Common use of Warning Notice Clause in Contracts

Warning Notice. If Executive fails to perform Executive’s duties in a satisfactory manner or habitually neglects such duties, Bank shall take the following actions before terminating Executive for such cause: (i) Bank shall have first given Executive written notice setting forth the specific facts and grounds for the Bank’s determination of Executive’s unsatisfactory performance or habitual neglect (the “Warning Notice”); (ii) promptly after Bank shall have given the Warning Notice, the Board of Directors (or a committee thereof) shall have met with Executive and informed Executive of the grounds for termination “for cause,” the extent and nature of Executive’s unsatisfactory performance or habitual neglect, what Executive must do to remedy such unsatisfactory performance or habitual neglect, and a reasonable period of time (not less than thirty (30) days unless the nature of the failure, neglect or conduct of Executive is of such magnitude that if such failure, neglect or conduct is permitted for up to an additional 30 days, such continuation would significantly and adversely affect the Bank) by which Executive shall have demonstrated satisfactory improvement or shall have remedied the deficient performance or habitual neglect (the “Cure Period”). If by the end of the Cure Period Executive shall not have made sufficient progress reasonably satisfactory to the Board of Directors, Executive may be terminated for cause on the terms described in this Agreement.