Without Just Cause. Subject to Section 11 hereof, the Board may, ------------------ by written notice to the Employee, immediately terminate his employment at any time for a reason other than Just Cause, in which event the Employee shall be entitled to receive the following compensation and benefits: (i) the salary provided pursuant to Section 2 hereof , up to the date of termination of the term (including any renewal term) of this Agreement (the "Expiration Date"), plus said salary for an additional 12-month period, but in no event in excess of three years' salary and (ii) the cost to the Employee of obtaining all health, life, disability and other benefits which the Employee would have been eligible to participate 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. Said sum shall be paid, at the option of the Employee, either (I) in periodic payments over the remaining term of this Agreement, as if the Employee's employment had not been terminated, or (II) in one lump sum within ten (10) days of such termination.
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Samples: Employment Agreement (1855 Bancorp), Employment Agreement (Sandwich Bancorp Inc)
Without Just Cause. Subject to the provisions of Section 11 ------------------ hereof, the Board may, ------------------ by written notice to the Employee, immediately terminate his employment at any time for a any reason; provided that, if such termination is for any reason other than Just Causepursuant to Sections 9(a), in which event (b) or (c) above, the Employee shall be entitled to receive the following compensation and benefits: (i) the salary provided pursuant to Section 2 hereof hereof, up to the date of termination expiration of the term (including any renewal termterm then in effect) of this Agreement (the "Expiration Termination Date"), plus said salary for an additional 12-month period, but in no event in excess of three years' salary ) and (ii) the cost to the Employee of obtaining all health, life, disability and other benefits (excluding any bonus, stock option or other compensation benefits) in which the Employee would have been eligible to participate in through the Expiration Termination Date based upon the benefit levels substantially equal to those that the Bank provided for the Employee at the date of termination of employment. Said sum shall be paid, at the option of the Employee, either (I) in periodic payments over the remaining term of this Agreement, as if the Employee's employment had not been terminated, or (II) in one lump sum within ten (10) days of such termination.
Appears in 2 contracts
Samples: Employment Agreement (Hopfed Bancorp Inc), Employment Agreement (Hopfed Bancorp Inc)
Without Just Cause. Subject to the provisions of Section 11 ------------------ hereof, the Board may, ------------------ by written notice to the Employee, immediately terminate his employment at any time for a any reason; provided that, if such termination is for any reason other than Just Causepursuant to Sections 9(a), in which event (b) or (c) above, the Employee shall be entitled to receive the following compensation and benefits: (i) the salary provided pursuant to Section 2 hereof hereof, up to the date of termination expiration of the term (including any renewal termterm then in effect) of this Agreement (the "Expiration Termination Date"), plus said salary for an additional 12-month period, but in no event in excess of three years' salary ) and (ii) the cost to the Employee of obtaining all health, life, disability and other benefits (excluding any bonus, stock option or other compensation benefits) in which the Employee would have been eligible to participate in through the Expiration Termination Date based upon the benefit levels substantially equal to those that the Bank Company provided for the Employee at the date of termination of employment. Said sum shall be paid, at the option of the Employee, either (I) in periodic payments over the remaining term of this Agreement, as if the Employee's employment had not been terminated, or (II) in one lump sum within ten (10) days of such termination.
Appears in 2 contracts
Samples: Employment Agreement (Hopfed Bancorp Inc), Employment Agreement (Hopfed Bancorp Inc)
Without Just Cause. Subject to the provisions of Section 11 hereof, the Board may, ------------------ by written notice to the Employee, immediately terminate his employment at any time for a any reason; provided that, if such termination is for any reason other than Just Causepursuant to Sections 9(a), in which event (b) or (c) above, the Employee shall be entitled to receive the following compensation and benefits: (i) the salary provided pursuant to Section 2 hereof hereof, up to the date of termination expiration of the term (including any renewal termterm then in effect) of this Agreement (the "Expiration Termination Date"), plus said salary for an additional 12-month period, but in no event in excess of three years' salary ) and (ii) the cost to the Employee of obtaining all health, life, disability and other benefits (excluding any bonus, stock option or other compensation benefits) in which the Employee would have been eligible to participate in through the Expiration Termination Date based upon the benefit levels substantially equal to those that the Bank Company provided for the Employee at the date of termination of employment. Said sum shall be paid, at the option of the Employee, either (I1) in periodic payments over the remaining term of this Agreement, as if the Employee's employment had not been terminated, or (II2) in one lump sum within ten (10) 10 days of such termination.
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Without Just Cause. Subject to the provisions of Section 11 hereof, the Board may, ------------------ by written notice to the Employee, immediately terminate his employment at any time for a any reason; provided that, if such termination is for any reason other than Just Causepursuant to Sections 9(a), in which event (b) or (c) above, the Employee shall be entitled to receive the following compensation and benefits: (i) the salary provided pursuant to Section 2 hereof hereof, up to the date of termination expiration of the term (including any renewal termterm then in effect) of this Agreement (the "Expiration Termination Date"), plus said salary for an additional 12-month period, but in no event in excess of three years' salary ) and (ii) the cost to the Employee of obtaining all health, life, disability and other benefits (excluding any bonus, stock option or other compensation benefits) in which the Employee would have been eligible to participate in through the Expiration Termination Date based upon the benefit levels substantially equal to those that the Bank Company provided for the Employee at the date of termination of employment. Said sum shall be paid, at the option of the Employee, either (I1) in periodic payments over the remaining term of this Agreement, as if the Employee's employment had not been terminated, or (II2) in one lump sum within ten (10) 10 days of such termination.. Exhibit 10.1
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Without Just Cause. Subject to the provisions of Section 11 hereof, the Board may, ------------------ by written notice to the Employee, immediately terminate his employment at any time for a any reason; provided that, if such termination is for any reason other than Just Causepursuant to Sections 9(a), in which event (b) or (c) above, the Employee shall be entitled to receive the following compensation and benefits: (i) the salary provided pursuant to Section 2 hereof hereof, up to the date of termination expiration of the term (including any renewal termterm then in effect) of this Agreement (the "Expiration Termination Date"), plus said salary for an additional 12-month period, but in no event in excess of three years' salary ) and (ii) the cost to the Employee of obtaining all health, life, disability and other benefits (excluding any bonus, stock option or other compensation benefits) in which Exhibit 10.2 the Employee would have been eligible to participate in through the Expiration Termination Date based upon the benefit levels substantially equal to those that the Bank provided for the Employee at the date of termination of employment. Said sum shall be paid, at the option of the Employee, either (I1) in periodic payments over the remaining term of this Agreement, as if the Employee's employment had not been terminated, or (II2) in one lump sum within ten (10) 10 days of such termination.
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Without Just Cause. Subject to the provisions of Section 11 hereof, the Board may, ------------------ by written notice to the Employee, immediately terminate his employment at any time for a any reason; provided that, if such termination is for any reason other than Just Causepursuant to Sections 9(a), in which event (b) or (c) above, the Employee shall be entitled to receive the following compensation and benefits: (i) the salary provided pursuant to Section 2 hereof hereof, up to the date of termination expiration of the term (including any renewal termterm then in effect) of this Agreement (the "Expiration Termination Date"), plus said salary for an additional 12-month period, but in no event in excess of three years' salary ) and (ii) the cost to the Employee of obtaining all health, life, disability and other benefits (excluding any bonus, stock option or other compensation benefits) in which the Employee would have been eligible to participate in through the Expiration Termination Date based upon the benefit levels substantially equal to those that the Bank provided for the Employee at the date of termination of employment. Said sum shall be paid, at the option of the Employee, either (I1) in periodic payments over the remaining term of this Agreement, as if the Employee's employment had not been terminated, or (II2) in one lump sum within ten (10) 10 days of such termination.
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