Without Cause or With Good Reason. 1. In addition to termination pursuant to Sections 11(a) through 11(e), the Board, may, upon providing written notice to Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, upon providing written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason” as defined below (a termination “With Good Reason”). 2. Subject to Section 12 of this Agreement, in the event of his termination of employment under this Section 11(f), Executive shall receive his base salary for the remaining term of the Agreement paid in one lump sum within ten (10) calendar days of his termination. Executive shall also receive, for the remaining term of the Agreement, the benefits he would have received under any retirement programs (whether tax-qualified or non-qualified) in which he participated prior to his termination (with the amount of benefits determined by reference to the benefits Executive received or which the Bank or Company accrued on his behalf during the twelve (12) months preceding his termination). Executive shall also continue to participate in any health (including medical and dental), life, disability or similar insurance coverage or benefit plans for the remaining term of the Agreement, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during such period. If the Company and the Bank cannot provide such coverage because the Executive is no longer an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis or the cash equivalent.
Appears in 4 contracts
Samples: Employment Agreement (BV Financial, Inc.), Employment Agreement (BV Financial, Inc.), Employment Agreement (BV Financial, Inc.)
Without Cause or With Good Reason. 1. In addition to termination pursuant to Sections 11(a) through 11(e), the Board, may, upon providing written notice to Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, upon providing written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason” as defined below (a termination “With Good Reason”).
2. Subject to Section 12 of this Agreement, in the event of his termination of employment under this Section 11(f), Executive shall receive his base salary for the remaining term of the Agreement paid in one lump sum within ten (10) calendar days of his termination. Executive shall also receive, for the remaining term of the Agreement, the benefits he would have received under any retirement programs (whether tax-qualified or non-qualified) in which he participated prior to his termination (with the amount of benefits determined by reference to the benefits Executive received or which the Bank or Company accrued on his behalf during the twelve (12) months preceding his termination). Executive shall also continue to participate in any health (including medical and dental), life, disability or similar insurance coverage or benefit plans for the remaining term of the Agreement, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during such period. If the Company and the Bank cannot provide such coverage because the Executive is no longer an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis or the cash equivalent.
Appears in 2 contracts
Samples: Employment Agreement (BV Financial, Inc.), Employment Agreement (BV Financial, Inc.)
Without Cause or With Good Reason. 1. In addition to termination pursuant to Sections 11(a) through 11(e), the Board, may, upon providing written notice to Executive, immediately terminate his her employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, upon providing written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason” as defined below (a termination “With Good Reason”).
2. Subject to Section 12 of this Agreement, in the event of his her termination of employment under this Section 11(f), Executive shall receive his her base salary for the remaining term of the Agreement paid in one lump sum within ten (10) calendar days of his her termination. Executive shall also receive, for the remaining term of the Agreement, the benefits he she would have received under any retirement programs (whether tax-qualified or non-qualified) in which he she participated prior to his her termination (with the amount of benefits determined by reference to the benefits Executive received or which the Bank or Company accrued on his her behalf during the twelve (12) months preceding his her termination). Executive shall also continue to participate in any health (including medical and dental), life, disability or similar insurance coverage or benefit plans for the remaining term of the Agreement, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during such period. If the Company and the Bank cannot provide such coverage because the Executive is no longer an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis or the cash equivalent.
Appears in 2 contracts
Samples: Employment Agreement, Employment Agreement (BV Financial, Inc.)
Without Cause or With Good Reason. 1. In addition to termination pursuant to Sections 11(a) through 11(e), the Board, may, upon providing written notice to Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, upon providing written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason” as defined below (a termination “With Good Reason”).
2. Subject to Section 12 of this Agreement, in the event of his termination of employment under this Section 11(f), Executive shall receive his base salary for the remaining term of the Agreement paid in one lump sum within ten (10) calendar days of his termination. Executive shall also receive, for the remaining term of the Agreement, the benefits he would have received under any retirement programs (whether tax-qualified or non-qualified) in which he participated prior to his termination (with the amount of benefits determined by reference to the benefits Executive received or which the Bank or Company accrued on his behalf during the twelve (12) months preceding his termination). Executive shall also continue to participate in any health (including medical and dental), life, disability or similar insurance coverage or benefit plans for the remaining term of the Agreement, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during such period. If the Company and the Bank cannot provide such coverage because the Executive is no longer an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis or the cash equivalent.
Appears in 2 contracts
Samples: Employment Agreement (BV Financial, Inc.), Employment Agreement (BV Financial, Inc.)
Without Cause or With Good Reason. 1. (i) In addition to termination pursuant to Sections 11(a) through 11(e), the Board, may, upon providing written notice to Executive, immediately terminate his her employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, upon providing written notice to the Board, immediately terminate her employment under this Agreement at any time within ninety (90) days following an event constituting for “Good Reason” as defined below (a termination “With Good Reason”).
2. (ii) Subject to Section 12 of this Agreement, in the event of his her termination of employment under this Section 11(f), Executive shall receive his her base salary for the remaining term of the Agreement paid in one lump sum within ten (10) calendar days of his her termination. Executive shall also receive, for the remaining term of the Agreement, the benefits he she would have received under any retirement programs (whether tax-qualified or non-qualified) in which he she participated prior to his her termination (with the amount of benefits determined by reference to the benefits Executive received or which the Bank or Company accrued on his her behalf during the twelve (12) months preceding his her termination). Executive shall also continue to participate in any health (including medical and dental), life, disability or similar insurance coverage or benefit plans for the remaining term of the Agreement, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during such period. If .
(iii) For the Company and purposes of this Agreement “Good Reason” shall mean the Bank cannot provide such coverage because occurrence of any of the Executive is no longer an employee, following events without the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis or the cash equivalent.Executive’s consent:
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Without Cause or With Good Reason. 1. (i) In addition to termination pursuant to Sections 11(a) through 11(e), the Board, may, upon providing written notice to Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, upon providing written notice to the Board, immediately terminate his employment under this Agreement at any time within ninety (90) days following an event constituting for “Good Reason” as defined below (a termination “With Good Reason”).
2. (ii) Subject to Section 12 of this Agreement, in the event of his termination of employment under this Section 11(f), Executive shall receive his base salary for the remaining term of the Agreement paid in one lump sum within ten (10) calendar days of his termination. Executive shall also receive, for the remaining term of the Agreement, the benefits he would have received under any retirement programs (whether tax-qualified or non-qualified) in which he participated prior to his termination (with the amount of benefits determined by reference to the benefits Executive received or which the Bank or Company accrued on his behalf during the twelve (12) months preceding his termination). Executive shall also continue to participate in any health (including medical and dental), life, disability or similar insurance coverage or benefit plans for the remaining term of the Agreement, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during such period. If .
(iii) For the Company and purposes of this Agreement “Good Reason” shall mean the Bank cannot provide such coverage because occurrence of any of the Executive is no longer an employee, following events without the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis or the cash equivalent.Executive’s consent:
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Without Cause or With Good Reason. 1. i. In addition to termination pursuant to Sections 11(a) through 11(e), ) the Board, may, upon providing by written notice to Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, upon providing by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason” as defined below (a termination “With Good Reason”).
2ii. Subject to Section 12 of this Agreement, in the event of his termination of employment under this Section 11(f), Executive shall be entitled to receive his base salary in effect as of his termination date for the remaining term of the Agreement paid in one lump sum within ten (10) calendar days of his such termination. Also, in such event, Executive shall also receiveshall, for the remaining term of the Agreement, receive the benefits he would have received during the remaining term of the Agreement under any retirement programs (whether tax-qualified or non-qualified) in which he Executive participated prior to his termination (with the amount of the benefits determined by reference to the benefits received by the Executive received or which the Bank or Company accrued on his behalf under such programs during the twelve (12) months preceding his termination). Executive shall also ) and continue to participate in any benefit plans of the Company or its affiliates that provide health (including medical and dental), lifeor life insurance, disability or similar insurance coverage or benefit plans for the remaining term of the Agreement, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank or its affiliates during such period. If In the event that the Company and the Bank cannot is unable to provide such coverage because the by reason of Executive is no longer being an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis or the cash equivalentbasis.
Appears in 1 contract
Samples: Two Year Employment Agreement (Newport Bancorp Inc)
Without Cause or With Good Reason. 1. i. In addition to termination pursuant to Sections 11(a) through 11(e), ) the BoardBoards, may, upon providing by written notice to Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, upon providing by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting for “Good Reason” as defined below (a termination “With Good Reason”)below.
2ii. Subject to Section 12 of this Agreement, in the event of his termination of employment under this Section 11(f), Executive shall be entitled to receive an amount equal to (i) his base salary for the remaining term of the Agreement paid in one lump sum within ten (10) calendar days of his termination. Executive shall also receive, for the remaining term of the Agreement, and (ii) the value of the benefits he would have received during the remaining term of the Agreement under any retirement programs (whether tax-qualified or non-qualified) in which he Executive participated prior to his termination (with the amount of the benefits determined by reference to the benefits received by the Executive received or which the Bank or Company accrued on his behalf under such programs during the twelve (12) months preceding his termination), payable as a single cash lump sum distribution within ten (10) calendar days following such termination. In addition, the Executive shall also continue to participate in any health (including benefit plans of the Company or Bank that provide life insurance and non-taxable medical and dental)dental insurance, life, disability or similar insurance coverage or benefit plans for the remaining term of the Agreement, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during such period. If In the event that the Company and or the Bank cannot is unable to provide such coverage because the by reason of Executive is no longer being an employee, the Company and shall pay the Bank shall provide Executive with comparable coverage on an individual policy basis or the value of such benefits in a single cash equivalentlump sum distribution within ten (10) calendar days following his termination.
Appears in 1 contract
Samples: Employment Agreement (New England Bancshares, Inc.)
Without Cause or With Good Reason. 1. In addition to termination pursuant to Sections 11(a) through 11(e), the Board, may, upon providing written notice to Executive, immediately terminate his her employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, upon providing written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason” as defined below (a termination “With Good Reason”).
2. Subject to Section 12 of this Agreement, in the event of his her termination of employment under this Section 11(f), Executive shall receive his her base salary for the remaining term of the Agreement paid in one lump sum within ten (10) calendar days of his her termination. Executive shall also receive, for the remaining term of the Agreement, the benefits he she would have received under any retirement programs (whether tax-qualified or non-qualified) in which he she participated prior to his her termination (with the amount of benefits determined by reference to the benefits Executive received or which the Bank or Company accrued on his her behalf during the twelve (12) months preceding his her termination). Executive shall also continue to participate in any health (including medical and dental), life, disability or similar insurance coverage or benefit plans for the remaining term of the Agreement, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during such period. If the Company and the Bank cannot provide such coverage because the Executive is no longer an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis or the cash equivalent.
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Without Cause or With Good Reason. 1. i. In addition to termination pursuant to Sections 11(a) through 11(e), ) the BoardBoards, may, upon providing by written notice to Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “"Without Cause”") and Executive may, upon providing by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “for "Good Reason” " as defined below (a termination “With Good Reason”)below.
2ii. Subject to Section 12 of this Agreement, in the event of his termination of employment under this Section 11(f), Executive shall be entitled to receive an amount equal to (i) his base salary for the remaining term of the Agreement paid in one lump sum within ten (10) calendar days of his termination. Executive shall also receive, for the remaining term of the Agreement, and (ii) the value of the benefits he would have received during the remaining term of the Agreement under any retirement programs (whether tax-qualified or non-qualified) in which he Executive participated prior to his termination (with the amount of the benefits determined by reference to the benefits received by the Executive received or which the Bank or Company accrued on his behalf under such programs during the twelve (12) months preceding his termination), payable as a single cash lump sum distribution within ten (10) calendar days following such termination. In addition, the Executive shall also continue to participate in any health (including benefit plans of the Company or Association that provide life insurance and non-taxable medical and dental)dental insurance, life, disability or similar insurance coverage or benefit plans for the remaining term of the Agreement, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during such period. If In the event that the Company and or the Bank cannot Association is unable to provide such coverage because the by reason of Executive is no longer being an employee, the Company and shall pay the Bank shall provide Executive with comparable coverage on an individual policy basis or the value of such benefits in a single cash equivalentlump sum distribution within ten (10) calendar days following his termination.
Appears in 1 contract
Samples: Employment Agreement (New England Bancshares, Inc.)