Common use of Termination Benefit Clause in Contracts

Termination Benefit. The Bank agrees that it shall continue to pay Executive his Base Salary for twelve (12) months from the date of his termination as described in Section 7(e) or 7(f) of Executive’s Employment Agreement. These continued payments are conditioned upon Executive’s continued compliance with his obligations under this Release Agreement.

Appears in 2 contracts

Sources: Employment Agreement (Heritage Bankshares Inc /Va), Employment Agreement (Heritage Bankshares Inc /Va)

Termination Benefit. The Bankshares and the Bank agrees agree that it Executive shall continue to pay Executive be paid his Base Salary for twelve (12) months from the date of his termination as described in Section 7(e) or 7(f) of Executive’s Employment Agreement. These continued payments are conditioned upon Executive’s continued compliance with his obligations under this Release Agreement.

Appears in 1 contract

Sources: Employment Agreement (Heritage Bankshares Inc /Va)