Upon termination for Cause. If the Company terminates Executive’s employment For Cause in accordance with Section 11(a)(ii), then Executive will receive payment of Base Salary earned and payment of any unused accrued vacation through and including the date of termination (the “For Cause Payment”). The For Cause Payment shall constitute Executive’s sole right and exclusive remedy in the event of such termination of Executive’s employment, and upon payment by the Company of the For Cause Payment, all other rights or remedies otherwise available shall cease immediately, and the Company shall have no further obligations to Executive under this Agreement, except that Executive shall have the right to exercise all benefits that have vested as of the date of termination to which Executive is entitled under any compensation or employee benefit plan of the Company in accordance with the terms and provisions of such compensation or employee benefit plan, all other documents and agreements that give rise to or otherwise govern such vested benefits and all applicable laws and regulations.
Upon termination for Cause. In the event the Company terminates Employee’s employment for Cause in accordance with Section 8, Employee shall receive any payments of Base Salary earned through and including the date of termination (the “For Cause Payment”). The For Cause Payment shall constitute Employee’s sole right and exclusive remedy in the event of such termination of Employee’s employment, and upon payment by the Company of the For Cause Payment, all other rights or remedies otherwise available shall cease immediately, and the Company shall have no further obligations to Employee under this Agreement, except that Employee shall have the right to exercise all benefits that have vested as of the date of termination to which Employee is entitled under any compensation or employee benefit plan of the Company in accordance with the terms and provisions of such compensation or employee benefit plan, all other documents and agreements that give rise to or otherwise govern such vested benefits and all applicable laws and regulations. Employee shall be entitled to receive such For Cause Payment only after Employee executes a waiver and general release in favor of the Company (but not Employee).
Upon termination for Cause all of Executive's Stock Options (whether vested or unvested) shall be cancelled automatically, and the Company and MDCP shall have the right to repurchase at cost all shares of Common Stock (if any) which have been issued upon exercise of Executive's Stock Options.
Upon termination for Cause the Employer shall pay compensation and benefits as discussed under Section 8.d.iii) above. Employee will be obligated to indemnify the Employer in an amount equal to all damages suffered by the Employer, if any, resulting from the Cause of Employee's termination.
Upon termination for Cause the Executive shall not be entitled to payment of any compensation other than salary under this Agreement earned up to the date of such termination, any accrued but unpaid vacation days, and any stock options, warrants or similar rights which have vested at the date of such termination. The Company and the Executive agree that the Company shall continue to pay the Executive his Annual Base Salary, in accordance with the Company's normal practices for other senior executives, for two (2) years after such termination for Cause, and the Executive agrees not to violate the provisions of Section 5.02 for an equivalent period and the Executive's execution, without revocation, of a Company Release of Claims upon the effective date of the termination of the Executive's employment.
Upon termination for Cause. In the event of termination of employment for Cause pursuant to Section 6(a), compensation provided for herein shall continue through the date of termination specified in the notice of termination, but shall end as of such date. The date of termination specified in any notice of termination pursuant to Section 6(a) for Cause shall be no earlier than the date of delivery of such notice, determined in accordance with Section 11.
Upon termination for Cause. If the Company terminates Executive's employment For Cause in accordance with subsection 11(a)(ii) of this Agreement, then Executive will receive payment of Base Salary earned and payment of any unused accrued vacation through and including the date of termination and reimbursement of expenses (the "FOR CAUSE PAYMENT"). The For Cause Payment shall constitute Executive's sole right and exclusive remedy in the event of such termination of Executive's employment, and upon payment by the Company of the For Cause Payment, all other rights or remedies otherwise available shall cease immediately, and the Company shall have no further obligations to Executive under this Agreement, except that Executive shall have the right to exercise all benefits that have vested as of the date of termination to which Executive is entitled under any compensation or employee benefit plan of the Company in accordance with the terms and provisions of such compensation or employee benefit plan, all other documents and agreements that give rise to or otherwise govern such vested benefits and all applicable laws and regulations. Upon any termination of Executive's employment For Cause, all Stock Options shall cease vesting and any vested Stock Options shall immediately be terminated and cancelled and shall not be or become exercisable after the date of such termination.
Upon termination for Cause. The term "Termination for Cause" shall mean termination because of the Employee's intentional failure to perform stated duties, personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, willful violation of any law, rule, regulation (other than traffic violations or similar offenses) or final cease and desist order, or any material breach of any material provision of this Agreement. In determining incompetence, the acts or omissions shall be measured against standards generally prevailing in the savings institution industry. Notwithstanding the foregoing, Termination for Cause shall not be deemed to have occurred unless and until there shall have been delivered to the Employee a copy of a resolution duly adopted by the affirmative vote of not less than three-fourths of the members of the Board at a meeting of the Board called and held for that purpose (after reasonable notice in writing to Employee and an opportunity for him, together with counsel, to be heard before the Board), finding that in the good faith opinion of the Board, Employee was guilty of conduct justifying Termination for Cause and specifying the particulars thereof in detail. The Employee shall not have the right to receive compensation or other benefits for any period after Termination for Cause. Any stock options granted to Employee under any stock option plan of the Bank, the Company or any subsidiary or affiliate thereof shall not be exercised from the date of written notice to the Employee set forth above, unless and until the matter is successfully resolved in the Employee's favor, and such stock options shall become entirely null and void upon the Employee's receipt of Notice of Termination for Cause.
Upon termination for Cause. In the event the Executive's -------------------------- employment is terminated for Cause, this Agreement shall continue in effect and the Company shall pay to the Executive his accrued and unpaid salary up to the date of his termination (but not for any period thereafter) and the unvested portion of all Prior Stock Awards shall be forfeited. For purposes of this Agreement, "Cause" means any willful act or failure to act on the part of the Executive which constitutes:
Upon termination for Cause. Notwithstanding any provision of this Agreement to the contrary, Employee shall forfeit her entire benefit if her employment with the Bank is terminated for Cause.
