Common use of Obligations of the Bank Upon Termination Clause in Contracts

Obligations of the Bank Upon Termination. 2.1 Other than for Cause, Death, Disability or by Executive without Good Reason. If, during the Change-in-Control Period, Executive’s employment is terminated by the Company or the Bank other than for Cause (as hereinafter defined), Death, Disability (as hereinafter defined), or if Executive terminates his employment for Good Reason (as hereinafter defined), Executive shall receive: (A) within thirty (30) days following date Executive’s employment terminates, the Bank shall make a lump sum payment to Executive equal to one (1) times his annual base salary or if greater, one (1) times Executive’s his base salary in effect immediately prior to the Change in Control; plus (B) Executive and Executive’s family shall continue to be provided, at the expense of the Bank, continuing health care coverage under health care programs in effect immediately prior to the Change in Control (or health care programs substantially similar thereto) for a period of twelve (12) months after the date of termination, provided that, if such benefit is subject to the health care continuation rules of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) then any period of continuation hereunder shall be credited against the continuation rights under COBRA and Executive will be required to complete all COBRA election and other forms. (C) Executive shall be entitled to keep the following items of personal property being used by Executive at the time of a termination of employment described in Section 2.1: (1) Laptop computers; and (2) iPads. Prior to delivering the above devices to Executive, the Bank shall be entitled to remove any information from them that the Bank reasonably determines constitutes confidential information that is property of the Bank. Notwithstanding the foregoing, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A.

Obligations of the Bank Upon Termination. 2.1 Other than for Cause, Death, Disability or by Executive without Good Reason. If, during the Change-in-Control Period, Executive’s employment is terminated by the Company or the Bank other than for Cause (as hereinafter defined), Death, Disability (as hereinafter defined), or if Executive terminates his her employment for Good Reason (as hereinafter defined), Executive shall receive: (A) within thirty (30) days following date Executive’s employment terminates, the Bank shall make a lump sum payment to Executive equal to one (1) times his her annual base salary or if greater, one (1) times Executive’s his her base salary in effect immediately prior to the Change in Control; plus (B) Executive and Executive’s family shall continue to be provided, at the expense of the Bank, continuing health care coverage under health care programs in effect immediately prior to the Change in Control (or health care programs substantially similar thereto) for a period of twelve (12) months after the date of termination, provided that, if such benefit is subject to the health care continuation rules of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) then any period of continuation hereunder shall be credited against the continuation rights under COBRA and Executive will be required to complete all COBRA election and other forms. (C) Executive shall be entitled to keep the following items of personal property being used by Executive at the time of a termination of employment described in Section 2.1: (1) Laptop computers; and (2) iPads. Prior to delivering the above devices to Executive, the Bank shall be entitled to remove any information from them that the Bank reasonably determines constitutes confidential information that is property of the Bank. Notwithstanding the foregoing, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A.

Obligations of the Bank Upon Termination. 2.1 Other than for Cause, Death, Disability or by Executive without Good Reason. If, during the Change-in-Control Period, Executive’s employment is terminated by the Company or the Bank other than for Cause (as hereinafter defined), Death, Disability (as hereinafter defined), or if Executive terminates his her employment for Good Reason (as hereinafter defined), Executive shall receivethen: (A) within thirty (30) days following date Executive’s employment terminates, the Bank shall make a lump sum payment to Executive equal to one two (12) times his her annual base salary or if greater, one two (12) times Executive’s his base salary in effect immediately prior to the Change in Control; plus (B) Executive and Executive’s family shall continue to be provided, at the expense of the Bank, continuing health care coverage under health care programs in effect immediately prior to the Change in Control (or health care programs substantially similar thereto) for a period of twelve twenty-four (1224) months after the date of termination, provided that, that if such benefit is subject to the health care continuation rules of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) then any period of continuation hereunder shall be credited against the continuation rights under COBRA and Executive will be required to complete all COBRA election and other forms. (C) Executive shall be entitled to keep the following items of personal property being used by Executive at the time of a termination of employment described in Section 2.1: (1) Laptop computers; and (2) iPads. Prior to delivering the above devices to Executive, the Bank shall be entitled to remove any information from them that the Bank reasonably determines constitutes confidential information that is property of the Bank. Notwithstanding the foregoing, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A.

Obligations of the Bank Upon Termination. 2.1 Other than for Cause, Death, Disability or by Executive without Good Reason. If, during the Change-in-Control Period, Executive’s employment is terminated by the Company or the Bank other than for Cause (as hereinafter defined), Death, Disability (as hereinafter defined), or if Executive terminates his employment for Good Reason (as hereinafter defined), Executive shall receivethen: (A) within thirty (30) days following date Executive’s employment terminates, the Bank shall make a lump sum payment to Executive equal to one three (3) times (1) times the greater of his annual base salary or if greater, one (1) times Executive’s his annual base salary in effect immediately prior to the Change in Control, ; plus(2) three (3) times the annual retainer fee paid to all members of the Board of Directors of the Bank and the Company; and (3) thirty-six times the monthly meeting attendance fees paid to all members of the Board of Directors of the Bank and Company; plus (B) Executive and Executive’s family shall continue to be provided, at the expense of the Bank, continuing health care coverage under health care programs in effect immediately prior to the Change in Control (or health care programs substantially similar thereto) for a period of twelve thirty-six (1236) months after the date of termination, provided that, that if such benefit is subject to the health care continuation rules of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) then any period of continuation hereunder shall be credited against the continuation rights under COBRA and Executive will be required to complete all COBRA election and other forms. (C) Executive shall be entitled to keep the following items of personal property being used by Executive at the time of a termination of employment described in Section 2.1: (1) Laptop computers; and; (2) iPads; and (3) Title to bank-owned vehicle provided to Executive shall be transferred to Executive. Prior to delivering the above devices to Executive, the Bank shall be entitled to remove any information from them that the Bank reasonably determines constitutes confidential information that is property of the Bank. Notwithstanding the foregoing, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A.