Discharge Without Cause. The Bank and the Company may discharge the Executive at any time during the Employment Period and, unless such discharge constitutes a discharge with Cause: (a) The Bank and the Company shall pay and deliver to the Executive (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements. (b) In addition to the Standard Termination Entitlements: (i) Through the last day of the Employment Period, the Bank and the Company shall provide for the Executive and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Executive's termination. The coverage provided under this section 13(b)(i) may, at the election of the Bank and the Company, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this section 13(b)(i). (ii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the sum of the remaining salary payments that the Executive would have earned if he had continued working for the Company and the Bank through the last day of the Employment Period at the highest annual rate of salary achieved during the Employment Period, without discount for early payment. Such shall be made within five (5) business days after the Executive's termination of employment and shall be in lieu of any claim to a continuation of base salary which the Executive might otherwise have and in lieu of cash severance benefits under any severance benefits program which may be in effect for officers or employees of the Bank or the Company. (iii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the product of (A) the lump sum payable under section 13(b)(ii), multiplied by (B) the aggregate rate (expressed as a percentage of compensation) at which employer contributions were made to the Profit Incentive Bonus Plan and deemed credited under the Supplemental Savings Plan for the Executive for the most recently completed fiscal year of such plans. Such shall be made within five (5) business days after the Executive's termination of employment and shall be in lieu of any claim to a continuation of participation in such plans beyond the date of termination of employment. The payments and benefits described in section 13(b) are referred to in this Agreement as the "Additional Termination Entitlements".
Appears in 1 contract
Discharge Without Cause. The Bank and the Company may discharge the Executive at any time during the Employment Period and, unless such discharge constitutes a discharge with Cause:
(a) The Bank and the Company shall pay and deliver to the Executive (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements.
(b) In addition to the Standard Termination Entitlements:
(i) Through During the last day of the Remaining Unexpired Employment Period, the Bank and the Company shall provide for the Executive and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-premium- sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Executive's termination. The coverage provided under this section 13(b)(i12(b)(i) may, at the election of the Bank and the Company, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this section 13(b)(i12(b)(i).
(ii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the sum estimated present value of the remaining salary payments that the Executive would have earned if he had continued working for the Company and the Bank through during the last day of the Remaining Unexpired Employment Period at the highest annual rate of salary achieved during the Employment Period, without discount for early payment. Such shall be made within five period of three (53) business days after the Executive's termination of employment and shall be in lieu of any claim years ending immediately prior to a continuation of base salary which the Executive might otherwise have and in lieu of cash severance benefits under any severance benefits program which may be in effect for officers or employees of the Bank or the Company.
(iii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the product of (A) the lump sum payable under section 13(b)(ii), multiplied by (B) the aggregate rate (expressed as a percentage of compensation) at which employer contributions were made to the Profit Incentive Bonus Plan and deemed credited under the Supplemental Savings Plan for the Executive for the most recently completed fiscal year of such plans. Such shall be made within five (5) business days after the Executive's termination of employment and shall be in lieu of any claim to a continuation of participation in such plans beyond the date of termination of employment(the "Salary Severance Payment"). The payments and benefits described in section 13(bSalary Severance Payment shall be computed using the following formula: - n SSP= \ (BS/PR) are referred to in this Agreement as the "Additional Termination Entitlements"./ [-----------------------------------] - 1 [1 + (I / PR)]n
Appears in 1 contract
Discharge Without Cause. The Bank and the Company may discharge the Executive at any time during the Employment Period and, unless such discharge constitutes a discharge with Cause:
(a) The Bank and the Company shall pay and deliver to the Executive (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements.
(b) In addition to the Standard Termination Entitlements:
(i) Through During the last day of the Remaining Unexpired Employment Period, the Bank and the Company shall provide for the Executive and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Executive's termination. The coverage provided under this section 13(b)(i12(b)(i) may, at the election of the Bank and the Company, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this section 13(b)(i12(b)(i).
(ii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the sum estimated present value of the remaining salary payments that the Executive would have earned if he had continued working for the Company and the Bank through during the last day of the Remaining Unexpired Employment Period at the highest annual rate of salary achieved during the Employment Period, without discount for early payment. Such shall be made within five period of three (53) business days after the Executive's termination of employment and shall be in lieu of any claim years ending immediately prior to a continuation of base salary which the Executive might otherwise have and in lieu of cash severance benefits under any severance benefits program which may be in effect for officers or employees of the Bank or the Company.
(iii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the product of (A) the lump sum payable under section 13(b)(ii), multiplied by (B) the aggregate rate (expressed as a percentage of compensation) at which employer contributions were made to the Profit Incentive Bonus Plan and deemed credited under the Supplemental Savings Plan for the Executive for the most recently completed fiscal year of such plans. Such shall be made within five (5) business days after the Executive's termination of employment and shall be in lieu of any claim to a continuation of participation in such plans beyond the date of termination of employment(the "Salary Severance Payment"). The payments and benefits described in section 13(bSalary Severance Payment shall be computed using the following formula: SSP=(sigma)(n) are referred to in this Agreement as the "Additional Termination Entitlements".[ (BS/PR) ] (1) --------------- [1 + (I/PR)](n)
Appears in 1 contract
Discharge Without Cause. The Bank and the Company may discharge the Executive at any time during the Employment Period and, unless such discharge constitutes a discharge with Cause:
(a) The Bank and the Company shall pay and deliver to the Executive (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements.
(b) In addition to During the Standard Termination Entitlements:
(i) Through the last day of the Remaining Unexpired Employment Period, the Bank and the Company shall provide for the Executive and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to similarly situated employees of the Executive's terminationBank. The coverage provided under this section 13(b)(i12(b) may, at the election of the Bank and the CompanyBank, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this section 13(b)(i12(b).
(iic) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the sum value of the salary, bonus, short-term and long-term cash compensation that the Executive received in the calendar year preceding that in which the termination of employment with the Bank occurs divided by twelve and then multiplied by the number of months remaining salary in the Remaining Unexpired Employment Period to compensate the Executive for the payments that the Executive would have earned if he had continued working received during the Remaining Unexpired Employment Period. Such lump sum shall be paid in lieu of all other payments of salary, bonus, short-term and long-term cash compensation provided for the Company and the Bank through the last day under this Agreement in respect of the Employment Period at the highest annual rate of salary achieved during the Employment Period, period following any such termination. Such payment shall be made (without discount discounting for early payment. Such shall be made ) within five thirty (530) business days after following the Executive's termination of employment and shall be in lieu of any claim to a continuation of base salary which the Executive might otherwise have and in lieu of cash severance benefits under any severance benefits program which may be in effect for officers or employees of the Bank or the Company.
(iii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the product of (A) the lump sum payable under section 13(b)(ii), multiplied by (B) the aggregate rate (expressed as a percentage of compensation) at which employer contributions were made to the Profit Incentive Bonus Plan and deemed credited under the Supplemental Savings Plan for the Executive for the most recently completed fiscal year of such plans. Such shall be made within five (5) business days after the Executive's termination of employment and shall be in lieu of any claim to a continuation of participation in such plans beyond the date of ’s termination of employment. The payments and benefits described in section 13(bsections 12(b) and 12(c) are referred to in this Agreement as the "“Additional Termination Entitlements"”.
Appears in 1 contract
Discharge Without Cause. The Bank and the Company may discharge the Executive at any time during the Employment Period and, unless such discharge constitutes a discharge with Cause:
(a) The Bank and the Company shall pay and deliver to the Executive (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements.
(b) In addition to During the Standard Termination Entitlements:
(i) Through the last day of the Remaining Unexpired Employment Period, the Bank and the Company shall provide for the Executive and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to similarly situated employees of the Executive's terminationCompany. The coverage provided under this section 13(b)(i12(b) may, at the election of the Bank and the Company, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this section 13(b)(i12(b).
(iic) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the sum value of the salary, bonus, short-term and long-term cash compensation that the Executive received in the calendar year preceding that in which the termination of employment with the Company occurs divided by twelve and then multiplied by the number of months remaining salary in the Remaining Unexpired Employment Period to compensate the Executive for the payments that the Executive would have earned if he had continued working received during the Remaining Unexpired Employment Period. Such lump sum shall be paid in lieu of all other payments of salary, bonus, short-term and long-term cash compensation provided for the Company and the Bank through the last day under this Agreement in respect of the Employment Period at the highest annual rate of salary achieved during the Employment Period, period following any such termination. Such payment shall be made (without discount discounting for early payment. Such shall be made ) within five thirty (530) business days after following the Executive's termination of employment and shall be in lieu of any claim to a continuation of base salary which the Executive might otherwise have and in lieu of cash severance benefits under any severance benefits program which may be in effect for officers or employees of the Bank or the Company.
(iii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the product of (A) the lump sum payable under section 13(b)(ii), multiplied by (B) the aggregate rate (expressed as a percentage of compensation) at which employer contributions were made to the Profit Incentive Bonus Plan and deemed credited under the Supplemental Savings Plan for the Executive for the most recently completed fiscal year of such plans. Such shall be made within five (5) business days after the Executive's termination of employment and shall be in lieu of any claim to a continuation of participation in such plans beyond the date of ’s termination of employment. The payments and benefits described in section 13(bsections 12(b) and 12(c) are referred to in this Agreement as the "“Additional Termination Entitlements"”.
Appears in 1 contract
Discharge Without Cause. The Bank and the Company may discharge the Executive at any time during the Employment Period and, unless such discharge constitutes a discharge with Cause:
(a) The Bank and the Company shall pay and deliver to the Executive (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements.
(b) In addition to the Standard Termination Entitlements:
(i) Through During the last day of the Remaining Unexpired Employment Period, the Bank and the Company shall provide for the Executive and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Executive's termination. The coverage provided under this section 13(b)(i12(b)(i) may, at the election of the Bank and the Company, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this section 13(b)(i12(b)(i).
(ii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the sum estimated present value of the remaining salary payments that the Executive would have earned if he had continued working for the Company and the Bank through during the last day of the Remaining Unexpired Employment Period at the highest annual rate of salary achieved during the Employment Period, without discount for early payment. Such shall be made within five period of three (53) business days after the Executive's termination of employment and shall be in lieu of any claim years ending immediately prior to a continuation of base salary which the Executive might otherwise have and in lieu of cash severance benefits under any severance benefits program which may be in effect for officers or employees of the Bank or the Company.
(iii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the product of (A) the lump sum payable under section 13(b)(ii), multiplied by (B) the aggregate rate (expressed as a percentage of compensation) at which employer contributions were made to the Profit Incentive Bonus Plan and deemed credited under the Supplemental Savings Plan for the Executive for the most recently completed fiscal year of such plans. Such shall be made within five (5) business days after the Executive's termination of employment and shall be in lieu of any claim to a continuation of participation in such plans beyond the date of termination of employment(the "Salary Severance Payment"). The payments and benefits described in section 13(bSalary Severance Payment shall be computed using the following formula: SSP=[sigma] (n) are referred to in this Agreement as the "Additional Termination Entitlements".[ (BS/PR) ] (1) --------------------------------- [1 + (I / PR)](n)
Appears in 1 contract
Discharge Without Cause. The Bank and the Company may discharge the Executive at any time during the Employment Period and, unless such discharge constitutes a discharge with Cause:
(a) The Bank and the Company shall pay and deliver to the Executive (or in the event of his her death before payment, to his her estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements.
(b) In addition to the Standard Termination Entitlements:
(i) Through During the last day of the Remaining Unexpired Employment Period, the Bank and the Company shall provide for the Executive and his her dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Executive's termination. The coverage provided under this section 13(b)(i12(b)(i) may, at the election of the Bank and the Company, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this section 13(b)(i12(b)(i).
(ii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his her death before payment, to his her estate), in an amount equal to the sum estimated present value of the remaining salary payments that the Executive would have earned if he she had continued working for the Company and the Bank through during the last day of the Remaining Unexpired Employment Period at the highest annual rate of salary achieved during the Employment Period, without discount for early payment. Such shall be made within five period of three (53) business days after the Executive's termination of employment and shall be in lieu of any claim years ending immediately prior to a continuation of base salary which the Executive might otherwise have and in lieu of cash severance benefits under any severance benefits program which may be in effect for officers or employees of the Bank or the Company.
(iii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the product of (A) the lump sum payable under section 13(b)(ii), multiplied by (B) the aggregate rate (expressed as a percentage of compensation) at which employer contributions were made to the Profit Incentive Bonus Plan and deemed credited under the Supplemental Savings Plan for the Executive for the most recently completed fiscal year of such plans. Such shall be made within five (5) business days after the Executive's termination of employment and shall be in lieu of any claim to a continuation of participation in such plans beyond the date of termination of employment(the "Salary Severance Payment"). The payments and benefits described in section 13(bSalary Severance Payment shall be computed using the following formula: SSP=(the sum of) are referred to in this Agreement as the "Additional Termination Entitlements"./n/ [ (BS/PR) ] --------------------- \\1\\ [1 + (I / PR)]/n/
Appears in 1 contract
Discharge Without Cause. The Bank and the Company may discharge the Executive at any time during the Employment Period and, unless such discharge constitutes a discharge with Cause:
(a) The Bank and the Company shall pay and deliver to the Executive (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements.
(b) In addition to the Standard Termination Entitlements:
(i) Through During the last day of the Remaining Unexpired Employment Period, the Bank and the Company shall provide for the Executive and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Executive's termination. The coverage provided under this section 13(b)(i12(b)(i) may, at the election of the Bank and the Company, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this section 13(b)(i12(b)(i).
(ii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the sum estimated present value of the remaining salary payments that the Executive would have earned if he had continued working for the Company and the Bank through during the last day of the Remaining Unexpired Employment Period at the highest annual rate of salary achieved during the Employment Period, without discount for early payment. Such shall be made within five period of three (53) business days after the Executive's termination of employment and shall be in lieu of any claim years ending immediately prior to a continuation of base salary which the Executive might otherwise have and in lieu of cash severance benefits under any severance benefits program which may be in effect for officers or employees of the Bank or the Company.
(iii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the product of (A) the lump sum payable under section 13(b)(ii), multiplied by (B) the aggregate rate (expressed as a percentage of compensation) at which employer contributions were made to the Profit Incentive Bonus Plan and deemed credited under the Supplemental Savings Plan for the Executive for the most recently completed fiscal year of such plans. Such shall be made within five (5) business days after the Executive's termination of employment and shall be in lieu of any claim to a continuation of participation in such plans beyond the date of termination of employment(the "Salary Severance Payment"). The payments and benefits described in section 13(bSalary Severance Payment shall be computed using the following formula: SSP=[sigma] (n) are referred to in this Agreement as the "Additional Termination Entitlements".[ (BS/PR) ] (1) -------------------------------- [1 + (I / PR)](n)
Appears in 1 contract
Discharge Without Cause. The Bank and the Company may discharge the Executive at any time during the Employment Period and, unless such discharge constitutes a discharge with Cause:
(a) The Bank and the Company shall pay and deliver to the Executive (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements.
(b) In addition to the Standard Termination Entitlements:
(i) Through During the last day of the Remaining Unexpired Employment Period, the Bank and the Company shall provide for the Executive and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Executive's termination. The coverage provided under this section 13(b)(i12(b)(i) may, at the election of the Bank and the Company, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-employer- paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this section 13(b)(i12(b)(i).
(ii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the sum estimated present value of the remaining salary payments that the Executive would have earned if he had continued working for the Company and Bank during the Bank through the last day of the Remaining Unexpired Employment Period at the highest annual rate of salary achieved during that portion of the Employment Period, without discount for early payment. Such shall be made within five (5) business days after the Period which is prior to Executive's termination of employment and with the Bank, where such present value is to be determined using a discount rate equal to the applicable short-term federal rate prescribed under section 1274(d) of the Internal Revenue Code of 1986 ("Code"), compounded using the compounding period corresponding to the Bank's regular payroll periods for its officers. Such lump sum shall be paid in lieu of any claim to a continuation all other payments of base salary which the Executive might otherwise have and provided for under this Agreement in lieu of cash severance benefits under any severance benefits program which may be in effect for officers or employees respect of the Bank or the Companyperiod following any such termination.
(iii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the payments that would have been made to Executive under any cash bonus or long-term or short-term cash incentive compensation plan maintained by, or covering employees of, the Bank if he had continued working for the Bank during the Remaining Unexpired Employment Period and had earned the maximum bonus or incentive award in each calendar year that ends during the Remaining Unexpired Employment Period, such payments to be equal to the product of of:
(A) the lump sum payable maximum percentage rate at which an award was ever available to Executive under section 13(b)(ii), such incentive compensation plan; multiplied by by
(B) the aggregate salary that would have been paid to Executive during each such calendar year at the highest annual rate (expressed as a percentage of compensation) at salary achieved during that portion of the Employment Period which employer contributions were made is prior to the Profit Incentive Bonus Plan and deemed credited under the Supplemental Savings Plan for the Executive for the most recently completed fiscal year of such plans. Such shall be made within five (5) business days after the Executive's termination of employment and with the Bank. Such payment shall be in lieu of any claim to a continuation of participation in such plans beyond made (without discounting for early payment) within thirty (30) days following the date of Executive's termination of employment. The payments and benefits described in section 13(b12(b) are referred to in this Agreement as the "Additional Termination Entitlements".
Appears in 1 contract
Discharge Without Cause. The Bank and the Company may discharge the Executive at any time during the Employment Period and, unless such discharge constitutes a discharge with Cause:
(a) The Bank and the Company shall pay and deliver to the Executive (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements.
(b) In addition to the Standard Termination Entitlements:
(i) Through During the last day of the Remaining Unexpired Employment Period, the Bank and the Company shall provide for the Executive and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Executive's termination. The coverage provided under this section 13(b)(i12(b)(i) may, at the election of the Bank and the Company, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this section 13(b)(i12(b)(i).
(ii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the sum estimated present value of the remaining salary payments that the Executive would have earned if he had continued working for the Company and the Bank through during the last day of the Remaining Unexpired Employment Period at the highest annual rate of salary achieved during the Employment Period, without discount for early payment. Such shall be made within five period of three (53) business days after the Executive's termination of employment and shall be in lieu of any claim years ending immediately prior to a continuation of base salary which the Executive might otherwise have and in lieu of cash severance benefits under any severance benefits program which may be in effect for officers or employees of the Bank or the Company.
(iii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the product of (A) the lump sum payable under section 13(b)(ii), multiplied by (B) the aggregate rate (expressed as a percentage of compensation) at which employer contributions were made to the Profit Incentive Bonus Plan and deemed credited under the Supplemental Savings Plan for the Executive for the most recently completed fiscal year of such plans. Such shall be made within five (5) business days after the Executive's termination of employment and shall be in lieu of any claim to a continuation of participation in such plans beyond the date of termination of employment(the "Salary Severance Payment"). The payments and benefits described in section 13(bSalary Severance Payment shall be computed using the following formula: (BS/PR) are referred to in this Agreement as the "Additional Termination Entitlements".SSP=(the sum of) /n/ [-------------------------] \\1\\ [1 + (I/PR)]/n/
Appears in 1 contract
Discharge Without Cause. The Bank and the Company may discharge the Executive at any time during the Employment Period and, unless such discharge constitutes a discharge with Cause:
(a) The Bank and the Company shall pay and deliver to the Executive (or in the event of his death before payment, to his estate and surviving dependents and beneficiaries, as applicable) the Standard Termination Entitlements.
(b) In addition to the Standard Termination Entitlements:
(i) Through During the last day of the Remaining Unexpired Employment Period, the Bank and the Company shall provide for the Executive and his dependents continued group life, health (including hospitalization, medical and major medical), dental, accident and long-term disability insurance benefits on substantially the same terms and conditions (including any required premium-sharing arrangements, co-payments and deductibles) in effect for them immediately prior to the Executive's termination. The coverage provided under this section 13(b)(i12(b)(i) may, at the election of the Bank and the Company, be secondary to the coverage provided as part of the Standard Termination Entitlements and to any employer-paid coverage provided by a subsequent employer or through Medicare, with the result that benefits under the other coverages will offset the coverage required by this section 13(b)(i12(b)(i).
(ii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the sum estimated present value of the remaining salary payments that the Executive would have earned if he had continued working for the Company and the Bank through during the last day of the Remaining Unexpired Employment Period at the highest annual rate of salary achieved during the Employment Period, without discount for early payment. Such shall be made within five period of three (53) business days after the Executive's termination of employment and shall be in lieu of any claim years ending immediately prior to a continuation of base salary which the Executive might otherwise have and in lieu of cash severance benefits under any severance benefits program which may be in effect for officers or employees of the Bank or the Company.
(iii) The Bank and the Company shall make a lump sum payment to the Executive (or, in the event of his death before payment, to his estate), in an amount equal to the product of (A) the lump sum payable under section 13(b)(ii), multiplied by (B) the aggregate rate (expressed as a percentage of compensation) at which employer contributions were made to the Profit Incentive Bonus Plan and deemed credited under the Supplemental Savings Plan for the Executive for the most recently completed fiscal year of such plans. Such shall be made within five (5) business days after the Executive's termination of employment and shall be in lieu of any claim to a continuation of participation in such plans beyond the date of termination of employment(the "Salary Severance Payment"). The payments and benefits described in section 13(b) are referred to in this Agreement as Salary Severance Payment shall be computed using the "Additional Termination Entitlements".following formula:
Appears in 1 contract