Common use of Without Just Cause; Constructive Discharge Clause in Contracts

Without Just Cause; Constructive Discharge. The Board may, by written notice to the Employee, immediately terminate his employment at any time for a reason other than his Disability or Just Cause, in which event the Employee shall be entitled to receive the following compensation and benefits (unless such termination occurs during the Protected Period, in which event the benefits and compensation provided for in Section 12 shall apply): (i) the salary provided pursuant to Section 3 hereof, together with accrued incentive pay (based on the level of such pay for the year in which the termination occurs) for a period of three years following termination of employment, and (ii) at the Employee's election either (A) cash in an amount equal to the cost to the Employee of obtaining all health, life, disability and other benefits which the Employee would have been eligible to participate for a period of three years following termination of employment, based upon the benefit levels substantially equal to those that the Bank provided for the Employee at the date of termination of employment or (B) continued participation under such Bank benefit plans for a period of three years following termination of employment, to the extent the Employee continues to qualify for participation therein. All amounts payable to the Employee shall be paid, at the option of the Employee, either (I) in periodic payments, through the Expiration Date, or (II) in one lump sum within ten days of such termination.

Without Just Cause; Constructive Discharge. The Board Boards may, by written notice to the Employee, immediately terminate his employment at any time for a reason other than his Disability or Just Cause, in which event the Employee shall be entitled to receive the following compensation and benefits (unless such termination occurs during the Protected Period, Period in which event the benefits and compensation provided for in Section 12 13 shall apply): ): (i) the salary provided pursuant to Section 3 4 hereof, together with accrued incentive pay up to the expiration date of this Agreement, including any renewal term (based on the level "Expiration Date"), plus said salary for an additional 12-month period, provided that such salary shall not exceed 2.99 x of such pay for the year in which the termination occurs) for a period of three years following termination of employment, and then existing salary and (ii) at the Employee's election either (A) cash in an amount equal to the cost to the Employee of obtaining all health, life, disability and other benefits which the Employee would have been eligible to participate for a period of three years following termination of employment, in through the Expiration Date based upon the benefit levels substantially equal to those that the Bank provided for the Employee at the date of termination of employment or (B) continued participation under such Bank and Company benefit plans for a period of three years following termination of employmentthrough the Expiration Date, but only to the extent the Employee continues to qualify for participation therein. All amounts payable to the Employee shall be paid, at the option of the Employee, either (I) in periodic payments, payments through the Expiration Date, or (II) in one lump sum within ten days of such termination.

Without Just Cause; Constructive Discharge. The Board may, by written notice to the Employee, immediately terminate his her employment at any time for a reason other than his her Disability or Just Cause, in which event the Employee shall be entitled to receive the following compensation and benefits (unless such termination occurs during the Protected Period, in which event the benefits and compensation provided for in Section 12 shall apply): ): (i) the greater of either (A) the salary provided pursuant to Section 3 hereof, together with accrued incentive pay up to the expiration date of this Agreement, including any renewal term (based on the level of such pay "Expiration Date"), or (B) said salary for the year in which the termination occurs) for a period of three years following termination of employmentan additional 12-month period, and and (ii) at the Employee's election either (A) cash in an amount equal to the cost to the Employee of obtaining all health, life, disability and other benefits which the Employee would have been eligible to participate for a period of three years following termination of employment, in through the Expiration Date based upon the benefit levels substantially equal to those that the Bank provided for the Employee at the date of termination of employment or (B) continued participation under such Bank benefit plans for a period of three years following termination of employmentthrough the Expiration Date, but only to the extent the Employee continues to qualify for participation therein. All amounts payable to the Employee shall be paid, at the option of the Employee, either (I) in periodic payments, payments through the Expiration Date, or (II) in one lump sum within ten days of such termination.

Without Just Cause; Constructive Discharge. The Board may, by written notice to the Employee, immediately terminate his employment at any time for a reason other than his Disability or Just Cause, in which event the Employee shall be entitled to receive the following compensation and benefits (unless such termination occurs during the Protected Period, in which event the benefits and compensation provided for in Section 12 shall apply): (i) the salary provided pursuant to Section 3 hereof, together with accrued incentive pay up to the expiration date of this Agreement, including any renewal term (based on the level of such pay "Expiration Date"), plus said salary for the year in which the termination occurs) for a period of three years following termination of employmentan additional 12-month period, and (ii) at the Employee's election either (A) cash in an amount equal to the cost to the Employee of obtaining all health, life, disability and other benefits which the Employee would have been eligible to participate for a period of three years following termination of employment, in through the Expiration Date based upon the benefit levels substantially equal to those that the Bank provided for the Employee at the date of termination of employment or (B) continued participation under such Bank benefit plans for a period of three years following termination of employmentthrough the Expiration Date, but only to the extent the Employee continues to qualify for participation therein. All amounts payable to the Employee shall be paid, at the option of the Employee, either (I) in periodic payments, through the Expiration Date, or (II) in one lump sum within ten days of such termination.