Common use of Other Post-Termination Benefits Clause in Contracts

Other Post-Termination Benefits. In the event of the Executive’s termination of employment for reasons that would entitle the Executive to the Severance Amount under Section 6(b)(i) above, the Executive and his eligible family members will be entitled to continuing medical and dental coverage under Internal Revenue Code Section 4980B (“COBRA”), provided however, that the Company and/or the Bank shall pay the Bank’s applicable percentage of such cost (i.e., the Bank’s co-payment percentage) for the Executive’s (and, to the extent eligible, the Executive’s family members’) toward continuing medical and dental coverage, as in effect on the Termination Date, and as amended from time to time thereafter, for a period of twelve (12) months following such Termination Date, to the extent that the Executive and his family members elect COBRA continuation coverage for such period. In the event that paying the cost of such coverage on a non-taxable basis would result in penalties or excise taxes to the Bank or the Bank is unable to provide such coverage on a non-taxable basis, then the cost of any such COBRA coverage which is funded by the Bank shall be includable in the taxable income of the Executive. In addition, following any termination of employment under this Section 6(b), the Bank will pay to the Executive, in a single lump sum cash distribution, an amount equal to the estimated cost to the Bank of providing life insurance coverage for a period of one (1) year following the Executive’s Termination Date (based on the cost of providing such coverage to Executive immediately prior to his Termination Date). The lump sum cash payments described above shall be paid to the Executive within the thirty (30) day period (or sixty (60) day period, as applicable) following the Termination Date, provided however, if, at the Termination Date, the Executive is a Specified Employee as defined in Treasury Regulation Section 1.409A-1(i), then, solely to the extent required to avoid taxes and penalties under Section 409A of the Code, such payment shall be made within the first thirty (30) days after the first day of the seventh calendar month commencing after such Termination Date; The Bank may condition the provision of the Severance Benefits on the Executive signing a Release Agreement in substantially the form of Exhibit A (the “Release Agreement”) within twenty-one (21) days (or forty-five (45) days in certain conditions, in accordance with applicable law) after it is tendered and not revoking the Release Agreement within the seven (7) day revocation period set forth in the Release Agreement; provided that the Bank tender the Release Agreement to the Executive no later than the Termination Date. Notwithstanding the foregoing, the Release Agreement may be modified to the extent necessary based on changes in applicable law from and after the date of this Agreement.

Other Post-Termination Benefits. In the event of the Executive’s termination of employment for reasons that would entitle the Executive to the Severance Amount under Section 6(b)(i) above, the Executive and his eligible family members will be entitled to continuing medical and dental coverage under Internal Revenue Code Section 4980B (“COBRA”), provided however, that the Company Bank and/or the Bank Company shall pay the BankCompany’s applicable percentage of such cost (i.e., the BankCompany’s co-payment percentage) for the Executive’s (and, to the extent eligible, the Executive’s family members’) toward continuing medical and dental coverage, as in effect on the Termination Date, and as amended from time to time thereafter, for a period of twelve (12) months following such Termination Date, to the extent that the Executive and his family members elect COBRA continuation coverage for such period. In the event that paying the cost of such coverage on a non-taxable basis would result in penalties or excise taxes to the Bank Company or the Bank Company is unable to provide such coverage on a non-taxable basis, then the cost of any such COBRA coverage which is funded by the Bank Company shall be includable in the taxable income of the Executive. In addition, following any termination of employment under this Section 6(b), the Bank Company will pay to the Executive, in a single lump sum cash distribution, an amount equal to the estimated cost to the Bank Company of providing life insurance coverage for a period of one (1) year following the Executive’s Termination Date (based on the cost of providing such coverage to Executive immediately prior to his Termination Date). The lump sum cash payments described above shall be paid to the Executive within the thirty (30) day period (or sixty (60) day period, as applicable) following the Termination Date, provided however, if, at the Termination Date, the Executive is a Specified Employee as defined in Treasury Regulation Section 1.409A-1(i), then, solely to the extent required to avoid taxes and penalties under Section 409A of the Code, such payment shall be made within the first thirty (30) days after the first day of the seventh calendar month commencing after such Termination Date; The Bank Company may condition the provision of the Severance Benefits on the Executive signing a Release Agreement in substantially the form of Exhibit A (the “Release Agreement”) within twenty-one (21) days (or forty-five (45) days in certain conditions, in accordance with applicable law) after it is tendered and not revoking the Release Agreement within the seven (7) day revocation period set forth in the Release Agreement; provided that the Bank Company tender the Release Agreement to the Executive no later than the Termination Date. Notwithstanding the foregoing, the Release Agreement may be modified to the extent necessary based on changes in applicable law from and after the date of this Agreement.

Other Post-Termination Benefits. In the event of any termination without Cause of the Executive’s employment under Section 5(d), above, or any termination of employment for reasons that would entitle Good Reason by the Executive to the Severance Amount of his own employment under Section 6(b)(i) 5(e), above, the Executive and his eligible family members will be entitled to continuing medical and dental coverage under Internal Revenue Code Section 4980B (“COBRA”), provided however, that the Company and/or the Bank shall pay an additional cash lump sum payment to the Executive equal to the Bank’s applicable percentage of such cost (i.e., the Bank’s co-payment percentage) that would have been payable for the Executive’s a period of thirty-six (36) months on behalf of Executive (and, to the extent eligibleeligible under the terms of the applicable plans, the Executive’s family members’) toward ), for continuing life, medical and dental coverage, as based on the costs in effect for the Executive on the Termination Date, and as amended from time to time thereafter, for a period of twelve (12) months following such Termination Date, to . To the extent that the Executive and and/or his family members elect COBRA continuation coverage for any period after the Executive’s termination, such period. In the event that paying the cost of such coverage on a non-taxable basis would result in penalties or excise taxes to the Bank or the Bank is unable to provide such coverage on a non-taxable basis, then the cost of any such COBRA coverage which is funded will be paid by the Bank shall be includable in the taxable income of the Executive. In addition, following any termination of employment under this Section 6(b), the Bank will pay to the Executive, in a single lump sum cash distribution, an Such amount equal to the estimated cost to the Bank of providing life insurance coverage for a period of one (1) year following the Executive’s Termination Date (based on the cost of providing such coverage to Executive immediately prior to his Termination Date). The lump sum cash payments described above shall be paid to the Executive within the thirty (30) day period (or sixty (60) day period, as applicable) following the Termination Date, provided however, if, at the Termination Date, the Executive is a Specified Employee specified employee as defined in Treasury Regulation Section 1.409A-1(i)8(a) hereof, then, solely to the extent required to avoid taxes and penalties under Section 409A of the Code, such payment shall be made within the first thirty (30) days after the first day of the seventh calendar month commencing after such Termination Date; . The Bank may condition the provision of the Severance Benefits on the Executive signing a Release Agreement in substantially the form of Exhibit A (the “Release Agreement”) within twenty-one (21) days (or forty-five (45) days in certain conditions, in accordance with applicable law) after it is tendered and not revoking the Release Agreement within the seven (7) day revocation period set forth in the Release Agreement; provided that the Bank tender tenders the Release Agreement to the Executive no later than the Termination Date. Notwithstanding the foregoing, the Release Agreement may be modified to the extent necessary based on changes in applicable law from and after the date of this Agreement.