Common use of Benefits upon Termination in Connection with a Change in Control Clause in Contracts

Benefits upon Termination in Connection with a Change in Control. (a) If, during the Term of this Agreement, the Executive’s employment by the Bank, or its successor, is terminated during the Term of this Agreement at or following a Change in Control (1) by the Bank, or its successor, for any reason other than a Termination for Cause or (2) by the Executive as a Termination for Good Reason, then the Bank, or its successor, shall pay the Executive, or in the event of the Executive’s death (subsequent to a Change in Control and termination of employment), the Executive’s beneficiary(ies), or the Executive’s estate, as the case may be, a lump sum cash severance payment, as liquidated damages, within ten (10) business days of the termination of the Executive’s employment, in an amount equal to two (2) times the Executive’s average Annual Compensation for the five (5) taxable years immediately preceding the year in which the Change in Control occurs.

Benefits upon Termination in Connection with a Change in Control. (a) If, during the Term of this Agreement, the Executive’s employment by the Bank, or its successor, is terminated during the Term of this Agreement at or following a Change in Control (1) by the Bank, or its successor, for any reason other than a Termination for Cause or (2) by the Executive as a Termination for Good Reason, then the Bank, or its successor, shall pay the Executive, or in the event of the Executive’s death (subsequent to a Change in Control and termination of employment), the Executive’s beneficiary(ies), or the Executive’s estate, as the case may be, a lump sum cash severance payment, as liquidated damages, within ten (10) business days of the termination of the Executive’s employment, in an amount equal to two three (23) times the Executive’s average Annual Compensation for the five (5) taxable years immediately preceding the year in which the Change in Control occurs.