Termination of Employment and Severance Payment. In consideration of the covenants and promises in this Agreement, and for the good and valuable consideration, the sufficiency of which are hereby acknowledged, the Parties agree as follows:
Termination of Employment and Severance Payment. In addition to either Party's right to terminate Executive's employment hereunder pursuant to paragraph 2 of this Agreement, the Bank may terminate the employment of Executive at any other time, with or without cause, and with or without notice.
Termination of Employment and Severance Payment. In addition to either Party’s right to terminate Executive’s employment hereunder pursuant to paragraph 2. of this Agreement, the Bank may terminate the employment of Executive and this Agreement at any other time, with or without cause, and with or without notice. Upon the termination of Executive’s employment prior to the end of the term set forth in paragraph 2. above, the Bank will be obligated to provide Executive only with such compensation as expressly provided in this paragraph 5., but only if the Executive, before the payment date, has executed a valid mutual release and waiver in a form satisfactory to the Bank of all claims, including claims Executive may have against the Bank and related parties. Such payment to Executive under this paragraph 5. will occur either on or as soon as administratively practical after the 45th day of the effective date of the termination of Executive’s employment, provided that such termination of employment qualifies as a “separation from service” as such term is defined for purposes of Section 409A of the Internal Revenue Code (the “Code”). Further, if this period begins in one year and ends in a subsequent year, payment will be made in the subsequent year.
Termination of Employment and Severance Payment
