Common use of Other Severance Pay Clause in Contracts

Other Severance Pay. The Executive shall not be entitled to receive payment under any severance plan, policy or arrangement maintained by the Bank (other than this Agreement). If the Executive is entitled to any notice or payment in lieu of any notice of termination of employment required by Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the amounts to which the Executive would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment in lieu of notice. Except as provided herein, if the Executive is entitled to any severance or termination payments under any employment or other agreement (other than amounts payable under Section 3(a)(i)) with, or any plan or arrangement of, the Bank, the payments to which the Executive would otherwise be entitled under this Agreement shall be reduced by the amount of such payment actually made. Except as set forth above, the foregoing payments and benefits shall be in addition to and not in lieu of any payments or benefits to which the Executive and his dependents may otherwise be entitled to under the Bank’s compensation and Executive benefit plans. Nothing herein shall be deemed to restrict the right of the Bank to amend or terminate any such plan in a manner generally applicable to similarly situated active Executives of the Bank, in which event the Executive shall be entitled to participate on the same basis (including payment of applicable contributions) as similarly situated active Executives of the Bank.

Other Severance Pay. The Executive Employee shall not be entitled to receive payment under any severance plan, policy or arrangement maintained by the Bank (Company, or any employment agreement with the Company or its Affiliate, other than as provided in this Agreement). By executing this Agreement, the Employee acknowledges and agrees that following a Change in Control Executive will receive the benefits provided under this Agreement and not the benefits under any employment agreement between Employee and the Company or its Affiliate. If the Executive Employee is entitled to any notice or payment in lieu of any notice of termination of employment required by Federal, state or local law, including but not limited to the Worker Adjustment and Retraining Notification Act, the amounts to which the Executive Employee would otherwise be entitled under this Agreement shall be reduced by the amount of any such payment in lieu of notice. Except as provided herein, if the Executive is entitled to any severance or termination payments under any employment or other agreement (other than amounts payable under Section 3(a)(i)) with, or any plan or arrangement of, the Bank, the payments to which the Executive would otherwise be entitled under this Agreement shall be reduced by the amount of such payment actually made. Except as set forth above, the foregoing payments and benefits shall be in addition to and not in lieu of any payments or benefits to which the Executive Employee and his dependents may otherwise be entitled to under the BankCompany’s compensation and Executive employee benefit plans. Nothing herein shall be deemed to restrict the right of the Bank Company to amend or terminate any such plan in a manner generally applicable to similarly situated active Executives employees of the BankCompany, in which event the Executive Employee shall be entitled to participate on the same basis (including payment of applicable contributions) as similarly situated active Executives employees of the BankCompany.