Common use of Termination by the Bank Without Cause Clause in Contracts

Termination by the Bank Without Cause. The Bank may terminate this Agreement without cause, and may discharge the Employee, by giving thirty (30) days written notice of termination to the Employee, or by giving the Employee one month's pay in lieu of written notice. If the Employee is terminated by the Bank without cause, he shall be paid three (3) month's severance pay. This severance pay shall be paid at regular payroll intervals, although the Bank shall have the option of offering the Employee a lump sum payment in lieu of installment payments. A month of "severance pay," as used in this paragraph, and elsewhere in this Agreement, includes a monthly pro rata portion of the Employee's annual salary, excluding the month in which notice is actually given; "severance pay" does not include any bonus or incentive compensation provided by this Agreement or otherwise awarded by practice or custom, nor does it include the value of any fringe benefits of employment whatsoever (e.g., group insurance, the value of options, vacations or memberships, or any contributions made in the past by the Bank to the Employee's account in 401(k) or other defined contribution plans). Taxes shall be withheld from severance pay as required by law.

Termination by the Bank Without Cause. The Bank may terminate this Agreement without cause, and may discharge the Employee, by giving thirty (30) days written notice of termination to the Employee, or by giving the Employee one month's pay in lieu of written notice. If the Employee is terminated by the Bank without cause, he shall be paid three (3) month's severance pay. This severance pay shall be paid at regular payroll intervals, although the Bank shall have the option of offering the Employee a lump sum payment in lieu of installment payments. A month of "severance pay," as used in this paragraph, and elsewhere in this Agreement, includes a monthly pro rata portion of the Employee's annual salary, and an average commission payment calculated by determining the Employee's monthly commission average for the twelve (12) prior months, excluding the month in which notice is actually given; "severance pay" does not include any bonus or incentive compensation provided by this Agreement or otherwise awarded by practice or custom, nor does it include the value of any fringe benefits of employment whatsoever (e.g., group insurance, the value of options, vacations or memberships, or any contributions made in the past by the Bank to the Employee's account in 401(k) or other defined contribution plans). Taxes shall be withheld from severance pay as required by law.

Termination by the Bank Without Cause. The Bank ABI may terminate this Agreement without cause, and may discharge the Employee, by giving thirty (30) days written notice of termination to the Employee, or by giving the Employee one month's pay in lieu of written notice. If the Employee is terminated by the Bank ABI without cause, he shall be paid three (3) month's severance pay. This severance pay shall be paid at regular payroll intervals, although the Bank ABI shall have the option of offering the Employee a lump sum payment in lieu of installment payments. A month of "severance pay," as used in this paragraph, and elsewhere in this Agreement, includes a monthly pro rata portion of the Employee's annual salary, excluding the month in which notice is actually given; "severance pay" does not include any bonus or incentive compensation provided by this Agreement or otherwise awarded by practice or custom, nor does it include the value of any fringe benefits of employment whatsoever (e.g., group insurance, the value of options, vacations or memberships, or any contributions made in the past by the Bank ABI to the Employee's account in 401(k) or other defined contribution plans). Taxes shall be withheld from severance pay as required by law.