Putney definition
Examples of Putney in a sentence
Notwithstanding such removal, the Bank shall continue to pay Putney his full base salary (less any disability pay or sick pay which Putney receives under the Bank's policies) for the remainder of the term of this Agreement.
The Bank hereby confirms its continued employment of Putney and Putney hereby accepts such continued employment, subject to the terms and conditions set forth in this Agreement.
All calculations relating to this paragraph shall be made by the Bank's independent public accountant immediately prior to the change of control and shall be subject to the approval of Putney.
The provisions of this paragraph 15 shall apply only if Putney resigns from his position and terminates this Agreement in accordance wit paragraph 11 hereof.
The Bank shall provide Putney with such pension, welfare and other benefits as are provided to other senior executives of the Bank and any other benefits that the parties agree may be necessary or appropriate to Putney's position as President and Chief Executive Officer.
If this paragraph applies, Putney agrees that he will not, for a period of one (1) year following his termination of employment, directly or indirectly, solicit any customer of the Bank on behalf of any business entity engaged in the banking or mortgage lending business or encourage any customer of the Bank to terminate or otherwise modify adversely its business relationship with the Bank.
This Agreement shall be terminated upon the death of Putney and the rights, duties and obligations hereunder of both parties to this Agreement shall thereupon cease, provided, however, that the Bank shall pay to Putney's estate any accrued but unpaid base salary, as of the date of his death plus the amount of any bonus specifically determined and approved by the Executive Committee of the Board of Directors but not yet paid.
In the event that Putney's employment is terminated by the Bank pursuant to either subparagraph (a) or (b) above, the Bank shall pay Putney upon his termination of employment, as an agreed-upon termination sum, a lump sum payment equal to the unpaid portion of his base salary due for the remainder of the term of this Agreement plus the amount of any bonus specifically determined and approved by the Executive Committee of the Board of Directors but not yet paid.
The provisions of this paragraph 15 shall not if Putney resigns pursuant to paragraph 10 or if the Bank fails to renew this Agreement or terminates this Agreement pursuant to paragraph 9.
For the first year of this Agreement, beginning January 1, 1998, the Bank shall pay Putney a base salary of one hundred eighty-two thousand dollars ($182,000) per year, payable in equal, bi-weekly installments, subject to all federal and state tax withholding.