Common use of Termination by Bank Clause in Contracts

Termination by Bank. The Bank may terminate Executive’s employment during the Term with or without Cause immediately on written notice to Executive. “Cause” shall mean: (i) Executive’s failure to follow the reasonable directions of the Bank Board and the failure to cure such failure to the Bank’s satisfaction within ten (10) days after receipt of written notice from the Bank Board specifying the particulars of the failure; (ii) any intentional misconduct by Executive in connection with the Bank’s business or relating to Executive’s duties hereunder, or any willful violation of any laws, rules or regulations applicable to banks or the banking industry generally; (iii) Executive’s material failure to comply with the Bank’s written policies and the failure to cure such failure to the Bank’s satisfaction within ten (10) days after receipt of written notice from the Bank Board specifying the particulars of the failure; (iv) any act of fraud, misappropriation or embezzlement by Executive; (v) a material breach of this Agreement that is not cured by Executive within ten (10) days of written notice by the Bank Board of the breach; or (vi) the conviction of Executive of, or Executive’s pleading guilty or nolo contendere to, a felony or a crime involving moral turpitude (including pleading guilty or nolo contendere to a felony or lesser charge which results from plea bargaining).