Common use of Business and Professional Education Expenses; Memberships Clause in Contracts

Business and Professional Education Expenses; Memberships. In accordance with the reimbursement policies from time to time adopted by the Board of Directors of the Bank or the Company and consistent with the annual budget approved for the period during which an expense was incurred, the Employer specifically agrees to reimburse the Executive for reasonable and necessary business expenses, including client development activities and cellular telephone use with e-mail service, incurred by the Executive in the performance of his duties hereunder; provided, however, that the Executive shall, as a condition of any such reimbursement, submit verification of the nature and amount of such expenses in accordance with such reimbursement policies and in sufficient detail to comply with rules and regulations promulgated by the United States Treasury Department. Amounts exceeding the Employer’s budget shall require the prior approval of the Board of Directors (or a committee thereof). In addition, the Employer shall reimburse the Executive for (a) any membership dues at a private club in the Area as may be selected by the Executive and approved in advance by the Board of Directors; and (b) membership in professional and civic organizations to the extent such activities are consistent with the Employer’s strategic objectives, subject in each instance to advance approval by the Board of Directors of the Bank. The Executive acknowledges that the Employer makes no representation with respect to the taxability or non-taxability of the benefits provided under this Section 3.4.

Business and Professional Education Expenses; Memberships. In accordance with the reimbursement policies from time to time adopted by the Board of Directors of the Bank or the Company and consistent with the annual budget approved for the period during which an expense was incurred, the Employer specifically agrees to reimburse the Executive for reasonable and necessary business expenses, including client development activities and cellular telephone use with e-mail service, incurred by the Executive in the performance of his her duties hereunder; provided, however, that the Executive shall, as a condition of any such reimbursement, submit verification of the nature and amount of such expenses in accordance with such reimbursement policies and in sufficient detail to comply with rules and regulations promulgated by the United States Treasury Department. Amounts exceeding the Employer’s budget shall require the prior approval of the Board of Directors (or a committee thereof). In addition, the Employer shall reimburse the Executive for (a) any membership dues at a private club in the Area as may be selected by the Executive and approved in advance by the Board of Directors; and (b) membership in professional and civic organizations to the extent such activities are consistent with the Employer’s strategic objectives, subject in each instance to advance approval by the Board of Directors of the Bank. The Executive acknowledges that the Employer makes no representation with respect to the taxability or non-taxability of the benefits provided under this Section 3.4.