with respect to the Termination Compensation, which release shall not affect the Employee"s right to indemnification, if any, for actions taken within the scope of his employment. The parties hereto acknowledge that the Termination Compensation to be provided under this Section 6 5 is to be provided in consideration for the above-specified release.