Continued Employment of Executive. The parties acknowledge that Executive’s employment by the Company is at will and, except as the parties may hereafter agree in writing, such employment may be terminated by either party at any time, subject only to the giving of prior notice pursuant to Section 3. Nothing in this Agreement shall be construed as giving Executive any right to continue in the employ of the Company.
Continued Employment of Executive. The parties acknowledge that Executive’s employment by the Company is terminable on notice, or by payment of salary in lieu of notice, and subject to such terms and conditions as contained in the Contract of Employment. Nothing in this Agreement shall be construed as giving Executive any right to continue in the employ of the Company.
Continued Employment of Executive. The Company shall continue to employ Executive as the Company’s Chief Executive Officer for the term of this Agreement as set forth in Section 3 hereof. Executive hereby accepts such employment and agrees to serve in that position in accordance with the terms and subject to the conditions contained in this Agreement. Executive shall perform his duties and responsibilities as the Company’s CEO fully, faithfully and in a diligent and timely manner throughout the term of his employment with the Company and will, in his capacity as CEO, report to the Board of Directors of the Company (the “Board of Directors” or the “Board”).
Continued Employment of Executive. Following the date of the consummation of the Merger (the “Effective Date of the Merger”), Executive shall be employed on an at-will basis as the Executive Vice President — Lending of People’s Community Bank, a division of Superior Bank at a base salary which shall be no less than Executive’s current base salary, and Executive shall be eligible for all welfare benefit, pension benefit, and bonus and incentive compensation plans maintained by the Company on the same basis as other employees at Executive’s level within the Company. Executive shall perform those duties as are customarily associated with Executive’s positions and such other reasonable duties as may be assigned to Executive. The Company may terminate Executive’s employment at any time for any reason; provided however, if the Company terminates Executive’s employment, other than For Cause (as defined in Section 4 below) or on account of the Executive’s death or total disability (as defined in this Section), prior to the second anniversary of the Effective Date of the Merger, Executive shall, within thirty (30) days following the termination of Executive’s employment, receive a lump sum payment as soon as practical following such termination (but in no event later than March 15th of the calendar year immediately following the calendar year in which such termination occurs), unreduced for early receipt, equal to Executive’s base salary for the period from the date of termination of Executive’s employment to the second anniversary of the Effective Date of the Merger. For purposes of this Agreement, the term “total disability” shall mean the Executive’s inability, as a result of illness or injury, to perform the normal duties of his employment for a period of ninety (90) consecutive days.
Continued Employment of Executive. In consideration of the mutual covenants and agreements herein contained, including Executive's agreement to sign a release of claims as provided in Section 19, the Company and Executive wish to establish an Employment Agreement retaining Executive's services as an employee of the Company as described herein, establishing certain incentive, tenure and performance criteria related to such employment and otherwise fixing Executive's benefits, base salary and incentive compensation.
Continued Employment of Executive. Following the date of the consummation of the Merger (the “Effective Date of the Merger”), Executive shall be employed on an at-will basis as the Chairman and Chief Executive Officer of People’s Community Bank, a division of Superior Bank during the post-closing period and will report to the Company’s President. Upon integration into the Company’s system and name change, Executive will become the Company’s Southwest Florida Regional Executive with direct management responsibility for all banking activities south of Tampa Bay. Executive’s annual base salary shall be $225,000 and Executive will be eligible for a bonus of up to 30% of base salary and shall also be eligible to participate in the Company’s long-term incentive compensation plan. At the first meeting of the Compensation Committee of Superior Bancorp’s Board of Directors following the Effective Date of the Merger, the Company shall recommend that Executive receive a one-time grant of options to purchase the number of shares of Superior Bancorp common stock calculated by dividing $100,000 by the exercise price therefor which shall be the closing price for such shares on the NASDAQ National Market on the grant date. Executive shall also be eligible for all welfare benefit, pension benefit, and bonus and incentive compensation plans maintained by the Company on the same basis as other employees at Executive’s level within the Company. Executive shall perform those duties as are customarily associated with Executive’s positions and such other reasonable duties as may be assigned to Executive. The Company may terminate Executive’s employment at any time for any reason; provided however, if the Company terminates Executive’s employment, other than For Cause (as defined in Section 4 below) or on account of the Executive’s death or total disability (as defined in this Section), prior to the third anniversary of the Effective Date of the Merger, Executive shall, within thirty (30) days following the termination of Executive’s employment, receive a lump sum payment as soon as practical following such termination (but in no event later than March 15th of the calendar year immediately following the calendar year in which such termination occurs), unreduced for early receipt, equal to Executive’s base salary for the period from the date of termination of Executive’s employment to the third anniversary of the Effective Date of the Merger. For purposes of this Agreement, the term “total disability” shall mean th...
Continued Employment of Executive. Following the date of the consummation of the Merger (the “Effective Date of the Merger”), Executive shall be employed on an at-will basis as the General Counsel and Corporate Secretary of the Company and Superior Bancorp at a base salary which shall be no less than Executive’s current base salary, and Executive shall be eligible for all welfare benefit, pension benefit, and bonus and incentive compensation plans maintained by the Company on the same basis as other employees at Executive’s level within the Company. Executive shall perform those duties as are customarily associated with his positions and such other reasonable duties as may be assigned to him. The Company may terminate Executive’s employment at any time for any reason; provided however, if the Company terminates Executive’s employment, other than For Cause (as defined in Section 4 below) or on account of the Executive’s death or total disability (as defined in Section 4 below), prior to the first anniversary of the Effective Date of the Merger, Executive shall, within thirty (30) days following the termination of his employment, receive a lump sum payment, unreduced for early receipt, equal to his base salary for the period from the date of termination of his employment to the first anniversary of the Effective Date of the Merger.
