Cash Separation Payment. Upon your timely execution of this Agreement and in exchange for your full compliance with this Agreement and provided that you have met, and continue to meet, all of your obligations, agreements and undertakings set forth herein, the Company agrees to pay you the gross amount of $448,460, less legally required withholdings (“Separation Pay”), on the Company’s first scheduled pay date on or after January 1, 2022 provided that the 7-day revocation period explained in Paragraphs 14 and 15 of this Agreement expires without revocation (the “Payment Date”). If you should die prior to the Payment Date, the Company will pay your beneficiary the Separation Pay on the Payment Date.
Cash Separation Payment. Upon your timely execution of this Agreement and in exchange for your full compliance with this Agreement and provided that you have met, and continue to meet, all of your obligations, agreements and undertakings set forth herein, and provided further, the Company and the Bank have obtained any required regulatory approvals to (a) enter into an agreement to make such payment and (b) to make such payment, the Bank agrees to pay you $576,731.58, less legally required withholdings (“Separation Pay”), payable in a lump sum within 30 days following the later of: (i) the expiration of the revocation period explained in Paragraphs 13 and 14 of this Agreement (the “Payment Date”), or (ii) the date the Bank may properly and legally make such payment under the laws and regulations of the United States and the Commonwealth of Massachusetts. You further agree that the Separation Pay amount may be modified to the extent such modification may be required in order for it to be approved by any regulatory authority. The Bank and the Company agree to make commercially reasonable efforts to obtain any required regulatory approvals to (a) enter into an agreement to make a payment of Separation Pay and (b) to make such payment for Separation Pay in the highest amount that the applicable regulators are willing to approve, up to the amount provided for in this Paragraph. To the extent any application for these approvals may be required, the Bank and the Company agree to provide you with copies of such in advance of submission for your review and comment. You further agree that in the event any required regulatory approval to enter into an agreement to make the payment of Separation Pay is not, after good faith efforts by the Company and the Bank, obtained, this Paragraph will be treated as null and void for all purposes effective as of the date this Agreement was executed by the Bank and the Company and that the remainder of this Agreement will remain in full force and effect. You specifically acknowledge and agree that the payment of the Separation Pay as set forth in this paragraph fully satisfies any obligations for compensation or benefits of any kind that the Bank or the Company may have to you pursuant to your Employment Agreement, including without limitation Paragraph 9 and its sub-paragraphs of the Employment Agreement.
Cash Separation Payment. Upon your timely execution of this Agreement and in exchange for your full compliance with this Agreement and provided that you have met, and continue to meet, all of your obligations, agreements and undertakings set forth herein, the Bank agrees to pay you the gross amount of $375,000.00, less legally required withholdings (“Separation Pay”), payable in twenty-six (26) approximately equal payments, on the Bank’s payroll dates, commencing in January 2022, provided that the 7-day revocation period explained in Paragraphs 14 and 15 of this Agreement expires without revocation (the “Payment Date”).
Cash Separation Payment. Upon your timely execution of this Agreement and in exchange for your full compliance with this Agreement and provided that you have met, and continue to meet, all of your obligations, agreements and undertakings set forth herein, the Bank agrees to pay you the gross amount of $1,488,286.00, less legally required withholdings (“Separation Pay”), payable in a lump sum on the next business day following the expiration of the 7-day revocation period explained in Paragraphs 14 and 15 of this Agreement (the “Payment Date”), provided that in no event will the Payment Date be prior to January 1, 2023.
Cash Separation Payment. Upon your timely execution of this Agreement and in exchange for your full compliance with this Agreement and provided that you have met, and continue to meet, all of your obligations, agreements and undertakings set forth herein, the Company agrees to pay you $600,000.00, (“Separation Pay”), less legally required withholdings, as follows: (i) $200,000.00 shall be paid on the Company’s next regularly scheduled pay date, after the expiration of the 7-day revocation period explained in Paragraph 14 of this Agreement referenced below without revocation, (ii) $200,000.00 shall be paid twenty-six (26) weeks after the initial payment, and (iii) $200,000.00 shall be paid to you fifty-two (52) weeks after the initial payment.
