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XXXXXXXXXXXXXX alternate renewal terms by amendment hereto addressing such amend terms and/or conditions as the parties may agree to. Should the parties not be able to agree to renewal terms, then the renewal terms for one year each herein shall govern as the default renewal terms and conditions. SECTION EIGHT Termination of Agreement. This Employment Agreement may be terminated prior to its expiration under the following circumstances: 1. By Employer for Cause. Notwithstanding any other provision in this Agreement, Employer may terminate Executive’s employment “for cause,” if, in the Board’s sole discretion, excluding the vote of Executive if Executive is then serving on the Board, the Board determines, by a majority vote, that “cause” exists for termination. “Cause” shall include, but not be limited to, any one or more of the following in connection with the Executive’s duties to the Credit Union hereunder: a) illegal acts; b) gross and willful insubordination; c) proven or admitted breach of confidentiality prohibited by applicable law or agreement; d) revocation or impairment of bond eligibility; e) repeated failure or refusal to comply with official policies and procedures pursuant to the parameters set forth in Section Two. A herein; f) failure or refusal to perform the terms of this Agreement, or to achieve previously agreed upon goals as set forth herein, provided that Executive has been given a sixty day notice to cure such deficiencies and has failed or refused to comply with said notice; g) dishonesty, including false or deceptive statements or reports to the Board, the Supervisory Committee or examiners; or In the event this Agreement is terminated for cause, Employer may elect to terminate Executive’s duties immediately and without notice. In such event, Executive shall be entitled to all compensation earned or accrued to the date of termination in accordance with the applicable policies of Employer, but nothing more absent any requirements of federal or state laws such as COBRA. Executive is not entitled to any severance or any benefits if terminated for cause. Copyright©1994-2010 by Credit Union Resources & Educational Services, LLC. All rights reserved. Revised February 2010 22
2. By Employer For No Cause. Employer may elect to terminate this Agreement “for no cause” at any time prior to its expiration upon a 2/3 vote of the Board. Assuming no basis for cause exists under paragraph A (1) above, Employer may elect to either provide Executive with written notice of its intent to terminate and the intended termination date, or terminate this Agreement and Executive's duties immediately. In either case, Executive shall be entitled to all compensation earned or accrued to date in accordance with the applicable policies of Employer, together with a lump sum payment equal to six months of pay, payable in full at the time of termination together with the benefits set forth in Section Six A.2, A.4, and A.5. Further, in the case of termination for no cause the Credit Union shall continue to pay the Executive’s compensation and the benefits set forth herein for an additional period of up to ___ additional months based on the following conditions: (1) the Executive is seeking alternate commensurate employment in good faith; and (2) is not able to secure such alternate commensurate employment for a period of up to twelve additional months. 3. By Executive. Executive may terminate this Agreement at any time by resigning. In such event, Employer may either permit Executive to remain throughout the notice period given by Executive, if any, or terminate the Agreement without further notice. A resignation by Executive, for severance purposes, shall be treated as if it were a termination for cause under paragraph A (1) of this section. 4. By Employer Due To Executive’s Disability. Employer shall have the right to terminate this Agreement in the event any illness, disability, or loss of capacity which prevents Executive from performing the essential functions of his position as President and Chief Executive Officer of the Credit Union for three consecutive months or more. Assuming no basis for cause exists under paragraph (1) of this section, a termination pursuant to this paragraph shall be treated as a termination for no cause under paragraph (2) of this section. 5. By Mutual Consent. This Agreement may be terminated at any time by mutual written consent under terms negotiated by the parties at the time. SECTION NINE Confidential Information. Executive acknowledges that the business and financial affairs of Credit Union and its members constitute confidential information. Accordingly, Executive shall not, during the term of this Agreement or at any time thereafter, impart to any person, corporation, organization or other entity any confidential information acquired by Executive in the performance of Executive's duties under this Agreement, except as legally permitted by Employer’s policies or under compulsion of law. Copyright©1994-2010 by Credit Union Resources & Educational Services, LLC. All rights reserved. Revised February 2010 23
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