Termination and Severance. Executive shall be entitled to receive benefits upon termination of employment only as set forth in this Section 4:
Termination and Severance. The Employment Period shall terminate on the first to occur of (i) ninety (90) days following written notice by you to the Company of your resignation without Good Reason, (it being understood that you will continue to perform your services hereunder during such ninety (90) day period), (ii) thirty (30) days following written notice by you to the Company of your resignation with Good Reason (it being understood that you will continue to perform your services hereunder during such thirty (30) day period), (iii) your death or Disability, (iv) a vote of the Board of the Company directing such termination for Cause, (v) a vote of the Board of the Company directing such termination without Cause, or (vi) the third (3rd) anniversary of the Effective Date (the "SCHEDULED EXPIRATION DATE"); provided, however, that the Scheduled Expiration Date shall be automatically extended for successive one-year periods unless, at least ninety (90) days prior to the then-current Scheduled Expiration Date, either the Company or you shall give written notice to the other of an intention not to extend the Employment Period. In the event of termination of the Employment Period pursuant to clause (ii) or (v) above, or in the event that the Company elects not to extend the Employment Period upon the expiration thereof, the Company shall pay to you an amount equal to your Annual Base Salary as in effect immediately prior to the termination of the Employment Period, such amount to be paid periodically in accordance with the Company's regular payroll practices over the twelve (12) month period immediately following such termination (the "SEVERANCE BENEFIT"). Notwithstanding the preceding sentence, the Severance Benefit shall be computed as an amount equal to one hundred fifty percent (150%) of your Annual Base Salary as in effect immediately prior to the termination of the Employment Period and shall be paid periodically in accordance with the Company's regular payroll practices over the twelve (12) month period immediately following such termination, SOLELY in a circumstance in which there has occurred a Change of Control (as defined in the Shareholders Agreement among the Company and its shareholders dated as of even date herewith (the "SHAREHOLDERS AGREEMENT")) within three (3) months prior to such termination. Notwithstanding anything in this Agreement to the contrary, in the event that payment of the Severance Benefit, either alone or together with other payments (or the value of o...
Termination and Severance. The Severance payments provided in this Amendment shall be the sole payments and benefits for which the Executive shall be eligible at the conclusion of his employment with the Company for any reason and shall supersede any and all prior agreements or arrangements for post-termination benefits.
Termination and Severance. Executive’s employment is “at-will” and may be terminated by Executive or the Company with or without cause and with or without prior notice. Except as described in Exhibit A, upon Executive’s termination of employment, Executive will be entitled only to current Base Salary and any accrued, unused vacation compensation, in each case only to the extent earned as of the date of termination. Upon termination of Executive’s employment, his options, restricted stock, and restricted stock units will be treated as set forth in the agreements representing those options, restricted stock, and restricted stock units.
Termination and Severance. Each party has the right to terminate DVH's employment with the Bank prior to the end of the Term specified in paragraph 2 with or without cause at any time. For purposes of this Agreement, cause will arise if (i) she willfully breaches or habitually neglect the duties which she is required to perform under this Agreement, (ii) commits an intentional act that has a material detrimental effect on the reputation or business of the Bank, or (iii) she is convicted of a felony or commits any such act of dishonesty, fraud, or intentional material misrepresentation as would prevent effective performance of her duties under this Agreement. If the Bank decides to terminate DVH's employment for cause, the Bank will provide her with notice specifying the grounds for termination, accompanied by a written statement stating the relevant facts supporting such grounds. Upon termination of her employment for cause, she will not be entitled to any further amounts except for the Base Salary earned through her last day of employment.
Termination and Severance. As discussed above, the Company shall be entitled to terminate Executive at any time and for any reason, and Executive shall be entitled to resign at any time and for any reason. Executive may, however, be entitled to receive certain severance benefits in connection with his separation from employment under the Company’s Change of Control and Severance Policy (the “Severance Policy”). Any such severance, if applicable, will be subject to the terms and conditions of the Severance Policy, as may be amended or modified from time to time.