Common use of Other Post-Termination Benefits Clause in Contracts

Other Post-Termination Benefits. In the event of any Termination without Cause of the Executive’s employment under Section 4(a), above, or any Termination for Good Reason by Executive of his own employment under Section 4(b), above, Executive and his family will no longer be eligible, on and after the Termination Date, to participate in any employee benefit plans, arrangements and perquisites of the Company and/or the Bank, subject to their rights to continuing medical and dental coverage under COBRA, provided however, that the Company and/or the Bank shall pay the cost of Executive’s (and, to the extent eligible under the terms of the applicable plans, Executive’s family members’) continuing medical and dental coverage, as in effect on the Termination Date, and as amended from time to time thereafter, for a period of eighteen (18) months following such Termination Date (the “COBRA Period”), to the extent that Executive and his family members elect COBRA continuation coverage for such period (with the cost of any such COBRA coverage which is self-funded by the Company and/or the Bank to be includable in the taxable income of Executive). In addition, following any termination of employment under this Section 4, the Bank or its successor will pay to Executive, in a single lump sum cash distribution, an amount equal to the sum of: (A) the estimated cost of a medical and dental coverage for Executive and his eligible family members for a period extending from the last day of the COBRA Period until the Expiration Date of the remaining Term of Executive’s employment, determined immediately prior to the termination of his employment, based on the coverage and cost levels in effect for Executive and his family on the Termination Date, plus (B) the expense of converting Executive’s Company-paid life insurance to an individual life insurance policy. Such amount shall be paid to Executive within the thirty (30) day period following the Termination Date, provided however, if, at the Termination Date, Executive is a Specified Employee as defined in Treasury Regulation Section 1.409A-1(i), then, solely to the extent required to avoid 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. Executive in his discretion may use all or a portion of such cash payment to purchase the coverage described in subparagraph (A) above and/or to pay for the conversion of the policy described in subparagraph (B) above.

Other Post-Termination Benefits. In the event of any Termination without Cause of the Executive’s employment Following a Change-in-Control under this Section 4(a), above, or any Termination for Good Reason by Executive of his own employment under Section 4(b), above6 becomes effective, Executive and his family will no longer be eligible, on and or after the Termination Date, to participate in any employee benefit plans, arrangements and perquisites of the Company and/or the Bank, subject to their rights to continuing medical and dental coverage under COBRA, provided however, that the Company and/or the . The Bank shall pay the cost of Executive’s (and, to the extent eligible under the terms of the applicable plans, Executive’s family members’) continuing medical and dental coverage, as in effect on the Termination Date, and as amended from time to time thereafter, for a period of eighteen (18) months following such Termination Date (the “COBRA Period”), to the extent that Executive and his family members elect COBRA continuation coverage for such period (with the cost of any such COBRA coverage which is self-funded by the Company and/or the Bank to be includable in the taxable income of Executive). In addition, following any termination of employment under this Section 46, the Bank or its successor will pay to Executive, in a single lump sum cash distribution, an amount equal to the sum of: (A) the estimated cost of a medical and dental coverage for Executive and his eligible family members for a period extending from the last day of the COBRA Period until the Expiration Date of the remaining Term of Executive’s employment, determined immediately prior to the termination of his employment, based on the coverage and cost levels in effect for Executive and his family on the Termination Date, plus (B) the expense of converting Executive’s Company-paid life insurance to an individual life insurance policy. Such amount shall be paid to Executive within the thirty (30) day period following the Termination Date, provided however, if, at the Termination Date, Executive is a Specified Employee as defined in Treasury Regulation Section 1.409A-1(i), then, solely to the extent required to avoid 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. Executive in his discretion may use all or a portion of such cash payment to purchase the coverage described in subparagraph (A) above and/or to pay for the conversion of the policy described in subparagraph (B) above.

Other Post-Termination Benefits. In the event of any Termination without Cause of the Executive’s termination of employment for reasons that would entitle the Executive to the Severance Amount under Section 4(a), 6(b)(i) above, or any Termination for Good Reason by Executive of his own employment under Section 4(b), above, the Executive and his eligible family members will no longer be eligible, on and after the Termination Date, to participate in any employee benefit plans, arrangements and perquisites of the Company and/or the Bank, subject to their rights 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 Company’s applicable percentage of such cost of (i.e., the Company’s co-payment percentage) for the Executive’s (and, to the extent eligible under eligible, the terms of the applicable plans, 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 eighteen twelve (1812) months following such Termination Date (the “COBRA Period”)Date, to the extent that the Executive and his family members elect COBRA continuation coverage for such period (with 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 Company or the Company is unable to provide such coverage on a non-taxable basis, then the cost of any such COBRA coverage which is self-funded by the Company and/or the Bank to shall be includable in the taxable income of the Executive). In addition, following any termination of employment under this Section 46(b), the Bank or its successor Company will pay to the Executive, in a single lump sum cash distribution, an amount equal to the sum of: (A) the estimated cost to the Company of a medical and dental providing life insurance coverage for Executive and his eligible family members for a period extending from of one (1) year following the last day of the COBRA Period until the Expiration Date of the remaining Term of Executive’s employment, determined Termination Date (based on the cost of providing such coverage to Executive immediately prior to the termination of his employment, based on the coverage and cost levels in effect for Executive and his family on the Termination Date, plus (B) the expense of converting Executive’s Company-paid life insurance to an individual life insurance policy). Such amount 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. Executive in his discretion ; The Company may use all or a portion of such cash payment to purchase condition the coverage described in subparagraph (A) above and/or to pay for the conversion provision of the policy described Severance Benefits on the Executive signing a Release Agreement in subparagraph substantially the form of Exhibit A (Bthe “Release Agreement”) abovewithin 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 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 termination of employment for reasons that would entitle the Executive to the Severance Amount under Section 4(a), 6(b)(i) above, or any Termination for Good Reason by Executive of his own employment under Section 4(b), above, the Executive and his eligible family members will no longer be eligible, on and after the Termination Date, to participate in any employee benefit plans, arrangements and perquisites of the Company and/or the Bank, subject to their rights 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 Company’s applicable percentage of such cost of Executive(i.e., the Company’s co-payment percentage) for the Executive (and, to the extent eligible under eligible, the terms of the applicable plans, 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 eighteen (18) months following such Termination Date (the “COBRA Period”), to the extent that the Executive and his family members elect COBRA continuation coverage for such period (with 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 Company or the Company is unable to provide such coverage on a non-taxable basis, then the cost of any such COBRA coverage which is self-funded by the Company and/or the Bank to shall be includable in the taxable income of the Executive). In addition, following any termination of employment under this Section 46(b), the Bank or its successor Company will pay to the Executive, in a single lump sum cash distribution, an amount equal to the sum of the estimated costs of: (A) assuming the estimated cost Executive elected COBRA coverage, the Company’s applicable co-payment percentage of a such medical and dental coverage provided for the Executive and his eligible family members for a period extending from the last day of the COBRA Period until the Expiration Date of the remaining Term of Executive’s employmentan additional six (6) months, determined immediately prior to the termination of his employment, based on the coverage and cost levels in effect for the Executive and his family on the Termination Date, plus (B) life insurance coverage provided by the expense Company for a period of converting two (2) years following the Executive’s Company-paid life insurance Termination Date (based on the cost of providing such coverage to an individual life insurance policyExecutive immediately prior to his Termination Date). Such amount 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. Executive in his discretion may use all or a portion of such cash payment to purchase the coverage described in subparagraph (A) above and/or to pay for the conversion of the policy described in subparagraph (B) above.;

Other Post-Termination Benefits. In the event of any Termination without Cause of the Executive’s termination of employment for reasons that would entitle the Executive to the Severance Amount under Section 4(a), 6(b)(i) above, or any Termination for Good Reason by Executive of his own employment under Section 4(b), above, the Executive and his eligible family members will no longer be eligible, on and after the Termination Date, to participate in any employee benefit plans, arrangements and perquisites of the Company and/or the Bank, subject to their rights 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 of (i.e., the Bank’s co-payment percentage) for the Executive’s (and, to the extent eligible under eligible, the terms of the applicable plans, 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 eighteen twelve (1812) months following such Termination Date (the “COBRA Period”)Date, to the extent that the Executive and his family members elect COBRA continuation coverage for such period (with 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 self-funded by the Company and/or the Bank to shall be includable in the taxable income of the Executive). In addition, following any termination of employment under this Section 46(b), the Bank or its successor will pay to the Executive, in a single lump sum cash distribution, an amount equal to the sum of: (A) the estimated cost to the Bank of a medical and dental providing life insurance coverage for Executive and his eligible family members for a period extending from of one (1) year following the last day of the COBRA Period until the Expiration Date of the remaining Term of Executive’s employment, determined Termination Date (based on the cost of providing such coverage to Executive immediately prior to the termination of his employment, based on the coverage and cost levels in effect for Executive and his family on the Termination Date, plus (B) the expense of converting Executive’s Company-paid life insurance to an individual life insurance policy). Such amount 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. Executive in his discretion ; The Bank may use all or a portion of such cash payment to purchase condition the coverage described in subparagraph (A) above and/or to pay for the conversion provision of the policy described Severance Benefits on the Executive signing a Release Agreement in subparagraph substantially the form of Exhibit A (Bthe “Release Agreement”) abovewithin 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 any Termination without Cause of the Executive’s termination of employment for reasons that would entitle the Executive to the Severance Amount under Section 4(a), 6(b)(i) above, or any Termination for Good Reason by Executive of his own employment under Section 4(b), above, the Executive and his eligible family members will no longer be eligible, on and after the Termination Date, to participate in any employee benefit plans, arrangements and perquisites of the Company and/or the Bank, subject to their rights 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 of Executive(i.e., the Bank’s co-payment percentage) for the Executive (and, to the extent eligible under eligible, the terms of the applicable plans, 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 eighteen (18) months following such Termination Date (the “COBRA Period”), to the extent that the Executive and his family members elect COBRA continuation coverage for such period (with 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 self-funded by the Company and/or the Bank to shall be includable in the taxable income of the Executive). In addition, following any termination of employment under this Section 46(b), the Bank or its successor will pay to the Executive, in a single lump sum cash distribution, an amount equal to the sum of the estimated costs of: (A) assuming the estimated cost Executive elected COBRA coverage, the Bank’s applicable co-payment percentage of a such medical and dental coverage provided for the Executive and his eligible family members for a period extending from the last day of the COBRA Period until the Expiration Date of the remaining Term of Executive’s employmentan additional six (6) months, determined immediately prior to the termination of his employment, based on the coverage and cost levels in effect for the Executive and his family on the Termination Date, plus (B) life insurance coverage provided by the expense Bank for a period of converting two (2) years following the Executive’s Company-paid life insurance Termination Date (based on the cost of providing such coverage to an individual life insurance policyExecutive immediately prior to his Termination Date). Such amount 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. Executive in his discretion may use all or a portion of such cash payment to purchase the coverage described in subparagraph (A) above and/or to pay for the conversion of the policy described in subparagraph (B) above.;