Separation and Change of Control Agreement between MetroBank, N.A. and David Tai

Contract Categories: Human Resources › Severance Agreements
Summary

This agreement between MetroBank, N.A. and its President, David Tai, outlines a separation package in the event the bank is acquired and the new owners reduce his role or terminate his employment for reasons other than cause, resignation, disability, death, or moral turpitude. If triggered, David Tai will receive 18 months of base pay and extended time to exercise stock options or restricted shares. The agreement aims to provide job security and compensation protection in the event of a change in control.

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EX-10.7 2 h43662exv10w7.htm LETTER AGREEMENT - DAVID TAI exv10w7  

Exhibit 10.7
February 14, 2005
David Tai
President
MetroBank, N.A.
David:
The bank is pleased to provide you with the following agreement:
We do not anticipate your having to use the following separation package plan, but, we will pay you 18 months of your base pay should the bank be acquired and the new owners seek to replace you or diminish your employment status, i.e. pay, responsibilities, etc., or should the new management decide to remove you for reasons other than for failed performance, cause, resignation, disability, death or moral turpitude. If the separation package is used, then all offered stock options and/or restricted shares may be exercised during whichever of the following timeframes is longer: the period between the day of notification of separation and the day you receive the separation pay package, or within two weeks of receiving a separation notification.
We value your past and present contributions and look to the future for you continued efforts and dedication to MetroBank, N.A.
Sincerely,
/s/ George Lee
George Lee
Chief Executive Officer
MetroBank, N.A.