Common use of Effective Time Payment Clause in Contracts

Effective Time Payment. (a) At or immediately following the Effective Time, the Company or NYB shall pay you $200,000. If your employment with the Company is terminated prior to the Effective Time due to disability or death, you or your estate, as applicable, shall be entitled to the foregoing payment at or immediately following the Effective Time. At your written election prior to the Effective Time, the foregoing payment shall be reduced by the present value at the Effective Time of the expected health and dental premiums to be paid by NYB, to maintain continuing health and dental insurance coverage for you and your dependents for the three year period following your employment termination (the “Extended Coverage”) and you and your dependents will be entitled to receive the Extended Coverage and to receive COBRA benefits thereafter. For the avoidance of doubt, and notwithstanding anything herein to the contrary, you agree that this payment shall not be taken into account in computing any benefits under any plan, program or arrangement of the Company or its Affiliates in which you participate or to which you are a party. Not later than 10 business days prior to the scheduled payment date, NYB shall be provided with sufficient information by the Company to enable its Tax Advisor (as defined below) to determine whether such payment is in compliance with Paragraph 5 of this Agreement. (b) The payment under this Paragraph 2 shall be considered made pursuant to a separation pay arrangement exempt from the application of Section 409A of the Code, to the extent that the sum of this payment and the Paragraph 1 Severance Payment does not exceed the separation pay arrangement limitation set forth in the Proposed Treasury Regulation 1.409A-1(b)(9)(iii)(A).

Effective Time Payment. (a) At or immediately following the Effective Time, the Company or NYB shall pay you $200,000250,000. If your employment with the Company is terminated prior to the Effective Time due to disability or death, you or your estate, as applicable, shall be entitled to the foregoing payment at or immediately following the Effective Time. At your written election prior to the Effective Time, the foregoing payment shall be reduced by the present value at the Effective Time of the expected health and dental premiums to be paid by NYB, to maintain continuing health and dental insurance coverage for you and your dependents for the three year period following your employment termination (the “Extended Coverage”) and you and your dependents will be entitled to receive the Extended Coverage and to receive COBRA benefits thereafter. For the avoidance of doubt, and notwithstanding anything herein to the contrary, you agree that this payment shall not be taken into account in computing any benefits under any plan, program or arrangement of the Company or its Affiliates in which you participate or to which you are a party. Not later than 10 business days prior to the scheduled payment date, NYB shall be provided with sufficient information by the Company to enable its Tax Advisor (as defined below) to determine whether such payment is in compliance with Paragraph 5 of this Agreement. (b) The payment under this Paragraph 2 shall be considered made pursuant to a separation pay arrangement exempt from the application of Section 409A of the Code, to the extent that the sum of this payment and the Paragraph 1 Severance Payment does not exceed the separation pay arrangement limitation set forth in the Proposed Treasury Regulation 1.409A-1(b)(9)(iii)(A) (the “Severance Payment Limit”). To this extent, the payment under this Paragraph 2 shall be referred to as the “Paragraph 2 Severance Payment”. (c) The payment under this Paragraph 2 in excess of the Paragraph 2 Severance Payment shall be treated as deferred compensation to which Section 409A of the Code applies. Accordingly, pursuant to the 2006 year transition rule guidance issued under Section 409A of the Code, you agree that under your Employment Agreement prior to its termination pursuant to Paragraph 4 below and prior to this Agreement, such amount is not payable to you in 2006, and shall be paid to you in accordance with Paragraph 2(a) notwithstanding any provision of your Employment Agreement to the contrary. Your Employment Agreement shall be deemed amended to permit this payment, prior to its termination pursuant to Paragraph 4 below.

Effective Time Payment. (a) At or immediately following the Effective Time, the Company or NYB shall pay you $200,000570,000. If your employment with the Company is terminated prior to the Effective Time due to disability or death, you or your estate, as applicable, shall be entitled to the foregoing payment at or immediately following the Effective Time. At your written election prior to the Effective Time, the foregoing payment shall be reduced by the present value at the Effective Time of the expected health and dental premiums to be paid by NYB, to maintain continuing health and dental insurance coverage for you and your dependents for the three year period following your employment termination (the “Extended Coverage”) and you and your dependents will be entitled to receive the Extended Coverage and to receive COBRA benefits thereafter. For the avoidance of doubt, and notwithstanding anything herein to the contrary, you agree that this payment shall not be taken into account in computing any benefits under any plan, program or arrangement of the Company or its Affiliates in which you participate or to which you are a party. Not later than 10 business days prior to the scheduled payment date, NYB shall be provided with sufficient information by the Company to enable its Tax Advisor (as defined below) to determine whether such payment is in compliance with Paragraph 5 of this Agreement. (b) The payment under this Paragraph 2 shall be considered made pursuant to a separation pay arrangement exempt from the application of Section 409A of the Code, to the extent that the sum of this payment and the Paragraph 1 Severance Payment does not exceed the separation pay arrangement limitation set forth in the Proposed Treasury Regulation 1.409A-1(b)(9)(iii)(A) (the “Severance Payment Limit”). To this extent, the payment under this Paragraph 2 shall be referred to as the “Paragraph 2 Severance Payment”. (c) The payment under this Paragraph 2 in excess of the Paragraph 2 Severance Payment shall be treated as deferred compensation to which Section 409A of the Code applies. Accordingly, pursuant to the 2006 year transition rule guidance issued under Section 409A of the Code, you agree that under your Employment Agreement prior to its termination pursuant to Paragraph 4 below and prior to this Agreement, such amount is not payable to you in 2006, and shall be paid to you in accordance with Paragraph 2(a) notwithstanding any provision of your Employment Agreement to the contrary. Your Employment Agreement shall be deemed amended to permit this payment, prior to its termination pursuant to Paragraph 4 below.