Common use of Fourth Change Clause in Contracts

Fourth Change. The last sentence of Section 10(f)(ii) is hereby amended to read as follows: “If the Company or the Bank cannot provide such coverage because Executive is no longer an employee, the Company or the Bank will provide Executive with comparable coverage on an individual policy basis; provided, however, that to the extent required under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations issued thereunder, the aggregate payments received for such insurance continuation coverage shall not exceed the applicable dollar limitation under Section 402(g)(1)(B) of the Code for the year in which Executive terminates employment.” The last two sentences of Section 11(b) are hereby deleted in their entirety and replaced with the following: “If the Company or the Bank cannot provide such coverage because Executive is no longer an employee, the Company or the Bank will provide Executive with comparable coverage on an individual policy basis. The medical, dental and life insurance coverage provided under this Section 11(b) shall cease upon the earlier of: (i) Executive’s death; (ii) Executive’s employment by another employer other than one of which he is the majority owner; or (iii) thirty-six months after his termination of employment; provided, however, that to the extent required under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations issued thereunder, the aggregate payments received for such insurance continuation coverage shall not exceed the applicable dollar limitation under Section 402(g)(1)(B) of the Code for the year in which Executive terminates employment.” The following shall be added to the Agreement as Section 26:

Fourth Change. The last sentence of Section 10(f)(ii) is hereby amended to read as follows: “If the Company or the Bank cannot provide such coverage because Executive is no longer an employee, the Company or the Bank will provide Executive with comparable coverage on an individual policy basis; provided, however, that to the extent required under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations issued thereunder, the aggregate payments received for such insurance continuation coverage shall not exceed the applicable dollar limitation under Section 402(g)(1)(B) of the Code for the year in which Executive terminates employment.” The last two sentences of Section 11(b) are hereby deleted in their entirety and replaced with the following: “If the Company or the Bank cannot provide such coverage because Executive is no longer an employee, the Company or the Bank will provide Executive with comparable coverage on an individual policy basis. The medical, dental and life insurance coverage provided under this Section 11(b) shall cease upon the earlier of: (i) Executive’s death; (ii) Executive’s employment by another employer other than one of which he is the majority owner; or (iii) thirty-six months after his termination of employment; provided, however, that to the extent required under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations issued thereunder, the aggregate payments received for such insurance continuation coverage shall not exceed the applicable dollar limitation under Section 402(g)(1)(B) of the Code for the year in which Executive terminates employment.” The following shall be added to the Agreement as Section 26: