Common use of By the Bank Clause in Contracts

By the Bank. The Bank may terminate the Term of Employment and Employee’s employment under this Agreement at any time for “Cause” (as defined below) or without Cause. Upon any such termination by the Bank under this Paragraph 6(c) without Cause, the Bank shall be obligated to pay Base Salary to Employee at his then current Base Salary rate for the then current unexpired Term of Employment hereunder (which payments shall be made on the same schedule as Employee’s Base Salary was paid by the Bank during the Term of Employment), and, if Employee chooses to exercise his rights to purchase continued health insurance coverage under the Bank’s health insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), the Bank shall reimburse Employee for the cost of such continued insurance coverage for the maximum period during which such coverage is available to Employee under COBRA, but not longer than the unexpired Term of Employment hereunder, and shall have no further obligations hereunder. The term “without cause” shall be deemed to include voluntary termination of this Agreement by Employee, within ninety (90) days’ following the occurrence of an event of “Good Reason” which will be deemed to have occurred if the Bank, without his consent, materially reduces Employee’s Base Salary, materially reduces his duties and responsibilities by removing him from an executive officer position, requires him to transfer his office more than 50 miles from his current principal work location, or materially breaches any term of this Agreement; provided, however, that the Bank shall have no obligation to make any payment to Employee following any such voluntary termination unless, (i) within thirty (30) days following the occurrence of the event of Good Reason giving rise to his right to terminate, Employee gives written notice to the Bank which describes such event and states his intention to voluntarily terminate his employment, and (ii) the Bank shall not have corrected, cured or remedied such event of Good Reason within thirty (30) days following its receipt of Employee’s above written notice. Upon any such termination with Cause, Employee shall have no further rights, and the Bank shall have no further obligations, under this Agreement. For purposes of this Paragraph 6(c), the Bank shall have “Cause” to terminate Employee’s employment if:

By the Bank. The Bank may terminate the Term of Employment and Employee’s employment under this Agreement at any time for “Cause” (as defined below) or without Cause. Upon any such termination by the Bank under this Paragraph 6(c) without Cause, the Bank shall be obligated to pay Base Salary to Employee at his then current Base Salary rate for the then current unexpired Term of Employment hereunder (which payments shall be made on the same schedule as Employee’s Base Salary was paid by the Bank during the Term of Employment), and, if Employee chooses to exercise his rights to purchase continued health insurance coverage under the Bank’s health insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), the Bank shall reimburse Employee for the cost of such continued insurance coverage for the maximum period during which such coverage is available to Employee under COBRA, but not longer than the unexpired Term of Employment hereunder, and shall have no further obligations hereunder. The term ““ without cause” shall be deemed to include voluntary termination of this Agreement by Employee, within upon ninety (90) days’ following written notice to the occurrence of an event of “Good Reason” which will be deemed to have occurred if Bank, because the Bank, without his consent, materially reduces Employee’s Base Salary, materially reduces his duties and responsibilities by removing removes him from an executive officer position, requires him to transfer his office more than 50 miles from his current principal work location, or materially breaches any term of this Agreement; provided, however, that the Bank shall have no obligation to make any payment to Employee following any such voluntary termination unless, (i) within thirty (30) days following the occurrence of the event of Good Reason giving rise in which to his right to terminatecorrect or cure any such material breach, Employee gives written notice to the Bank in which describes such event and states his intention to voluntarily terminate his employment, and (ii) case the Bank shall not have corrected, cured or remedied such event of Good Reason within thirty (30) days following its receipt of Employee’s above written noticebe obligated to make the payments provided pursuant to this Paragraph 6(c). Upon any such termination with Cause, Employee shall have no further rights, and the Bank shall have no further obligations, under this Agreement. For purposes of this Paragraph 6(c), the Bank shall have “Cause” to terminate Employee’s employment if:

By the Bank. The Bank may terminate the Term of Employment and Employee’s employment under this Agreement at any time for “Cause” (as defined below) or without Cause. Upon any such termination by the Bank under this Paragraph 6(c) without Cause, the Bank shall be obligated to pay Base Salary to Employee at his then current Base Salary rate for the then current unexpired Term of Employment hereunder (which payments shall be made on the same schedule as Employee’s Base Salary was paid by the Bank during the Term of Employment), and, if Employee chooses to exercise his rights to purchase continued health insurance coverage under the Bank’s health insurance plan pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), the Bank shall reimburse Employee for the cost of such continued insurance coverage for the maximum period during which such coverage is available to Employee under COBRA, but not longer than the unexpired Term of Employment hereunder, and shall have no further obligations hereunder. The term “without causeCause” shall be deemed to include voluntary termination of this the Agreement by Employee, within upon ninety (90) days’ following days written notice to the occurrence of an event of “Good Reason” which will be deemed to have occurred if Bank, because the Bank, without his consent, materially reduces Employee’s Base Salary, materially reduces his duties and responsibilities by removing removes him from an executive officer position, requires him to transfer his office more than 50 miles from his current principal work location, or materially breaches any term of this Agreement; provided, however, that the Bank shall have no obligation to make any payment to Employee following any such voluntary termination unless, (i) within thirty (30) days following the occurrence of the event of Good Reason giving rise in which to his right to terminatecorrect or cure any such material breach, Employee gives written notice to the Bank in which describes such event and states his intention to voluntarily terminate his employment, and (ii) case the Bank shall not have corrected, cured or remedied such event of Good Reason within thirty (30) days following its receipt of Employee’s above written noticebe obligated to make the payments provided pursuant to this Paragraph 6(c). Upon any such termination with Cause, Employee shall have no further rights, and the Bank shall have no further obligations, under this Agreement. For purposes of this Paragraph 6(c), the Bank shall have “Cause” to terminate Employee’s employment if: