Payments to Executive Upon Termination. (a) In the event of Termination of this Agreement due to Executive’s death, Disability or retirement, Executive or Executive’s spouse and/or estate shall be entitled to all benefits generally available to Bank employees, or their spouses and/or estates, as of the date of such death, Disability or retirement, without reduction.
Payments to Executive Upon Termination. (a) In the event of the termination of Executive's employment pursuant to Paragraph 4(a) or 4(f), as consideration for Executive's services to Employers prior to Executive's termination, Employers shall continue to pay to Executive for the duration of the Severance Period (hereinafter defined), his base annual salary in the year of the termination, the funding under any life insurance policy covering Executive, and under his 401(k) plan and for his health/life insurance benefits. "
Payments to Executive Upon Termination. (a) In the event of the termination of Executive's employment pursuant to Paragraphs 4(b) or (c), as consideration for Executive's services to Bank prior to Executive's termination, Bank shall continue to pay to Executive, or to his estate, as the case may be, for the duration of the Severance Period, such compensation in such manner as had been received by Executive immediately prior to termination. The "Severance Period" shall be a period of time commencing at the termination of employment and continuing for ninety (90) days thereafter.
Payments to Executive Upon Termination. (i) Upon the termination of Executive's employment pursuant to SECTION 6.1, SECTION 6.2(i), SECTION 6.2(ii) or SECTION 6.4, the Company shall be obligated to pay to Executive, and Executive shall be entitled to receive from the Company: (i) Executive's Base Salary, prorated for completed months of employment in the relevant fiscal year of the Company to the effective date of termination; (ii) accrued vacation to the effective date of termination; (iii) a termination bonus calculated pursuant to the formula described in SECTION 3.2 hereof prorated for the number of completed months of employment in the relevant fiscal year of the Company to the effective date of termination, based on the annualized net income of the Company derived by multiplying (X) the fiscal year-to-date (completed months only) consolidated net income of the Company as shown in the Company's regularly prepared internal financial statements, by (Y) the quotient obtained by dividing twelve (12) months by the number of completed months of employment of Executive in the relevant fiscal year in which termination of employment occurs; (iv) any amounts for which Executive is entitled to, but has not received, reimbursement in accordance with SECTION 4 hereof, provided that such amounts were incurred prior to the effective date of termination; and (v) the release of, or in the alternative thereto, the amounts(s) equal to the aggregate amount of any personal guaranties of debts of the Company or other entities or persons made by Executive on behalf of or at the request of the Company or its affiliates.
Payments to Executive Upon Termination. (a) In the event of the termination of Executive’s employment for any reason, including a merger or sale of the Company or the Bank or sale or transfer of a majority of the stock of the Bank or the Company (any one of which shall be a “Change of Control”) or failure of the Employers to continue Executive’s employment at the termination of this Agreement or any subsequent employment agreement, or if Executive is not elected as a member of the Board of Directors (individually, a “Termination Event”), but excluding Executive’s death or resignation by Executive without cause, or termination of Executive for Good Reason as set forth in Section 4(e), as consideration for Executive’s services to Employers prior to Executive’s termination, Employers shall pay to Executive a sum equal to three times the amount of Executive’s annual Base Salary in effect immediately prior to his termination plus three (3) times the average bonus paid to Executive over the prior three years. For a period of three (3) years after termination of his employment Employers shall also pay to Executive in cash additional amounts that correspond to the amounts the Employers would have paid in premiums for the life insurance policy covering Executive, and shall provide, at no cost to Executive, continuation of his health and life insurance benefits in effect immediately prior to his termination. In the event such continuation of benefits is not able to be provided by Employers’ group insurance plans or policies, the Employer shall pay to Executive in cash an amount which will permit Executive to purchase comparable insurance policies. Upon the occurrence of a Termination Event, all stock options, annuities, deferred compensation and pensions held by or for Executive shall fully vest. The total benefits set forth in this Section 5(a) shall hereinafter be referred to as “Severance Benefits”. All Severance Benefits from a Termination Event under the Section 5(a) shall be paid to Executive within thirty (30) days of occurrence of the Termination Event.
Payments to Executive Upon Termination. (a) In the event of the termination of Executive's employment pursuant to Paragraphs 4(c) or (d), as consideration for Executive's services to Company prior to Executive's termination, the Company shall continue to pay to Executive, or to his estate, as the case may be, for the duration of the Severance Period, such compensation and benefits in such manner as had been received by Executive immediately prior to termination. For purposes of Paragraphs 4 (c), the "Severance Period" shall be a period of time commencing at the termination and continuing for a period of six (6) months thereafter. For purposes of Paragraph 4 (d), the "Severance Period" shall be a period of time commencing at the termination and continuing for the time when benefits commence under any disability insurance policy maintained by the Company for the benefit of Executive.
Payments to Executive Upon Termination. (A) Executive acknowledges that as of the date of this Agreement he has received payment of the following amounts (less any applicable withholding): (i) accrued but unpaid annual base cash compensation through the Termination Date; (ii) reimbursement for out-of-pocket business expenses incurred by Executive prior to the Termination Date for which Executive is entitled to reimbursement pursuant to Section 3(c) of the Employment Agreement and for which Executive submitted the required substantiation prior to the date of this Agreement; and (iii) accrued but unused vacation pay. Executive further acknowledges that: (i) the payments, rights and benefits set forth in this Section 2 (the “Consideration”) constitute full payment for work performed on behalf of the Company and (ii) except as otherwise provided specifically in this Agreement, the Company does not and will not have any other liability or obligation to Executive as it relates to Executive’s employment with the Company or the Termination.
Payments to Executive Upon Termination of This Agreement.
Payments to Executive Upon Termination. (a) Executive shall be entitled to the following additional compensation and benefits:
Payments to Executive Upon Termination. (a) In the event of the termination of Executive’s employment for any reason, including a merger or sale of the Company or the Bank or sale or transfer of a majority of the stock of the Bank or the Company (any one of which shall be a “Change of Control”) or failure of the Employers to continue Executive’s employment at the termination of this Agreement or any subsequent employment agreement, but excluding Executive’s death or resignation by Executive without cause, or termination of Executive for Good Reason as set forth in Section 4(e), as consideration for Executive’s services to Employers prior to Executive’s termination, Employers shall pay to Executive a sum equal to three times the amount of Executive’s annual Base Salary in effect immediately prior to his termination plus three (3) times the average bonus paid to Executive over the prior three years. For a period of three (3) years after termination of his employment Employers shall also pay to Executive in cash additional amounts that correspond to the amounts the Employers would have paid in premiums for the life insurance policy covering Executive, and shall provide, at no cost to Executive, continuation of his health and life insurance benefits in effect immediately prior to his termination. In the event such continuation of benefits is not permitted under the terms of the insurance contracts applicable to such benefits, shall pay to Executive in cash the amount that would have been paid for such benefits. In addition, Employers shall purchase a new automobile comparable to the one then made available to Executive free of all liens, costs, liabilities, or encumbrances, plus such funds to reimburse Executive for all fees and costs involved in the transfer of title and all federal and state income taxes assessed to Executive for such transfer. Upon such termination, all stock options, annuities, deferred compensation and pensions held by or for Executive shall fully vest. The total benefits set forth in this Section 5(a) shall hereinafter be referred to as “Severance Benefits”.
