Common use of Extension Period Clause in Contracts

Extension Period. In the event the Executive elects to terminate his employment voluntarily under this Section 5, and has delivered a Notice of Termination to such effect in accordance with paragraph (a), above, the Company and/or the Bank may elect, by way of a writing delivered to Executive at any time within the fifteen (15) day period following the date of Executive’s Notice of Termination, to extend Executive’s employment with the Company and the Bank under this Agreement for a total of ninety (90) days beyond the date on which the Company makes such election (the “Extension Period”). In such event, the last day of the Extension Period shall be the Termination Date of Executive’s employment hereunder. Following receipt by Executive of the written notice of any such extension, Executive, in addition to performing his usual duties for the Company and/or the Bank hereunder, shall also assist the Company and the Bank for the duration of the Extension Period in achieving a successful transition of Executive’s duties from Executive to the person or persons chosen to succeed Executive, in ways the parties hereto reasonably conclude may be both practical and efficacious. In return for Executive’s continued service, as well as his performance of such additional duties, for the duration of the Extension Period, the Bank shall pay to Executive as of or as soon as practicable after the last day of such Extension Period, in addition to any accrued and unpaid Base Salary and other compensation due him at such date, a special cash bonus (the “Transition Bonus”) equal to the sum of