General Severance. In the event that the Company (or Successor (as defined below), if applicable) terminates Mx. Xxxxxxxx’x employment with the Company (or Successor, if applicable) without Cause (as defined in the Equity Agreements), then Mx. Xxxxxxxx shall be entitled to the following severance benefits:
General Severance. In the event that this Agreement is terminated by the Company for any reason other than for “Good Cause” as defined above, expressly or this Agreement is terminated by Executive for “Good Reason,” but excluding a termination by the Company following a “Change of Control,” Executive shall be entitled to receive, in addition to the amount of any accrued and unpaid salary then due to Executive, and the value of any accrued and unused vacation, the following additional amounts:
General Severance. You will also be eligible for the following severance benefits in the event your employment is terminated by the Company without Cause and unrelated to a CIC
General Severance. In the event that the Company terminates Xxxxxx’x employment with the Company without Cause or Xxxxxx voluntarily terminates his employment with the Company for Good Reason, then the Company shall pay Xxxxxx an amount equal to the lesser of (i) one year of Xxxxxx’x base salary (at the rate in effect immediately prior to termination) and (ii) the sum of:
General Severance. Each person employed by the ----------------- Xxxxxxxxxx Subsidiaries as of December 31, 1996 who is employed by the Xxxxxxxxxx Subsidiaries immediately prior to the Effective Time (other than a person named in subsection (a) above) will be entitled to receive (in lieu of any other form of severance) the severance package described below if such person's employment is terminated without cause within one year after the Effective Time. In addition, any such employee of the Xxxxxxxxxx Subsidiaries who voluntarily resigns after being notified by COFI that, as a condition of employment, such employee must work at a location outside of the Cleveland MSA or that such employee's base salary will be decreased, in any case within one year after the Effective Time, will be entitled to the severance package described below. The severance package shall consist of (i) three (3) weeks base pay for every year of full time service with the Xxxxxxxxxx Subsidiaries prior to the Effective Time, up to a maximum of one year of base pay, and (ii) continued health insurance coverage for a period of 90 days after separation of service with Charter Resources Ohio, Inc., a wholly owned subsidiary of Charter One Bank ("Charter Resources") paying the employer's portion (50%) of the health insurance premium. At the request of a severed employee who is entitled to the aforesaid severance package, outplacement services will be provided by Charter Resources. COFI acknowledges that the consummation of the Merger will constitute both a change in control and change in circumstances under the Severance Agreements and the Employment Agreement.
General Severance. In the event that the Company terminates Executive’s employment with the Company without Cause or Executive voluntarily terminates his employment with the Company for Good Reason, then the Company shall pay Executive an amount equal to the greater of (x) the Minimum Payment (as defined below) and (y) the lesser of (i) one year of Executive’s base salary (at the rate in effect immediately prior to termination) and (ii) the sum of:
General Severance. If the employment of any full-time employee of Community Bankshares or any of its Subsidiaries is involuntarily terminated other than for Cause (as hereinafter defined) within six months following the Effective Time, BBC or its applicable Subsidiary shall provide severance benefits to such employee in a lump sum cash amount equal to the sum of (i) such employee's regular salary for a one-week period (as in effect immediately prior to the Effective Time) multiplied by the total number of whole years of such employee's full-time employment at Community Bankshares and its Subsidiaries (subject to a minimum severance of two weeks for those employees who have at least one year of service as of the Effective Time and a maximum severance of 26 weeks), and (ii) the employee's accrued but unused vacation and personal emergency days, plus the continuation of any insurance benefits that the terminated employee was receiving through the end of the calendar month in which the employee receives his or her lump sum severance payment, provided, however, such period of continued coverage shall be no less than fifteen days. Notwithstanding the foregoing, however, in no event shall BBC or any of its Subsidiaries have any obligation to provide severance benefits pursuant to this Section 7.4(b) to any full-time employee (i) whose termination of employment occurs due to resignation or discharge for Cause or (ii) who is entitled to severance benefits or the equivalent thereof under the terms of any employment or change in control severance agreement with Community Bankshares or its Subsidiaries. "Cause" shall mean termination because of the employee's (a) conviction of, or plea of guilty or nolo contendere to, a felony or a crime of falsehood or moral turpitude, (b) willful misconduct or gross negligence, (c) breach of fiduciary duty, (d) failure to perform stated duties if such failure is not cured following written notice to the employee, or (e) willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease and desist order.
General Severance. In the event that the Company (or Successor (as defined below), if applicable) terminates XxXxxxx’x employment with the Company (or Successor, if applicable) without Cause (as defined in the Option Agreements), on or before the fifth (5th) anniversary of the Effective Date (the date of such termination, the “Termination Date”), then:
General Severance. If the employment of any full- time employee of Community Bankshares or any of its Subsidiaries is involuntarily terminated other than for Cause (as hereinafter defined) within six months following the Effective Time, BBC or its applicable Subsidiary shall provide severance benefits to such employee in a lump sum cash amount equal to the sum of (i) such employee's regular salary for a one-week period (as in effect immediately prior to the Effective Time) multiplied by the total number of whole years of such employee's full-time employment at Community Bankshares and its Subsidiaries (subject to a minimum severance of two weeks for those employees who have at least one year of service as of the Effective Time and a maximum severance of 26 weeks), and (ii) the employee's accrued but unused vacation and personal emergency days, plus the continuation of any insurance benefits that the terminated employee was receiving through the end of the calendar month in which the employee receives his or her lump sum severance payment, provided, however, such period of continued coverage shall be no less than fifteen days. Notwithstanding the foregoing, however, in no event shall BBC or any of its Subsidiaries have any obligation to provide severance benefits pursuant to this Section 7.4(b) to any full-time employee (i) whose termination of employment occurs due to resignation or discharge for Cause or (ii) who is entitled to severance benefits or the equivalent thereof under
General Severance. In the event that the Company (or Successor (as defined below), if applicable) terminates DxXxxxx’x employment with the Company (or Successor, if applicable) without Cause, as defined below (the date of such termination, the “Termination Date”), then, subject to compliance with the restrictive covenants in Section 3 and execution of the Release set forth in Section 16:
