Common use of Compensation and Benefits Payable Upon Termination Clause in Contracts

Compensation and Benefits Payable Upon Termination. (a) Upon Employee’s death, the Bank shall pay Employee’s full base salary in accordance with the terms set forth in Section 5(c) below. In addition, the Bank shall continue to pay for and provide to Employee’s spouse and eligible dependents hospitalization insurance (including major medical), and any such other health insurance benefits comparable to that coverage that would have been provided under the Bank’s group health insurance plan to Employee’s spouse and eligible dependents at the date of Employee’s death, at such time in accordance with the terms set forth in Section 5(c). (b) In the event Employee becomes permanently disabled and is terminated as set forth in Section 4(b) above, the Bank shall pay to Employee compensation and benefits as set forth in Section 5(c) below; provided, that Employee’s base salary shall be reduced by any amounts received by Employee under the Bank’s long term disability plan or from any other similar collateral source payable due to disability, including, without limitation, social security benefits. If Employee shall remain permanently disabled beyond the period set forth in Section 5(c) below, Employee shall receive only such amounts, if any, as are payable under the Bank’s long term disability plan or under any other similar employee benefit or welfare plan in which Employee participated and is entitled to benefits. (c) If Employee’s employment shall be terminated by Employee pursuant to Sections 4(d), (e), (f) or (g), or by the Bank for any reason other than for cause as set forth in Section 4(c), then the Bank shall continue to pay to Employee or his estate or beneficiaries, his full base salary (payable on the same dates and terms as otherwise would have been the case, and including any bonus and other cash compensation), for the then otherwise remaining term of this Agreement, assuming that such termination had not occurred, and assuming that this Agreement is not subsequently renewed (such period, the “Remaining Term”). In addition, the Bank shall continue to pay his hospitalization insurance premiums (including major medical), long term disability premiums and life insurance premiums for the Remaining Term. The compensation and benefits payable under this Section 5(c) are hereinafter referred to as “Severance Benefits.” The payment of Severance Benefits is in recognition and consideration of the value of continued services by Employee to the Bank and is not in any way to be construed as a penalty or damages. Employee shall not be required to mitigate the amount of any payment of Severance Benefits by seeking other employment or otherwise. The payment of Severance Benefits shall not affect any other sums or benefits otherwise payable to Employee under any other employment compensation or benefit or welfare plan of the Bank. (d) In the event termination is for any reason other than as described in Section 5(a), (b), or (c) above, then the Bank shall pay Employee his full salary through the date of termination and no other compensation or benefits shall be paid to Employee hereunder; provided, however, that nothing herein shall be deemed to limit his vested rights under any other benefit, retirement, stock option or pension plan of the Bank, and the terms of those plans, programs or arrangements shall govern. (e) In the event that Employee is terminated for cause pursuant to Section 4(c) of this Agreement, Employee shall not be entitled to any further payments or any other form of remuneration from the Bank under this Agreement, or otherwise, following the date of such termination.

Compensation and Benefits Payable Upon Termination. (a) Upon Employee’s deathXxxxx' death during the Initial Term or any Renewal Term of this Agreement, the Bank CIS shall pay Employee’s full base salary provide such death or insurance benefits as are provided in accordance with the terms set forth in Section 5(c) below. In addition, the Bank shall continue regular policy of CIS to pay for similarly positioned employees and provide pursuant to Employee’s spouse and eligible dependents hospitalization insurance (including major medical), and any such other health insurance benefits comparable to that coverage that would have been provided under the Bank’s group health insurance plan to Employee’s spouse and eligible dependents at the date of Employee’s death, at such time in accordance with the terms set forth in Section 5(c)of any benefit plans or arrangements maintained by CIS which provide such benefits. (b) In the event Employee Xxxxx becomes permanently disabled and is terminated as set forth in Section 4(b) abovehereof, the Bank CIS shall pay to Employee compensation and benefits as Xxxxx or his estate or beneficiaries for the balance of the then current term of this Agreement, the then existing base salary set forth in Section 5(c) below; provided3 hereof, provided that Employee’s base salary such payment shall be reduced offset by any amounts received by Employee Xxxxx (i) under the Bank’s any long term disability plan or maintained for the employees of CIS, (ii) from any other similar collateral source payable due to disabilitydisability to the extent that such payments are derived from insurance or direct payments furnished by CIS, including, without limitation, and (iii) social security benefits. If Employee shall remain permanently disabled beyond Xxxxx agrees to use reasonable efforts to obtain the period set forth in Section 5(c) below, Employee shall receive only such amounts, if any, as are payable under the Bank’s long term benefit of any disability plan or under any other similar employee benefit or welfare plan policy covering him as a result of his employment by CIS in which Employee participated the circumstances contemplated by Section 4(b) and is entitled to benefitsthis Section 5(b). (c) If Employee’s Xxxxx' employment shall be terminated by Employee Xxxxx pursuant to Sections Section 4(d)) hereof, (e), (f) or (g), or by the Bank for any reason other than for cause as set forth in Section 4(c), then the Bank CIS shall continue to pay to Employee Xxxxx or his estate or beneficiaries, his full base salary in effect at the Termination Date and all applicable benefits due hereunder (payable on provided that the same dates and terms of any employee benefit plan pursuant to which such benefits are provided permit participation by similarly positioned former employees of CIS, as otherwise would have been the case, and including any bonus and other cash compensation), applicable) for the balance of the then otherwise remaining current term of this Agreement, assuming provided that such termination had not occurred, and assuming that this Agreement is not subsequently renewed (such period, the “Remaining Term”). In addition, the Bank shall continue to pay his hospitalization insurance premiums (including major medical), long term disability premiums and life insurance premiums for the Remaining Term. The compensation and benefits payable under this Section 5(c) are hereinafter referred to as “Severance Benefits.” The payment of Severance Benefits is in recognition and consideration of the value of continued services by Employee to the Bank and is not in any way to be construed as a penalty or damages. Employee payments shall not be required made after the expiration of the then current term of this Agreement; and provided further that such payments shall be offset by any amounts paid to mitigate the amount of any payment of Severance Benefits by seeking other employment or otherwise. The payment of Severance Benefits shall not affect any other sums or benefits otherwise payable to Employee Xxxxx under any other employment compensation severance or benefit salary continuation policy or welfare plan of the BankCIS applicable to Xxxxx. (d) In the event termination is for any reason other than cause as described in Section 5(a)4(c) hereof or is due to the expiration of the Initial Term or any Renewal Term of this Agreement, (b), or (c) above, then the Bank CIS shall pay Employee his full salary Xxxxx the compensation and benefits described in Section 3 hereof through the date of termination Termination Date and no other compensation or benefits shall be paid to Employee Xxxxx hereunder; provided, however, that nothing herein shall be deemed to terminate or limit his the Xxxxx' vested rights under any other benefit, retirement, stock option or pension plan of the BankCIS applicable to Xxxxx, and the terms of those plans, programs programs, or arrangements shall govern. (e) In the event that Employee is terminated for cause pursuant to Section 4(c) of this Agreement, Employee shall not be entitled to any further payments or any other form of remuneration from the Bank under this Agreement, or otherwise, following the date of such termination.

Compensation and Benefits Payable Upon Termination. (a) Upon Employee’s Executive's death, the Bank shall pay Employee’s Executive's full base salary in accordance with the terms set forth in Section 5(c) below. In addition, the Bank shall continue to pay for and provide to Employee’s Executive's spouse and eligible dependents hospitalization insurance (including major medical), and any such other health insurance benefits comparable to that coverage that would have been provided under the Bank’s 's group health insurance plan to Employee’s Executive's spouse and eligible dependents at the date of Employee’s Executive's death, at such time in accordance with the terms set forth in Section 5(c). (b) In the event Employee Executive becomes permanently disabled and is terminated as set forth in Section 4(b) above, the Bank shall pay to Employee Executive compensation and benefits as set forth in Section 5(c) below; provided, provided that Employee’s Executive's base salary shall be reduced by any amounts received by Employee Executive under the Bank’s 's long term disability plan or from any other similar collateral source payable due to disability, including, without limitation, social security benefits. If Employee Executive shall remain permanently disabled beyond the period set forth in Section 5(c) below, Employee Executive shall receive only such amounts, if any, as are payable under the Bank’s 's long term disability plan or under any other similar employee benefit or welfare plan in which Employee Executive participated and is entitled to benefits. (c) If Employee’s Executive's employment shall be terminated by Employee Executive pursuant to Sections 4(d), (e), (f) or (g), or by the Bank for any reason other than for cause as set forth in Section 4(c), then the Bank shall continue to pay to Employee Executive or his estate or beneficiaries, his full base salary (payable on the same dates and terms as otherwise would have been the case, and including any bonus and other cash compensation)) to which Executive would be entitled at the Termination Date or on the date of a Change in Control, whichever date will result in the greater base salary, for a period of two (2) years following the then otherwise remaining term of this Agreement, assuming that such termination had not occurred, and assuming that this Agreement is not subsequently renewed (such period, the “Remaining Term”)Termination Date. In addition, the Bank shall continue to pay his hospitalization insurance premiums (including major medical), long term disability premiums and life insurance premiums for the Remaining Terma period of two (2) years or until his earlier death. The compensation and benefits payable under this Section 5(c) are hereinafter referred to as “"Severance Benefits.” ". The payment of Severance Benefits is in recognition and consideration of the value of continued services by Employee Executive to the Bank and is not in any way to be construed as a penalty or damages. Employee Executive shall not be required to mitigate the amount of any payment of Severance Benefits by seeking other employment or otherwise. The payment of Severance Benefits shall not affect any other sums or benefits otherwise payable to Employee Executive under any other employment compensation or benefit or welfare plan of the Bank. (d) In the event termination is is, for any reason other than as described in Section 5(a), (b), or (c) above, then the Bank shall pay Employee Executive his full salary through the date of termination and no other compensation or benefits shall be paid to Employee Executive hereunder; provided, however, that nothing herein shall be deemed to limit his vested rights under any other benefit, retirement, stock option or pension plan of the Bank, and the terms of those plans, programs or arrangements shall govern. (e) In the event that Employee is terminated for cause pursuant to Section 4(c) of this Agreement, Employee shall not be entitled to any further payments or any other form of remuneration from the Bank under this Agreement, or otherwise, following the date of such termination.

Compensation and Benefits Payable Upon Termination. (a) Upon Employee’s death, the Bank shall pay Employee’s full base salary in accordance with the terms set forth in Section 5(c) below. In addition, the Bank shall continue to pay for and provide to Employee’s spouse and eligible dependents hospitalization insurance (including major medical), and any such other health insurance benefits comparable to that coverage that would have been provided under the Bank’s group health insurance plan to Employee’s spouse and eligible dependents at the date of Employee’s death, at such time in accordance with the terms set forth in Section 5(c). (b) In the event Employee becomes permanently disabled and is terminated as set forth in Section 4(b) above, the Bank shall pay to Employee compensation and benefits as set forth in Section 5(c) below; provided, that Employee’s base salary shall be reduced by any amounts received by Employee under the Bank’s long term disability plan or from any other similar collateral source payable due to disability, including, without limitation, social security benefits. If Employee shall remain permanently disabled beyond the period set forth in Section 5(c) below, Employee shall receive only such amounts, if any, as are payable under the Bank’s long term disability plan or under any other similar employee benefit or welfare plan in which Employee participated and is entitled to benefits. (c) If If, prior to the expiration of the Term, Employee’s employment shall be terminated by Employee pursuant to Sections 4(d), (e), (f) or (gf), or by the Bank for any reason other than for cause as set forth in Section 4(c), and Employee executes a separation agreement, including a general release of all claims, acceptable to the Bank, then the Bank shall continue to pay to Employee or his estate or beneficiaries, his full base salary (payable on the same dates and terms as otherwise would have been the case, and including any bonus and other cash compensation), for the then otherwise remaining term portion of the Term of this Agreement, assuming that such termination had not occurred, and assuming that the Term of this Agreement is not subsequently renewed extended (such period, the “Remaining Term”). In addition, the Bank shall continue to pay his hospitalization insurance premiums (including major medical), if he properly elects COBRA health insurance continuation, long term disability premiums and life insurance premiums (but only to the extent that the terms of the long term disability and life insurance policies covering him during his employment allow him to remain covered after termination of employment and during the Remaining Term) for the Remaining Term. The compensation and benefits payable under this Section 5(c) are hereinafter referred to as “Severance Benefits.” The payment of Severance Benefits is in recognition and consideration of the value of continued services by Employee to the Bank and is not in any way to be construed as a penalty or damages. Employee shall not be required to mitigate the amount of any payment of Severance Benefits by seeking other employment or otherwise. The payment of Severance Benefits shall not affect any other sums or benefits otherwise payable to Employee under any other employment compensation or benefit or welfare plan of the Bank. (d) In the event termination is for any reason other than as described in Section 5(a), (b), or (c) above, then the Bank shall pay Employee his full salary through the date of termination and no other compensation or benefits shall be paid to Employee hereunder; provided, however, that nothing herein shall be deemed to limit his vested rights under any other benefit, retirement, stock option or pension plan of the Bank, and the terms of those plans, programs or arrangements shall govern. (e) In the event that Employee is terminated for cause pursuant to Section 4(c) of this Agreement, Employee shall not be entitled to any further payments or any other form of remuneration from the Bank under this Agreement, or otherwise, following the date of such termination.

Compensation and Benefits Payable Upon Termination. (a) Upon Employee’s deathPainter's death during the Term of this Agreement, the Bank CLG shall pay Employee’s full base salary provide such death or insurance benefits as are provided in accordance with the terms set forth in Section 5(c) below. In addition, the Bank shall continue regular policy of CLG to pay for similarly positioned employees and provide pursuant to Employee’s spouse and eligible dependents hospitalization insurance (including major medical), and any such other health insurance benefits comparable to that coverage that would have been provided under the Bank’s group health insurance plan to Employee’s spouse and eligible dependents at the date of Employee’s death, at such time in accordance with the terms set forth in Section 5(c)of any benefit plans or arrangements maintained by CLG which provide such benefits. (b) In the event Employee Painter becomes permanently disabled and is terminated as set forth in Section 4(b) abovehereof, the Bank CLG shall pay to Employee compensation and benefits as Painter or his estate or beneficiaries for the balance of the Term of this Agreement, the then-existing base salary set forth in Section 5(c) below; provided3 hereof, provided that Employee’s base salary such payment shall be reduced offset by any amounts received by Employee Painter (i) under the Bank’s any long term disability plan or maintained for the employees of CLG, (ii) from any other similar collateral source payable due to disabilitydisability to the extent that such payments are derived from insurance or direct payments furnished by CLG, including, without limitation, and (iii) social security benefits. If Employee shall remain permanently disabled beyond Painter agrees to use reasonable efforts to obtain the period set forth in Section 5(c) below, Employee shall receive only such amounts, if any, as are payable under the Bank’s long term benefit of any disability plan or under any other similar employee benefit or welfare plan policy covering him as a result of his employment by CLG in which Employee participated the circumstances contemplated by Section 4(b) and is entitled to benefitsthis Section 5(b). (c) If Employee’s Painter's employment shall be terminated by Employee Painter pursuant to Sections Section 4(d)) hereof, (e), (f) or (g), or by the Bank for any reason other than for cause as set forth in Section 4(c), then the Bank CLG shall continue to pay to Employee Painter or his estate or beneficiaries, his full base salary in effect at the Termination Date and all applicable benefits due hereunder (payable on provided that the same dates and terms of any employee benefit plan pursuant to which such benefits are provided permit participation by similarly positioned former employees of Bank or CLG, as otherwise would have been the case, and including any bonus and other cash compensation), applicable) for the then otherwise remaining term balance of the Term of this Agreement, assuming provided that such termination had not occurred, and assuming that this Agreement is not subsequently renewed (such period, the “Remaining Term”). In addition, the Bank shall continue to pay his hospitalization insurance premiums (including major medical), long term disability premiums and life insurance premiums for the Remaining Term. The compensation and benefits payable under this Section 5(c) are hereinafter referred to as “Severance Benefits.” The payment of Severance Benefits is in recognition and consideration of the value of continued services by Employee to the Bank and is not in any way to be construed as a penalty or damages. Employee payments shall not be required made after the expiration of the Term of this Agreement; and provided further that such payments shall be offset by any amounts paid to mitigate the amount of any payment of Severance Benefits by seeking other employment or otherwise. The payment of Severance Benefits shall not affect any other sums or benefits otherwise payable to Employee Painter under any other employment compensation severance or benefit salary continuation policy or welfare plan of the BankBank or CLG applicable to Painter. (d) In the event termination is for any reason other than cause as described in Section 5(a)4(c) hereof or is due to the expiration of the Term of this Agreement, (b), or (c) above, then the Bank CLG shall pay Employee his full salary Painter the compensation and benefits described in Section 3 hereof through the date of termination Termination Date and no other compensation or benefits shall be paid to Employee Painter hereunder; provided, however, that nothing herein shall be deemed to terminate or limit his the Painter's vested rights under any other benefit, retirement, stock option or pension plan of the BankCLG applicable to Painter, and the terms of those plans, programs programs, or arrangements shall govern. (e) In the event that Employee is terminated for cause pursuant to Section 4(c) of this Agreement, Employee shall not be entitled to any further payments or any other form of remuneration from the Bank under this Agreement, or otherwise, following the date of such termination.

Compensation and Benefits Payable Upon Termination. (a) Upon Employee’s death, the Bank shall pay Employee’s full base salary in accordance with the terms set forth in Section 5(c) below. In addition, the Bank shall continue to pay for and provide to Employee’s spouse and eligible dependents hospitalization insurance (including major medical), and any such other health insurance benefits comparable to that coverage that would have been provided under the Bank’s group health insurance plan to Employee’s spouse and eligible dependents at the date of Employee’s death, at such time in accordance with the terms set forth in Section 5(c). (b) In the event Employee becomes permanently disabled and is terminated as set forth in Section 4(b) above, the Bank shall pay to Employee compensation and benefits as set forth in Section 5(c) below; provided, that Employee’s base salary shall be reduced by any amounts received by Employee under the Bank’s long term disability plan or from any other similar collateral source payable due to disability, including, without limitation, social security benefits. If Employee shall remain permanently disabled beyond the period set forth in Section 5(c) below, Employee shall receive only such amounts, if any, as are payable under the Bank’s long term disability plan or under any other similar employee benefit or welfare plan in which Employee participated and is entitled to benefits. (c) If Employee’s employment shall be terminated by Employee pursuant to Sections 4(d), (e), (f) or (g), or by the Bank for any reason other than for cause as set forth in Section 4(c), then the Bank shall continue to pay to Employee or his estate or beneficiaries, his full base salary (payable on the same dates and terms as otherwise would have been the case, and including any bonus and other cash compensation)) to which Employee would be entitled at the Termination Date or on the effective date of a Change in Control, whichever date will result in the greater base salary, for a period of two (2) years following the then otherwise remaining term of this Agreement, assuming that such termination had not occurred, and assuming that this Agreement is not subsequently renewed (such period, the “Remaining Term”)Termination Date. In addition, the Bank shall continue to pay his hospitalization insurance premiums (including major medical), long term disability premiums and life insurance premiums for the Remaining Terma period of two (2) years or until his earlier death. The compensation and benefits payable under this Section 5(c) are hereinafter referred to as “Severance Benefits.” The payment of Severance Benefits is in recognition and consideration of the value of continued services by Employee to the Bank and is not in any way to be construed as a penalty or damages. Employee shall not be required to mitigate the amount of any payment of Severance Benefits by seeking other employment or otherwise. The payment of Severance Benefits shall not affect any other sums or benefits otherwise payable to Employee under any other employment compensation or benefit or welfare plan of the Bank. (d) In the event termination is for any reason other than as described in Section 5(a), (b), or (c) above, then the Bank shall pay Employee his full salary through the date of termination and no other compensation or benefits shall be paid to Employee hereunder; provided, however, that nothing herein shall be deemed to limit his vested rights under any other benefit, retirement, stock option or pension plan of the Bank, and the terms of those plans, programs or arrangements shall govern. (e) In the event that Employee is terminated for cause pursuant to Section 4(c) of this Agreement, Employee shall not be entitled to any further payments or any other form of remuneration from the Bank under this Agreement, or otherwise, following the date of such termination.