Cash Severance after Termination Without Cause or Termination with Good Reason. If the Executive’s employment terminates involuntarily but without Cause or voluntarily but with Good Reason, on the first day of the seventh month after the month in which the Executive’s employment terminates the Employer shall pay to the Executive in a single lump sum cash in an amount equal to one times the highest annual compensation as reported on the Executive’s Form W-2 over the three-year period immediately preceding the year in which notice of employment termination is given, without discount for the time value of money. The Employer and the Executive acknowledge and agree that the compensation and benefits under this section 4.1 shall not be payable if compensation and benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement.
Cash Severance after Termination Without Cause or Termination with Good Reason. (a) Subject to the possibility that cash severance after employment termination might be delayed under section 4.1(b), if the Executive’s employment terminates involuntarily but without Cause or if the Executive voluntarily terminates employment with Good Reason, the Executive shall for the unexpired term of this Agreement and in accordance with the Employer’s regular pay practices continue to receive the Base Salary in effect at employment termination. However, the Executive shall not be entitled to continued participation in the Employer’s or a subsidiary’s retirement plan(s) or any stock-based plans. The Employer and the Executive acknowledge and agree that the compensation and benefits under this section 4.1 shall not be payable if compensation and benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement.
Cash Severance after Termination Without Cause or Termination with Good Reason. (a) Subject to the possibility that cash severance after employment termination might be delayed under section 4.4(b), if the Executive’s employment terminates involuntarily but without Cause or if the Executive voluntarily terminates employment with Good Reason, 30 days after employment termination the Employer shall pay to the Executive in a single lump sum cash in an amount equal to (x) the Executive’s Base Salary for the unexpired term of the Agreement (the Executive’s monthly salary multiplied by the number of whole months remaining in the term of the Agreement), without discount for the time value of money, plus (y) the bonus earned for the calendar year ended immediately before the year in which employment termination occurs. The Employer and the Executive acknowledge and agree that benefits under this section 4.4 shall not be payable if benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement.
Cash Severance after Termination Without Cause or Termination with Good Reason. Subject to Section 4.3, if the Executive’s employment is terminated by the Bank without Cause or by the Executive voluntarily but with Good Reason, the Bank shall pay to the Executive, severance in an amount equal to the sum of (a) the Executive’s Base Salary and (b) the Executive’s Target Bonus (the “Severance Payment”). The portion of the Severance Payment that is attributable to the Executive’s (i) Base Salary shall be paid in accordance with the Bank’s customary payroll practices for the 12-month period following the date of termination and (ii) Target Bonus shall be paid within thirty (30) days after the Executive’s employment terminates with the Bank (or if the Executive and the Bank have not entered into a release as described in Section 4.3 below in the initial thirty (30) day period, up to sixty (60) days after the Executive’s employment terminates); provided, however, if the Executive’s termination of employment occurs during the first 12 months following the Effective Time, to the extent required by Section 409A of the Internal Revenue Code (the “IRC”), the Severance Payment shall instead be paid on the schedule contemplated by the Prior Agreement for the Change in Control Payment (as defined in the Prior Agreement). The Severance Payment shall not be reduced to account for the time value of money or discounted to present value. The Bank and the Executive acknowledge and agree that the compensation and benefits under this Section 4.1 shall not be payable if, on the date of termination, compensation and benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement.
Cash Severance after Termination Without Cause or Termination with Good Reason. (a) Subject to the possibility that cash severance after employment termination might be delayed under section 4.1(b), if the Executive’s employment terminates involuntarily but without Cause or if the Executive voluntarily terminates employment with Good Reason, 30 days after employment termination the Employer shall pay to the Executive in a single lump sum cash in an amount equal to (x) three times the Executive’s Base Salary on the date notice of employment termination is given, without discount for the time value of money, plus (y) any bonus earned by the Executive or accrued by the Employer on behalf of the Executive through the date employment termination becomes effective (including any amounts awarded but that have not vested when termination becomes effective) and a pro rata share of any bonus for the year in which termination becomes effective. The Employer and the Executive acknowledge and agree that the compensation and benefits under this section 4.1 shall not be payable if compensation and benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement. (b) If when employment termination occurs the Executive is a specified employee within the meaning of section 409A of the Internal Revenue Code of 1986, and if the cash severance payment under section 4.1(a) would be considered deferred compensation under section 409A, and finally if an exemption from the six-month delay requirement of section 409A(a)(2)(B)(i) is not available, the Executive’s cash severance payment under section 4.1(a) shall be paid to the Executive in a single lump sum on the first day of the seventh month after the month in which the Executive’s employment terminates. References in this Agreement to
Cash Severance after Termination Without Cause or Termination with Good Reason. (a) Subject to the possibility that cash severance after employment termination might be delayed under section 4.1(c), if the Executive’s employment terminates involuntarily but without Cause, 30 days after employment termination the Employer shall pay to the Executive in a single lump sum cash in an amount equal to (x) three times the Executive’s Base Salary on the date notice of employment termination is given, without discount for the time value of money, plus (y) any bonus earned by the Executive or accrued by the Employer on behalf of the Executive through the date employment termination becomes effective (including any amounts awarded but that have not vested when termination becomes effective) and a pro rata share of any bonus for the year in which termination becomes effective. The Employer and the Executive acknowledge and agree that the compensation and benefits under this section 4.1 shall not be payable if compensation and benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement.
Cash Severance after Termination Without Cause or Termination with Good Reason. If the Executive’s employment terminates involuntarily but without Cause or voluntarily but with Good Reason during the Retention Period, in addition to the cash severance and benefits payable under Section 3.3 of this Agreement, the Bank shall pay to the Executive in a single lump sum cash payment, without discount for the time value of money, an amount equal to his remaining Base Salary that would have been paid to the Executive had he remained employed by the Bank through the Retention Period. The Bank and the Executive acknowledge and agree that the compensation and benefits under this Section 4.1 shall not be payable if, on the date of termination, compensation and benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement.
Cash Severance after Termination Without Cause or Termination with Good Reason. If the Executive's employment is terminated by the Bank without Cause or by the Executive voluntarily but with Good Reason, the Bank shall pay to the Executive, within thirty (30) days after the Executive's employment terminates with the Bank (or if the Executive and the Bank have not entered into a release as described in Section 4.3 below in the initial thirty (30) day period, up to ninety (90) days after the Executive's employment terminates), in a single lump sum cash without discount for the time value of money in an amount equal to one and one half (1 ½) times the sum of (x) the Executive’s Base Salary, and (y) the full value of the target bonus earned by the Executive (whether payable in cash or another form under the Annual Incentive Plan or similar plan) immediately preceding the year in which the employment of the Executive terminates. The Bank and the Executive acknowledge and agree that the compensation and benefits under this section 4.1 shall not be payable if, on the date of termination, compensation and benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement.
Cash Severance after Termination Without Cause or Termination with Good Reason. If the Executive’s employment is terminated by the Bank without Cause or by the Executive voluntarily but with Good Reason, the Bank shall pay to the Executive, within thirty (30) days after the Executive’s employment terminates with the Bank (or if the Executive and the Bank have not entered into a release as described in paragraph 4.3 below in the initial thirty (30) day period, up to ninety (90) days after the Executive’s employment terminates), in a single lump sum, cash in an amount equal to the then Base Salary and any bonus or incentive compensation earned (as defined in the plan or arrangement under which such bonus or incentive compensation is awarded) but unpaid from previous years in accordance with the Bank’s incentive plan (with the exception of the ongoing employment requirement) without discount for the time value of money.
Cash Severance after Termination Without Cause or Termination with Good Reason. If the Executive’s employment terminates involuntarily but without Cause or voluntarily but with Good Reason, on the first day of the seventh month after the month in which the Executive’s employment terminates the Bank shall pay to the Executive in a single lump sum cash without discount for the time value of money in an amount equal to (a) two times the then Base Salary where the employment of the Executive is terminated prior to the second anniversary of the date of this Agreement, and (b) one times the highest annual compensation as reported on the Executive’s Form W-2 over the three-year period immediately preceding the year in which the employment of the Executive terminates (or such lesser period during which the Executive was employed with the Bank) where the employment of the Executive is terminated on or after the second anniversary of Executive’s employment hereunder. In addition to any cash payment due under this section 4.1, Executive’s Restricted Shares and Performance Units granted under sections 2.2(d) and 2.2(e) hereunder that are not then vested shall automatically vest upon the date of termination. The Bank and the Executive acknowledge and agree that the compensation and benefits under this section 4.1 shall not be payable if, on the date of termination, compensation and benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement.
