Common use of Termination by the Bank or the Company Without Cause Clause in Contracts

Termination by the Bank or the Company Without Cause. Upon Executive’s termination by the Bank or the Company for any reason other than “cause” pursuant to Section 4(b), including termination as a result of Executive’s death or a permanent disability pursuant to Section 4(a), or termination by the Bank or the Company without cause pursuant to Section 4(d) above, then Bank (or its successor) shall continue to pay to Executive or her estate or beneficiaries, her Base Salary, in equal installments in accordance with the Bank's standard payroll practices (and reduced for any applicable Withholdings and Deductions), for a period of one (1) year following the Termination Date, and any unvested portion of the Equity Award as of the Termination Date shall be immediately vested.

Appears in 2 contracts

Samples: Executive Employment Agreement (Jacksonville Bancorp Inc /Fl/), Executive Employment Agreement (Jacksonville Bancorp Inc /Fl/)

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Termination by the Bank or the Company Without Cause. Upon Executive’s termination by the Bank or the Company for any reason other than “cause” pursuant to Section 4(b), including termination as a result of Executive’s death or a permanent disability pursuant to Section 4(a), or termination by the Bank or the Company without cause pursuant to Section 4(d) above, then Bank (or its successor) shall continue to pay to Executive or her his estate or beneficiaries, her his Base Salary, in equal installments in accordance with the Bank's standard payroll practices (and reduced for any applicable Withholdings and Deductions), for a period of one (1) year following the Termination Date, and any unvested portion of the Equity Award as of the Termination Date shall be immediately vested.

Appears in 2 contracts

Samples: Executive Employment Agreement (Jacksonville Bancorp Inc /Fl/), Executive Employment Agreement (Jacksonville Bancorp Inc /Fl/)

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Termination by the Bank or the Company Without Cause. Upon Executive’s termination by the Bank or the Company for any reason other than “cause” pursuant to Section 4(b), including termination as a result of Executive’s death or a permanent disability pursuant to Section 4(a), or termination by the Bank or the Company without cause pursuant to Section 4(d) above), or termination by the Bank or the Company upon the expiration of the term pursuant to Section 4(e), then Bank (or its successor) shall continue to pay to Executive or her his estate or beneficiaries, her his Base Salary, in equal installments in accordance with the Bank's standard payroll practices (and reduced for any applicable Withholdings and Deductions), for a period of one (1) year following the Termination Date, and any unvested portion of the Equity Award as of the Termination Date shall be immediately vested.

Appears in 1 contract

Samples: Executive Employment Agreement (Jacksonville Bancorp Inc /Fl/)

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