Termination by Bank Without Cause. Notwithstanding anything to the contrary contained herein, it is agreed by the parties hereto that the Bank may at any time without Cause and for any reason immediately terminate this Agreement and Executive's employment by the Bank by action of the Board. Upon such termination by the Bank all benefits provided by the Bank hereunder to Executive shall thereupon cease, except as provided in this Subparagraph, and Executive shall be deemed to have resigned as a director, officer and employee of the Bank and any corporation, partnership, venture, limited liability company or other entity controlled by, controlling or under common control with the Bank. Notwithstanding the foregoing, it is agreed that in the event of such termination without Cause by the Bank upon the delivery to the Bank by the Executive of a waiver and release in substantially the form of Attachment "A" to this Agreement, and Executive's compliance with the terms thereof, Executive shall be entitled to, upon the effective date of termination, payment of a lump sum equivalent to six (6) months' base salary as such base salary is in effect on the date of termination of employment, plus continuation of Executive's medical benefits for a period of six (6) months following such termination, with Bank continuing to pay Executive's share of premiums and associated costs as if Executive continued to be employed with the Bank; provided, however, that the Bank's obligation to provide such coverage shall be terminated if the Executive is eligible to receive comparable substitute coverage from another employer at any time during such six-month period. Executive agrees to advise the Bank immediately if such comparable substitute coverage is available from another employer. The Executive shall be entitled at the expiration of the six-month period, to elect to continue coverage under the Bank's medical benefit plans pursuant to the terms of COBRA. Notwithstanding any provision to the contrary in this Subparagraph F.4, no severance benefits shall be payable to Executive hereunder if Executive's employment is terminated for any of the reasons delineated in Xxxxxxxxxxxxx X.0, X.0 or F.3 hereof or while grounds for termination under such Subparagraphs exist.
Termination by Bank Without Cause. The Bank may, upon one hundred twenty (120) days written notice to Employee, terminate Employee’s employment hereunder without cause. In the event that the Bank terminates the Employee’s employment hereunder without cause, the Bank shall be obligated to continue to pay to the Employee the Employee’s annual salary and benefits, as the same may have been modified from time to time since the Effective Date, for a period of two (2) years after the Date of Termination, and, at the end of each calendar year during that two year period, the Bank shall also pay to Employee an amount equal to the average annual discretionary bonus, as a percentage of total annual compensation, which Employee received (if any) during the last three (3) calendar years of Employee’s employment with the Bank.
Termination by Bank Without Cause. The Board may, by written notice to the Employee, immediately terminate the Employee’s employment under this Agreement at any time and for any reason other than his Disability or for Cause, in which event the Employee shall be entitled to receive the following compensation and benefits (unless such termination occurs during the Protected Period, in which event the compensation and benefits provided for in Section 10 hereof shall apply):
Termination by Bank Without Cause. Subject to the last sentence of this Section 6.l(d), the Bank may, at its election and in its sole discretion, terminate the Executive’s employment and this Agreement at any time and for any reason or for no reason, upon 30 days prior written notice to the Executive, without prejudice to any other remedy to which the Bank may be entitled either at law, in equity or under this Agreement. Unless otherwise agreed in writing between the Executive and the Bank, upon the Executive’s receipt of notice of termination without Cause the Executive shall immediately cease performing and discharging the duties and responsibilities of the Executive’s positions and remove the Executive’s personal belongings from the Bank’s premises. All rights and obligations accruing to the Executive under this Agreement shall cease at such termination, except that such termination shall not prejudice the Executive’s rights regarding employment benefits which shall have accrued prior to such termination, including the right to receive the severance benefits specified in Section 6.2(a) or Section 6.2(b) below, and any other remedy which the Executive may have at law, in equity or under this Agreement, which remedy accrued prior to such termination.
Termination by Bank Without Cause. The Bank may, at its election and in its sole discretion, terminate the Executive’s employment and this Agreement at any time and for any reason or for no reason, upon 30 days prior written notice to the Executive, without prejudice to any other remedy to which the Bank may be entitled either at law, in equity or under this Agreement. Unless otherwise agreed in writing between the Executive and the Bank, the Executive shall immediately cease performing and discharging the duties and responsibilities of the Executive’s position and the Executive and the Executive’s personal belongings shall be removed from the Bank’s premises. All rights and obligations accruing to the Executive under this Agreement shall cease at such termination, except that such termination shall not prejudice the Executive’s rights regarding employment benefits which shall have accrued prior to such termination, including the right to receive the severance benefits specified in Section 6.2(a) or 6.2(b) below, and any other remedy which the Executive may have at law, in equity or under this Agreement, which remedy accrued prior to such termination.
Termination by Bank Without Cause. Upon thirty (30) days’ prior written notice to Employee, Bank may terminate Employee’s employment without Cause.
Termination by Bank Without Cause. The Bank may terminate Executive's employment during the term of this Agreement without Cause by providing Executive with written notice of the termination at least thirty (30) days prior to the date of termination set forth in the notice. Upon termination of Executive by Bank without Cause, Bank may require Executive to continue to provide services under this Agreement during the applicable notice period or, alternatively, at Bank's option, Bank may elect to pay Executive his base compensation with respect to all or any remaining portion of such notice period and require that Employee no longer render any services hereunder. In the event Bank terminates Executive's employment pursuant to this Section 6(c), Executive shall be entitled to the Accrued Obligations (as defined in Section 6(a)) as well as the additional amounts provided in Section 7, in accordance with the terms of Section 7.
Termination by Bank Without Cause. The Bank may terminate this Agreement at any time without cause upon delivery of written notice of termination to Employee. In such event, Employee will continue to receive his full base salary and other benefits pursuant to this Agreement for a period of one (1) year following the date of termination, unless Employee commences other full-time employment within such one (1) year period, in which event Employee’s base salary and benefits shall end on the date such other employment commences. Employee shall have no obligation to seek or accept other employment during such one (1) year period. Employee’s obligation to perform his duties shall end as of the date of termination except such transitional duties as the Board may reasonably request Employee to perform within a period of sixty (60) days following the date of termination.
Termination by Bank Without Cause. The Company may terminate Officer’s employment without Cause at any time by providing written notice to Officer designating an immediate or future termination date. In the event of a termination without Cause, Officer shall be entitled to the Accrued Amounts and eligible for the Severance Package (as defined in Section 4(f) below).
Termination by Bank Without Cause. Bank may terminate Employee’s employment hereunder at any time without Cause by written notice to Employee, in which event Bank shall continue to pay Employee his Annual Salary in effect immediately prior to such termination for no more than twelve (12) months or the end of the Term of this Agreement, whichever is shorter. Such Annual Salary shall be paid in equal monthly installments. In the event Employee becomes employed while entitled to compensation hereunder, the Bank shall pay the differential between the salary to Employee in his new employment and his pro-rated Annual Salary. Additionally, if Employee elects to continue his health insurance coverage pursuant to COBRA, the Bank will reimburse Employee for the premiums Employee pays for the twelve (12) months or until the end of the Term whichever is shorter.
