Continued Salary. Subject to the Executive entering into an agreement not to compete with BNC in accordance with section 4.5, if BNC terminates the Executive's employment without Cause within 18 months after the date of this Employment Agreement, the Executive shall be entitled to a lump-sum severance payment in cash in the amount of two times his Base Salary, payable no later than 30 days after termination of the Executive's employment. Subject to the Executive entering into an agreement not to compete with BNC in accordance with section 4.5, if the Executive terminates his employment voluntarily within 18 months after the date of this Employment Agreement he shall be entitled to a lump-sum severance payment in cash in an amount equal to his Base Salary, payable no later than 30 days after termination of the Executive's employment. Subject to the Executive entering into an agreement not to compete with BNC in accordance with section 4.5, if the Executive remains employed with BNC for 18 months after the date of this Employment Agreement but his employment thereafter terminates involuntarily but without Cause or voluntarily but with Good Reason, the Executive shall continue to receive the Base Salary for the unexpired term of this Employment Agreement, but he shall not be entitled to continued participation in BNC's or a subsidiary's 401(k) retirement plan(s) or any stock-based plans. BNC and the Executive acknowledge and agree that the compensation and benefits under this paragraph (a) shall not be payable if compensation and benefits are payable or shall have been previously paid to the Executive under Article 5 of this Agreement. That is, the parties acknowledge and agree that the Executive shall not be entitled to duplicative compensation and benefit payments under paragraph (a) and under Article 5 if the Executive's employment is terminated without Cause or if the Executive voluntarily terminates employment.
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Sources: Employment Agreement (BNC Bancorp)
Continued Salary. Subject to the Executive entering into an agreement not to compete with BNC in accordance with section 4.5, if BNC If Citizens South terminates the Executive's employment without Cause within 18 months after the date of this Employment Agreement, the Executive shall be entitled to a lump-sum severance payment in cash in the amount of two times his Base Salary, payable no later than 30 days after termination of the Executive's employment. Subject to the Executive entering into an agreement not to compete with BNC in accordance with section 4.5, or if the Executive terminates his employment voluntarily within 18 months after the date of this Employment Agreement he shall be entitled to a lump-sum severance payment in cash in an amount equal to his Base Salary, payable no later than 30 days after termination of the Executive's employment. Subject to the Executive entering into an agreement not to compete with BNC in accordance with section 4.5, if the Executive remains employed with BNC for 18 months after the date of this Employment Agreement but his employment thereafter terminates involuntarily but without Cause or voluntarily but with Good Reason, the Executive shall continue to receive the Base Salary for the unexpired term of this Employment Agreement, but he shall not be entitled to continued participation in BNCCitizens South's or a subsidiary's 401(k) retirement plan(s) plan or any stock-based plans. BNC Payments of Base Salary under this Section 6.4(a) shall not be reduced or offset by any other compensation the Executive receives through other employment after termination of his employment with Citizens South. The provisions of this Section 6.4 are subject to Article 9 of this Employment Agreement. Payments of Base Salary shall be made in semi-monthly installments and shall commence within 30 days following the Executive's termination of employment pursuant to this Section 6.4. Notwithstanding the foregoing, in the event the Executive is a Specified Employee (within the meaning of Treasury Regulations ss.1.409A-1(i)), then, to the extent necessary to avoid penalties under Code Section 409A, any payments to which Executive is entitled for the first six months following termination of employment shall be held and shall be paid to the Executive on the first day of the seventh month following termination of the Executive's employment. The withheld payments plus interest at six percent (6%) shall be paid to the Executive on the first day of the seventh month following the Executive's termination of employment pursuant to this Section 6.4. Citizens South and the Executive acknowledge and agree that the compensation and benefits under this paragraph (a) Section 6.4 shall not be payable if compensation and benefits are payable or shall have been previously paid to the Executive under Article 5 7 of this Agreement. That is, the parties acknowledge and agree that the Executive shall not be entitled to duplicative compensation and benefit payments under paragraph (a) this Section 6.4 and under Article 5 7 if the Executive's employment is terminated without Cause or if the Executive voluntarily terminates employmentemployment with Good Reason.
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