GENERAL TERMINATION BENEFIT Clause Samples

GENERAL TERMINATION BENEFIT. Subject to Section 19 hereof, upon the occurrence of an Event of Termination which shall mean the termination by the Holding Company of Executive’s full-time employment, as defined in Treasury Regulation Section 1.409A-1(h)(ii), hereunder for any reason other than death, retirement (as defined in the Bank’s employee handbook) or Termination for Cause governed by Section 2(c) hereof and other than in connection with a Change in Control, the Holding Company shall be obligated to pay Executive, or, in the event of his or her subsequent death, his or her beneficiary or beneficiaries, or his or her estate, as the case may be, Severance Payment in a lump sum, with such payment to be made within thirty (30) days following the termination event, equal to: twenty-six (26) weeks of base salary for each three full or partial years of service to the Bank or Holding Company. Notwithstanding the foregoing, Executive shall be entitled to a minimum Severance Payment of twenty-six (26) weeks due to an Event of Termination and the maximum Severance Payment owed shall be one hundred four (104) weeks. Executive, Holding Company and Bank agree that the termination benefits described in this Section 4 are intended to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(4) as short-term deferrals (or payments in substitution for payments that qualify as short-term deferrals).