Common use of BENEFITS FOR DIRECTOR Clause in Contracts

BENEFITS FOR DIRECTOR. If, after a Change in Control, the acquiring company chooses, or causes the Bank or surviving entity to surrender the life insurance policy maintained by the Bank under the Director’s Life Insurance Endorsement Method Split Dollar Plan Agreement without replacing it or the policy otherwise ceases to exist prior to the death of Director, Santa Lucia Bank or the acquiring company shall pay to Director Xxxxxxx X. Xxxxxxxxx ($45,000.00) upon the surrender or otherwise termination of the policy. The obligations set forth in the preceding sentence shall survive any termination of this Agreement. The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish Director’s existing rights, or rights which would accrue solely as a result of the passage of time, under any employee benefit plan of the Company, any employment agreement or other contract, plan or arrangement of the Company, except to the extent necessary to prevent double payment under any severance plan or program of the Company in effect at the date of the Change of Control.

BENEFITS FOR DIRECTOR. If, after a Change in Control, the acquiring company chooses, or causes the Bank or surviving entity to surrender the life insurance policy maintained by the Bank under the Director’s Life Insurance Endorsement Method Split Dollar Plan Agreement without replacing it or the policy otherwise ceases to exist prior to the death of Director, Santa Lucia Bank or the acquiring company shall pay to Director Xxxxxxx X. Xxxxxxxxx Xxxxxx ($45,000.00375,000.00) upon the surrender or otherwise termination of the policy. The obligations set forth in the preceding sentence shall survive any termination of this Agreement. The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish Director’s existing rights, or rights which would accrue solely as a result of the passage of time, under any employee benefit plan of the Company, any employment agreement or other contract, plan or arrangement of the Company, except to the extent necessary to prevent double payment under any severance plan or program of the Company in effect at the date of the Change of Control.

BENEFITS FOR DIRECTOR. If, after a Change in Control, the acquiring company chooses, or causes the Bank or surviving entity to surrender the life insurance policy maintained by the Bank under the Director’s Life Insurance Endorsement Method Split Dollar Plan Agreement without replacing it or the policy otherwise ceases to exist prior to the death of Director, Santa Lucia Bank or the acquiring company shall pay to Director Xxxxxxx Xxxxx X. Xxxxxxxxx XxXxx, III ($45,000.0037,800.00) upon the surrender or otherwise termination of the policy. The obligations set forth in the preceding sentence shall survive any termination of this Agreement. The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish Director’s existing rights, or rights which would accrue solely as a result of the passage of time, under any employee benefit plan of the Company, any employment agreement or other contract, plan or arrangement of the Company, except to the extent necessary to prevent double payment under any severance plan or program of the Company in effect at the date of the Change of Control.

BENEFITS FOR DIRECTOR. If, after a Change in Control, the acquiring company chooses, or causes the Bank or surviving entity to surrender the life insurance policy maintained by the Bank under the Director’s Life Insurance Endorsement Method Split Dollar Plan Agreement without replacing it or the policy otherwise ceases to exist prior to the death of Director, Santa Lucia Bank or the acquiring company shall pay to Director Xxxxxxx X. Xxxxxxxxx D. Xxxx Xxxxxxxxxxx ($45,000.0044,742.00) upon the surrender or otherwise termination of the policy. The obligations set forth in the preceding sentence shall survive any termination of this Agreement. The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish Director’s existing rights, or rights which would accrue solely as a result of the passage of time, under any employee benefit plan of the Company, any employment agreement or other contract, plan or arrangement of the Company, except to the extent necessary to prevent double payment under any severance plan or program of the Company in effect at the date of the Change of Control.

BENEFITS FOR DIRECTOR. If, after a Change in Control, the acquiring company chooses, or causes the Bank or surviving entity to surrender the life insurance policy maintained by the Bank under the Director’s Life Insurance Endorsement Method Split Dollar Plan Agreement without replacing it or the policy otherwise ceases to exist prior to the death of Director, Santa Lucia Bank or the acquiring company shall pay to Director Xxxx Xxxxxxx X. Xxxxxxxxx ($45,000.0035,000.00) upon the surrender or otherwise termination of the policy. The obligations set forth in the preceding sentence shall survive any termination of this Agreement. The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish Director’s existing rights, or rights which would accrue solely as a result of the passage of time, under any employee benefit plan of the Company, any employment agreement or other contract, plan or arrangement of the Company, except to the extent necessary to prevent double payment under any severance plan or program of the Company in effect at the date of the Change of Control.

BENEFITS FOR DIRECTOR. If, after a Change in Control, the acquiring company chooses, or causes the Bank or surviving entity to surrender the life insurance policy maintained by the Bank under the Director’s Life Insurance Endorsement Method Split Dollar Plan Agreement without replacing it or the policy otherwise ceases to exist prior to the death of Director, Santa Lucia Bank or the acquiring company shall pay to Director Xxxx X. Xxxxxxx X. Xxxxxxxxx ($45,000.00) upon the surrender or otherwise termination of the policy. The obligations set forth in the preceding sentence shall survive any termination of this Agreement. The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish Director’s existing rights, or rights which would accrue solely as a result of the passage of time, under any employee benefit plan of the Company, any employment agreement or other contract, plan or arrangement of the Company, except to the extent necessary to prevent double payment under any severance plan or program of the Company in effect at the date of the Change of Control.

BENEFITS FOR DIRECTOR. If, after a Change in Control, the acquiring company chooses, or causes the Bank or surviving entity to surrender the life insurance policy maintained by the Bank under the Director’s Life Insurance Endorsement Method Split Dollar Plan Agreement without replacing it or the policy otherwise ceases to exist prior to the death of Director, Santa Lucia Bank or the acquiring company shall pay to Director Xxxxxxx X. Xxxxxxxx Xxxxxxxxx ($45,000.00) upon the surrender or otherwise termination of the policy. The obligations set forth in the preceding sentence shall survive any termination of this Agreement. The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish Director’s existing rights, or rights which would accrue solely as a result of the passage of time, under any employee benefit plan of the Company, any employment agreement or other contract, plan or arrangement of the Company, except to the extent necessary to prevent double payment under any severance plan or program of the Company in effect at the date of the Change of Control.