Common use of Continuously Employed Clause in Contracts

Continuously Employed. The term “continuously employed” shall mean performance of duties as an employee of the Bank on a full-time basis without any material break in employment. A “material break in employment” shall be defined as (i) voluntary termination by Executive of his employment or termination by the Bank without cause of Executive’s employment for a period of ninety (90) consecutive days, (ii) termination by the Bank with cause, or (iii) a cumulative period of time totaling one hundred eighty (180) days during any calendar year, during which time Executive has ceased to perform his duties as an employee of the Bank on a full-time basis; provided, however, that a material break in employment shall not include any military leave, sick leave or other bona fide leave of absence (to be determined by the Board of Directors) of Executive.