Without Cause; Good Reason. (i) The Company may terminate the Executive’s employment hereunder without Cause, by giving written Notice of Termination (as defined in Section 5(e)) to the Executive.
Without Cause; Good Reason. In the event that the Company terminates Employee’s employment hereunder without Cause, Employee terminates his employment with Good Reason, he shall be entitled to the Accrued Compensation and, subject to Xxxxxxx 00 xxx 00 xxxxx,
Without Cause; Good Reason. If, during the Term, either the Company shall terminate the Executive’s employment without Cause or the Executive shall terminate employment for Good Reason, the Executive shall be entitled to the following:
Without Cause; Good Reason. Except as set forth in Sections 7(b) and 7(c) below, if, during the term of this Agreement, the Company shall terminate the Executive’s employment without Cause or the Executive shall terminate employment for Good Reason, the Company will pay to the Executive in a lump sum within thirty (30) days after the termination of employment the sum of the Executive’s annual base salary through the date of termination to the extent not theretofore paid and the balance of the Executive’s annual base salary for a period of eighteen (18) months from the date of termination of employment. The Company shall also maintain in full force and effect for the Executive’s continued benefit, until eighteen (18) months from the date of termination of employment, all health and insurance plans as required by federal law, and provided that the Executive’s continued participation is possible under the general terms and provisions of such plans and programs. If the Company reasonably determines that maintaining such health and insurance plans in full force and effect for the benefit of the Executive until eighteen months from the date of termination of employment is not feasible, the Company shall pay the Executive a lump sum equal to the estimated cost of maintaining such plans for the Executive for eighteen months. In addition, stock option and similar agreements with the Executive evidencing the grant of a stock option or other award under the Company’s Stock Incentive Plan, or any successor plan, will provide that the vesting of such stock awards will accelerate and become immediately exercisable and fully vested as of the date of termination of employment without Cause or for Good Reason. In the case of stock options, the Executive will have at least ninety (90) days after termination of employment, or such longer period as may be provided for in the separate stock option agreement, to exercise the option.
Without Cause; Good Reason. In the event of termination of the -------------------------- Executive's employment hereunder by the Company without Cause (other than upon death or disability) or by the Executive for Good Reason, the Executive shall be entitled to the following severance pay and benefits:
Without Cause; Good Reason. The Company may, subject to subsection (b) of this section 5, terminate the Executive’s employment at any time without Cause, and the Executive may, subject to subsection (c) of this section 5, terminate the Executive’s employment at any time for Good Reason, in either case upon ten days’ prior written notice to the other. The notice delivered by the Company is referred to in this Agreement as the “Company Notice” and the notice delivered by the Executive is referred to in this Agreement as the “Executive Notice,” and each will specify in detail the reasons for the termination of employment. “Good Reason” means (i) at any time after the date of this Agreement the Executive’s principal place of employment is relocated from the Birmingham, Alabama area or, subject to the last sentence of this subsection, the Executive experiences an employment action after the date of this Agreement (other than the Company’s termination of the Executive’s employment) that reasonably would be deemed to be a reduction in duties or status; (ii) the Executive’s position as described in section 1 of this Agreement reasonably would be deemed to have been eliminated as a result of a corporate restructuring occurring after the date of this Agreement; or (iii) upon a Change in Control (this and all subsequent references to “Change in Control” refer to the definition of that term in the 2004 Plan) SKS or its successor fails to obtain and deliver to the Executive a Successor Agreement (as defined in section 9(g) of this Agreement). Upon termination of the Executive’s employment in accordance with this subsection (a), this Agreement will terminate except for SKS’s obligations in this section 5 and in sections 7, 9(f), and 9(h) of this Agreement and except for the obligations of the Executive in sections 7, 8, and 9(h) of this Agreement, each of which will continue in effect in accordance with its terms. For the purposes of clause (i) of the third sentence of this subsection and for the avoidance of doubt, neither a Change in Control nor the divestiture of one or more of SKS’s Club Xxxxx Xx and Parisian businesses will, in and of itself, constitute with respect to the Executive an employment action that reasonably would be deemed to constitute a reduction in duties or status.
Without Cause; Good Reason. If, during the Term, either the Bank shall terminate the Executive’s employment without Cause (which, for purposes of this Section 7, includes the non-renewal or expiration of the Agreement, unless the Executive agrees to remain in the employ of the Bank beyond the non-renewal or expiration of the Agreement) or the Executive shall terminate employment for Good Reason, the Executive, upon the effective date of the termination of employment, shall be entitled to the Accrued Obligations and, upon Executive’s signing the Release attached as Exhibit A, which Release must be signed and not be revoked (“become effective”) within thirty (30) days after termination of employment, to the following:
Without Cause; Good Reason. The Company may terminate Executive’s employment at any time without Cause immediately upon written notice; and Executive may terminate Executive’s employment at any time for Good Reason. Upon termination of Executive’s employment by the Company without Cause or by Executive for Good Reason during the Term, Executive shall be entitled to receive (i) an amount equal to three times the sum of (A) Executive’s Base Salary, plus (B) Executive’s target Bonus for the fiscal year in which the termination of employment occurs (the “Severance Amount”), one half of which Severance Amount shall be paid in equal installments over three years in accordance with the Company’s regular payroll schedule, and the remainder of which Severance Amount shall be payable in three annual installments (the first installment occurring on the 60th day following termination of employment and the remaining two installments payable on the next two anniversaries thereof), (ii) full vesting of all outstanding and then-unvested Options, (iii) payment of any earned but unpaid Bonus attributable to a previously completed fiscal year and (iv) continued coverage under the Company’s group health plans (or, to the extent such coverage is not permissible under the terms of such plan(s), comparable coverage) for Executive and Executive’s dependents (to the extent covered under such plan(s) immediately prior to such termination), at the Company’s sole expense until the earlier of (A) one year following the date of Executive’s termination of employment with the Company and (B) the date Executive is or becomes eligible for comparable coverage under health plans of another employer. The foregoing payments and benefits shall commence on the 60th day following termination of employment (or, in the case of (iii) above, at the same time as such bonuses are paid to employees, generally, if later) provided that Executive has executed a release of claims against the Company substantially in the form attached hereto as Exhibit C (“Release”), and such release of claims has become effective, by such date and shall be contingent on Executive’s continued compliance with all post-termination restrictive covenants applicable to Executive, including, without limitation, the covenants contained in the Restrictive Covenant Agreement. For purposes of the foregoing calculations in this Section 4(b),
Without Cause; Good Reason. If, during the Term, the Company shall terminate the Executive’s employment without Cause (which shall not include the cessation of employment as a result of the non-renewal or expiration of this Agreement) or the Executive shall terminate employment for Good Reason, the Executive shall be entitled to the Accrued Obligations (as defined in Section 7(a)) and, upon the Executive’s signing and not revoking the Release attached as Exhibit A, which Release must be signed and not revoked within the period set forth in the Release, subject to any applicable delay under Section 18 (Code Section 409A Compliance), the Executive shall also be entitled to the following benefits:
Without Cause; Good Reason. If the Bank shall terminate Executive's employment without Cause (including the cessation of employment as a result of the Bank's non-renewal or expiration of this Agreement) or Executive shall terminate employment for Good Reason (which shall not include the cessation of employment as a result of the Executive's non-renewal or expiration of this Agreement), Executive shall be entitled to the Accrued Obligations (as defined in Section 6(a)) and, subject to Executive's signing, delivering and not revoking the Release attached as Exhibit A, which Release must be signed, delivered and not revoked within the period set forth in the Release, the following:
