Involuntary Severance Sample Clauses
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Involuntary Severance. In the event that, during the Employment Period, Executive’s employment by Bank is involuntarily terminated (unless the termination is “for cause”, as defined above) by the Board of Directors of the Bank, which the Board of Directors of the Bank may do in its absolute and sole discretion and for any reason or no reason, Executive shall have the right to receive as liquidated damages that portion of Executive’s base annual salary accruing between the date of involuntary termination and the expiration of the Employment Period or two (2) times his annual base salary, whichever is greater. For purposes of this paragraph, “Involuntary Termination” shall be deemed to include constructive termination due to any cut in base salary, any diminution of duties and/or a geographical transfer of more than forty miles. In the event that, during the Employment Period, Executive’s employment by Bank is involuntarily terminated by Bank following a Change in Control (unless the termination is “for cause” as defined above) the Bank agrees that it shall do the following: • On the date of Executive’s termination, pay Executive a lump sum equal to thirty-six (36) months of Executive’s base annual salary (with the base annual salary calculated as of the date of Executive’s termination of employment and reduced for withholding and other employment taxes); and • On the last day of the year of Executive’s termination, pay Executive (in such amounts as the Board of Directors of the Bank shall direct) a pro rated incentive bonus reduced for withholding and other employment taxes.
Involuntary Severance. In the event that, during the Employment Period, Executive’s employment by Bank is involuntarily terminated (unless the termination is “for cause,” as defined above) by the Board of Directors of the Bank, which the Board of Directors of the Bank may do in its absolute and sole discretion and for any reason or no reason, Executive shall have the right to receive as liquidated damages that portion of Executive’s base annual salary accruing between the date of involuntary termination and the expiration of the Employment Period or two (2) times his annual base salary, whichever is greater. For purposes of this paragraph, “Involuntary Termination” shall be deemed to include constructive termination due to any cut in base annual salary or a geographical transfer of more than forty miles. In the event that, during the Employment Period, Executive’s employment by Bank is involuntarily terminated by Bank following a Change in Control (unless the termination is “for cause,” as defined above) Executive shall have the right to make a selection between payment of the benefits described below or payment of the benefits described in Bank’s Severance Pay Plan effective January 1, 1999, including all amendments thereto. Executive’s selection of the benefits described below shall constitute a waiver of any and all benefits payable under Bank’s Severance Pay Plan. Executive’s selection of benefits under the Bank’s Severance Pay Plan shall constitute a waiver of any and all benefits payable as described below. Not later than thirty (30) days after the date of termination of employment of Executive, Executive shall notify Bank in writing of Executive’s selection of benefits. If the Executive fails to notify the Bank as aforedescribed, Bank shall pay to the Executive the benefits payable as described below and payment of benefits under the Severance Pay Plan shall thereby be waived. In the event Executive selects the benefits payable under this Agreement the Bank agrees that it shall do the following: • On the date of Executive’s termination, pay Executive a lump sum equal to thirty-six (36) months of Executive’s base annual salary (with the base annual salary calculated as of the date of Executive’s termination of employment and reduced for withholding and other employment taxes); and • On the last day of the year of Executive’s termination, pay Executive, in such amounts as the Board of Directors of the Bank shall direct, a pro rated incentive bonus reduced for withholding an...