Common use of Without Just Cause; Constructive Discharge Clause in Contracts

Without Just Cause; Constructive Discharge. The Board may, by written notice to the Employee, immediately terminate his employment at any time for a reason other than his Disability or Just Cause, in which event the Employee shall be entitled to receive the salary provided pursuant to Section 3 hereof, up to the expiration date of this Agreement, including any renewal term (the "Expiration Date"), plus said salary for an additional 12-month period (unless such termination occurs during the Protected Period, in which event the benefits and compensation provided for in Section 12 shall apply). All amounts payable to the Employee shall be paid, at the option of the Employee, either (I) in periodic payments, through the Expiration Date, or (II) in one lump sum within ten days of such termination.

Appears in 2 contracts

Sources: Employment Agreement (Peoples Bancorp Inc /Ny/), Employment Agreement (Peoples Bancorp Inc /Ny/)

Without Just Cause; Constructive Discharge. The Board may, by written notice to the Employee, immediately terminate his her employment at any time for a reason other than his her Disability or Just 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 benefits and compensation provided for in Section 12 shall apply): the salary provided pursuant to Section 3 hereof, up to the expiration date of this Agreement, including any renewal term (the "Expiration Date"), plus said salary for an additional 12-month period (unless such termination occurs during the Protected Period, in which event the benefits and compensation provided for in Section 12 shall apply). All amounts payable to the Employee shall be paid, at the option of the Employee, either (I) in periodic payments, payments through the Expiration Date, or (II) in one lump sum within ten days of such termination.

Appears in 1 contract

Sources: Employment Agreement (United Tennessee Bankshares Inc)