Common use of Without Cause or With Good Reason Clause in Contracts

Without Cause or With Good Reason. i. In addition to termination pursuant to Sections 11a. through 11e., the Board may, by written notice to Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason,” as defined below (a termination “With Good Reason”). ii. Subject to Section 12 of this Agreement, in the event of termination under this Section 11f., Executive shall be entitled to receive a severance benefit equal to two (2) times the sum of Executive’s (i) current base salary and (ii) the most recent bonus paid to Executive by the Company and/or the Bank. Executive’s severance benefit shall be payable ratably over a two (2) year period through the Bank’s regular payroll. In addition, Executive shall receive continued medical, dental and life insurance coverage, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during the twenty-four (24) month period following his termination date. In the event that the Company and the Bank are unable to provide such coverage by reason of Executive no longer being an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis. The severance payments and benefits provided under this subparagraph (ii) are subject to Section 11f.(v) of this Agreement.

Without Cause or With Good Reason. i. In addition to termination pursuant to Sections 11a. 11(a) through 11e.11(e) the Boards, the Board may, by written notice to Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, by written notice to the BoardBoards, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason,” as defined below (a termination “With Good Reason”). ii. Subject to Section 12 of this Agreement, in the event of termination under this Section 11f.11(f), Executive shall be entitled to receive a severance benefit equal to two (2) times the sum of Executive’s (i) current his base salary and for the remaining term of the Agreement paid in one lump sum within ten (ii10) calendar days of such termination. Also, in such event, Executive shall, for the most recent bonus paid remaining term of the Agreement, receive the benefits he would have received during the remaining term of the Agreement under any retirement programs (whether tax-qualified or non-qualified) in which Executive participated prior to Executive his termination (with the amount of the benefits determined by reference to the benefits received by the Executive or accrued on his behalf under such programs during the twelve (12) months preceding his termination) and continue to participate in any benefit plans of the Company and/or or the Bank. Executive’s severance benefit shall be payable ratably over a two Bank that provide health (2) year period through the Bank’s regular payroll. In additionincluding medical and dental), Executive shall receive continued medicalor life insurance, dental and life insurance coverage, or similar coverage upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during the twenty-four (24) month period following his termination datesuch period. In the event that the Company and the Bank are unable to provide such coverage by reason of Executive no longer being an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis. The severance payments and benefits provided under this subparagraph (ii) are subject to Section 11f.(v) of this Agreement.

Without Cause or With Good Reason. i. In addition to termination pursuant to Sections 11a. through 11e., the Board may, by written notice to Executive, immediately terminate his her employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason,” as defined below (a termination “With Good Reason”). ii. Subject to Section 12 of this Agreement, in the event of termination under this Section 11f., Executive shall be entitled to receive a severance benefit equal to two (2) times the sum of Executive’s (i) current base salary and (ii) the most recent bonus paid to Executive by the Company and/or the Bank. Executive’s severance benefit shall be payable ratably over a two (2) year period through the Bank’s regular payroll. In addition, Executive shall receive continued medical, dental and life insurance coverage, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during the twenty-four (24) month period following his her termination date. In the event that the Company and the Bank are unable to provide such coverage by reason of Executive no longer being an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis. The severance payments and benefits provided under this subparagraph (ii) are subject to Section 11f.(v) of this Agreement.

Without Cause or With Good Reason. i. In addition to termination pursuant to Sections 11a. through 11e., the Board may, by written notice to Executive, immediately terminate his her employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason,” as defined below (a termination “With Good Reason”). ii. Subject to Section 12 of this Agreement, in the event of termination under this Section 11f.. on or before May 20, 2013, Executive shall be entitled to receive a severance benefit equal to two (2) times the sum of Executive’s (i) current base salary and (ii) the most recent bonus paid to Executive by the Company and/or the Bank. Executive’s severance benefit shall be payable ratably over a two (2) year period through the Bank’s regular payroll. In addition, Executive shall receive continued medical, dental and life insurance coverage, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during the twenty-four (24) month period following his her termination date. In the event that the Company and the Bank are unable to provide such coverage by reason of Executive no longer being an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis. The severance payments and benefits provided under this subparagraph (ii) are subject to Section 11f.(v) of this Agreement.

Without Cause or With Good Reason. i. In addition to termination pursuant to Sections 11a. through 11e., the Board may, by written notice to the Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “Without Cause”) and the Executive may, by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason,” as defined below (a termination “With Good Reason”). ii. Subject to Section 12 of this Agreement, in the event of termination under this Section 11f., the Executive shall be entitled to receive a severance benefit equal to the sum of two (2) times the sum of the Executive’s (i) current base salary and (ii) the most recent bonus paid to the Executive by the Company and/or the Bank. The Executive’s severance benefit shall be payable ratably over a two (2) year period through the Bank’s regular payroll. In addition, the Executive shall receive continued medical, dental and life insurance coverage, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during the twenty-four (24) month period following his termination date. In the event that the Company and the Bank are unable to provide such coverage by reason of the Executive no longer being an employee, the Company and the Bank shall provide the Executive with comparable coverage on an individual policy basis. The severance payments and benefits provided under this subparagraph (ii) are subject to Section 11f.(v) of this Agreement.

Without Cause or With Good Reason. i. In addition to termination pursuant to Sections 11a. through 11e., the Board may, by written notice to Executive, immediately terminate his employment at any time for a reason other than Cause (a termination “Without Cause”) and Executive may, by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting “Good Reason,” as defined below (a termination “With Good Reason”). ii. Subject to Section 12 of this Agreement, in the event of termination under this Section 11f., Executive shall be entitled to receive a severance benefit equal to the sum of two (2) times the sum of Executive’s (i) then current base salary and (ii) the most recent bonus paid to Executive by the Company and/or the Bank. Executive’s severance benefit shall be payable ratably over a two (2) year period through the Bank’s regular payroll. In addition, Executive shall receive continued medical, dental and life insurance coverage, upon terms no less favorable than the most favorable terms provided to senior executives of the Company and the Bank during the twenty-four (24) month period following his termination date. In the event that the Company and the Bank are unable to provide such coverage by reason of Executive no longer being an employee, the Company and the Bank shall provide Executive with comparable coverage on an individual policy basis. The severance payments and benefits provided under this subparagraph (ii) are subject to Section 11f.(v) of this Agreement.