Common use of Other Qualifying Events of Termination Clause in Contracts

Other Qualifying Events of Termination. Upon Executive’s termination of employment for Good Reason or the Bank’s termination of Executive’s employment for any reason other than death, Disability or Cause, Executive shall be entitled to the amounts set forth in Section 7 (if applicable) and the following: (i) the Bank shall pay to Executive, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, a lump sum payment of any Accrued Obligations within thirty (30) days following the date of Executive’s termination of employment (or, if later, following presentation of supporting documentation for unreimbursed expenses in accordance with Section 4(d)); and (ii) if Executive faithfully and fully abides by all of the covenants contained in Section 10, subject to the Release set forth below, the Bank shall pay to Executive, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, an amount equal to Executive’s then-current Base Salary (or, if greater, the rate in effect before any reduction in Base Salary that gave rise to termination of Executive’s employment for Good Reason), to be paid in equal monthly installments and in accordance with the Bank’s regular payroll practices, over a period of twelve (12) months following the date of termination of his employment (“Severance”). Any amounts due pursuant to this Section 6(d) shall be subject to Section 8(a). Executive shall have no right to any other compensation or benefits (except for vested benefits under any employee benefit plan in accordance with the terms of the plan and any right to continued health coverage under COBRA or similar state law) for any period after termination. Except as provided in Section 7 (if applicable), Executive shall have no right to any other compensation or benefits (except for vested benefits under any employee benefit plan in accordance with the terms of the plan and any right to continued health coverage under COBRA or similar state law) for any period after termination under this Section 6(d).

Other Qualifying Events of Termination. Upon Executive’s termination of employment for Good Reason or the BankEmployer’s termination of Executive’s employment for any reason other than death, Disability or Cause, Executive shall be entitled to the amounts set forth in Section 7 (if applicable) and the following: (i) the Bank Employer shall pay to Executive, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, a lump sum payment of any Accrued Obligations within thirty (30) days following the date of Executive’s termination of employment (or, if later, following presentation of supporting documentation for unreimbursed expenses accrued but unpaid compensation described in accordance with Agreement Section 4(d)); and4 as set forth therein; (ii) if Executive faithfully and fully abides by all of the covenants contained in Section 10, subject to the Release set forth below, the Bank Employer shall pay to Executive, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, an amount equal to two (2) times the sum of (1) Executive’s then-current Base Salary (or, if greater, the rate in effect before any reduction in Base Salary that gave rise to termination of Executive’s employment for Good Reason)) plus (2) the average annual bonus paid to Executive with respect to the three (3) calendar-year period immediately preceding Executive’s termination of employment, to be paid in equal monthly installments and in accordance with the BankEmployer’s regular payroll practices, over a period of twelve twenty four (1224) months following the date of termination of his employment (“Severance”); and (iii) if Executive elects to continue participation in any group medical, dental, vision and/or prescription drug plan benefits to which Executive and/or Executive’s eligible dependents would be entitled under COBRA, then for eighteen (18) months following the date of termination (the “COBRA Reimbursement Period”) the Employer shall pay to Executive monthly payments of an amount equal to the excess of (1) the COBRA cost of such coverage over (2) the amount that Executive would have had to pay for such coverage if he had remained employed during the COBRA Reimbursement Period and paid the active employee rate for such coverage, less withholding for taxes and other similar items (the “COBRA Payments”); provided, however, that (A) if Executive becomes eligible to receive group health benefits under a program of a subsequent employer or otherwise, the Employer’s obligation to pay any portion of the cost of health coverage as described herein shall cease, except as otherwise provided by law; and (B) the COBRA Reimbursement Period shall only run for the period during which Executive is eligible to elect health coverage under COBRA and timely elects such coverage. Any amounts due pursuant to this Section 6(d) shall be subject to Section 8(a). Executive shall have no right to any other compensation or benefits (except for vested benefits under any employee benefit plan in accordance with the terms of the plan and any right to continued health coverage under COBRA or similar state law) for any period after termination. Except as provided in Section 7 (if applicable), Executive shall have no right to any other compensation or benefits (except for vested benefits under any employee benefit plan in accordance with the terms of the plan and any right to continued health coverage under COBRA or similar state law) for any period after termination under this Section 6(d).

Other Qualifying Events of Termination. Upon Executive’s termination of employment for Good Reason or the BankEmployer’s termination of Executive’s employment for any reason other than death, Disability or Cause, Executive shall be entitled to the amounts set forth in Section 7 (if applicable) and the following: (i) the Bank Employer shall pay to Executive, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, a lump sum payment of any Accrued Obligations within thirty (30) days following the date of Executive’s termination of employment (or, if later, following presentation of supporting documentation for unreimbursed expenses accrued but unpaid compensation described in accordance with Agreement Section 4(d)); and4 as set forth therein; (ii) if Executive faithfully and fully abides by all of the covenants contained in Section 10, subject to the Release set forth below, the Bank Employer shall pay to Executive, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, an amount equal to the sum of (1) Executive’s then-current Base Salary (or, if greater, the rate in effect before any reduction in Base Salary that gave rise to termination of Executive’s employment for Good Reason)) plus (2) the average annual bonus paid to Executive with respect to the three (3) calendar-year period immediately preceding Executive’s termination of employment, to be paid in equal monthly installments and in accordance with the BankEmployer’s regular payroll practices, over a period of twelve (12) months following the date of termination of his employment (“Severance”); and (iii) if Executive elects to continue participation in any group medical, dental, vision and/or prescription drug plan benefits to which Executive and/or Executive’s eligible dependents would be entitled under COBRA, then for eighteen (18) months following the date of termination (the “COBRA Reimbursement Period”) the Employer shall pay to Executive monthly payments of an amount equal to the excess of (1) the COBRA cost of such coverage over (2) the amount that Executive would have had to pay for such coverage if he had remained employed during the COBRA Reimbursement Period and paid the active employee rate for such coverage, less withholding for taxes and other similar items (the “COBRA Payments”); provided, however, that (A) if Executive becomes eligible to receive group health benefits under a program of a subsequent employer or otherwise, the Employer’s obligation to pay any portion of the cost of health coverage as described herein shall cease, except as otherwise provided by law; and (B) the COBRA Reimbursement Period shall only run for the period during which Executive is eligible to elect health coverage under COBRA and timely elects such coverage. Any amounts due pursuant to this Section 6(d) shall be subject to Section 8(a). Executive shall have no right to any other compensation or benefits (except for vested benefits under any employee benefit plan in accordance with the terms of the plan and any right to continued health coverage under COBRA or similar state law) for any period after termination. Except as provided in Section 7 (if applicable), Executive shall have no right to any other compensation or benefits (except for vested benefits under any employee benefit plan in accordance with the terms of the plan and any right to continued health coverage under COBRA or similar state law) for any period after termination under this Section 6(d).