Termination of Employment Agreement. (a) Effective as of the Effective Date and immediately prior to the Effective Time, the Employment Agreement is hereby terminated and shall be of no further force or effect whatsoever; provided, however, that, and notwithstanding anything in this Agreement to the contrary, such termination shall be contingent on the closing of the Merger.
Termination of Employment Agreement. As of the Effective Time, the Employment Agreement and all of the respective rights and obligations of the Company, the Bank, and the Executive thereunder shall cease and terminate. The Executive acknowledges and agrees that he is not entitled to any further compensation or payment pursuant to the terms of the Employment Agreement.
Termination of Employment Agreement. The Employment Agreement is hereby terminated effective as of the Effective Date, and neither party hereto shall have any duty, liability or obligation to the other party or otherwise pursuant to the Employment Agreement as of the Effective Date. The Executive hereby acknowledges that he is an at-will employee as of the Effective Date.
Termination of Employment Agreement. Each of the Company and the Employee, being a party to the Employment Agreement, acknowledge and agree that the Employment Agreement shall be terminated and of no further force and effect and all rights and obligations of the parties thereunder shall be null and void and superseded by this Agreement.
Termination of Employment Agreement. Effective upon the Closing, and without any further action by Shareholder, except for any severance benefits payable in connection with the Merger under Section 16(e) of that certain Employment Agreement between Officer, Bancorp and Bank, dated July 15, 2004 (“Employment Agreement”), the Employment Agreement shall terminate for all intents and purposes and be of no further force or effect.
Termination of Employment Agreement. The Parties hereby agree that the Employment Agreement shall terminate, and all of the Executive’s rights to compensation, payments and/or benefits under the Employment Agreement shall cease effective as of the Effective Time (except: (i) any vested benefits to which the Executive is entitled under any tax-qualified retirement plan sponsored by HopFed or Heritage Bank that is designed to satisfy the requirements of Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”); (ii) any accrued, but unpaid salary and/or vacation or other paid time off; or (iii) under Section 2 of this Agreement). Notwithstanding the foregoing, the Executive hereby acknowledges and agrees that the Amount (as defined below) to be paid to the Executive hereunder is in lieu of any severance benefits that would otherwise be available to the Executive under any other agreement or severance pay policy or practice of HopFed or its subsidiaries or affiliates, or First Financial or its subsidiaries or affiliates, in the event that the Executive’s employment with either HopFed, Heritage Bank, First Financial or First Financial Bank, or any of their subsidiaries or affiliates, terminates for any reason.
Termination of Employment Agreement. The Employment Agreement is hereby terminated and neither Company nor Promoter shall have any further rights or obligations thereunder.
Termination of Employment Agreement. The Company and Executive agree that, upon payment of the Cash Payment following the Effective Time, the Employment Agreement shall be terminated and of no further force and effect. Notwithstanding the termination of the Employment Agreement, it is the intention of the Company and Executive that:
Termination of Employment Agreement. The Employment Agreement dated February 15, 2001, between the Company and Employee, is hereby terminated in its entirety and shall have no further force or effect.
Termination of Employment Agreement. In accordance with Treas. Reg. 1.409A-3(j)(ix)(B), the parties hereby agree that the Employment Agreement shall be terminated as of the Effective Time, as defined in the Merger Agreement; provided, however, that Section 18 of the Employment Agreement entitled Confidential Information and Section 19 of the Employment Agreement entitled Covenants Not to Compete or to Solicit shall continue and remain in full effect in accordance with their terms.
