Common use of Club Memberships Clause in Contracts

Club Memberships. It is contemplated that, after the Executive commences performance hereunder, he may request that the Parent purchase, or provide funds (net of taxes) to the Executive for the purchase of membership in any club (or clubs), having facilities suitable for the Executive to use for business entertainment on behalf of the Bank or the Parent, as the Parent Board shall deem appropriate and in the interest of the Parent and the Bank. Upon authorization by the Parent Board, the Parent shall pay any required initiation fees and shall pay, either directly or as an ongoing payroll expense to reimburse the Executive (net of taxes), for monthly dues, periodic assessments, and other such costs of any such membership. The Executive shall be responsible for any personal charges that he may incur in utilizing the facilities of any such club. If the Executive ceases his membership in any such clubs and any bonds or other capital payments made by Parent are repaid to the Executive, the Executive shall pay over such payments to Parent.

Club Memberships. It is contemplated that, after the Executive commences performance hereunder, he may request that the Parent purchase, or provide funds (net of taxes) to the Executive for the purchase of membership in any club (or clubs), having facilities suitable for the Executive to use for business entertainment on behalf of the Bank or the Parent, as the Parent Board shall deem appropriate and in the interest of the Parent and the Bank. Upon authorization by the Parent Board, the Parent shall pay any required initiation fees and shall pay, either directly or as an ongoing payroll expense to reimburse the Executive (net of taxes), for monthly dues, periodic assessments, and other such costs of any such membership. The Executive shall be responsible for any personal charges that he may incur in utilizing the facilities of any such club. If , if the Executive ceases his membership in any such clubs and any bonds or other capital payments made by Parent are repaid to the Executive, the Executive shall pay over such payments to Parent.