Common use of Payment of Severance Amount Clause in Contracts

Payment of Severance Amount. Upon the occurrence of a Termination Event (as defined in paragraph 2), the Company shall: (a) pay Employee an amount equal to (i) Employee's Base Annual Salary (as defined in paragraph 2) multiplied by the Employment Term Factor (as defined in paragraph 2), (ii) less all principal of any loans from the Company to Employee, as well as any interest then due thereon, payable as a lump sum cash payment within 30 days after the date of the termination constituting such Termination Event (the "Termination Date"), provided, Employee may elect to have such amount paid in equal monthly installments over a period not to exceed 13 months; (b) provide Employee with life, disability and medical insurance at the level provided at either the date of the Change of Control (as defined in paragraph 2) or the Termination Date, as Employee shall in his sole discretion elect by providing written notice thereof to the Company, for a period of time equal to twelve (12) months multiplied by the Employment Term Factor (as defined in paragraph 2) following the Termination Date, or such shorter period until Employee shall obtain substantially equivalent insurance coverage from a subsequent employer, if any, in the same manner as if Employee's employment had not been terminated until the end of such period. Employee shall immediately notify the Company upon obtaining any insurance from a 2 subsequent employer and shall provide all information required by the Company regarding such insurance to enable the Company to make a determination of whether such insurance is substantially equivalent. (c) for a period of twelve months from and after such Termination Event, or until such earlier time as the Employee obtains other employment, provide the Employee with outplacement services of a firm of Employee's choice. (d) pay all reasonable legal fees and expenses incurred by Employee in seeking to obtain or enforce any right or benefit provided by the Agreement.

Payment of Severance Amount. Upon the occurrence of a Termination Event (as defined in paragraph 2), the Company Employer shall: (a) pay Employee an amount equal to Executive all salary, unreimbursed expenses incurred by Executive in the performance of his duties for Employer and other compensation and benefits that are accrued but unpaid through the date of the termination constituting such Termination Event (i) Employee's Base Annual Salary (as defined in paragraph 2) multiplied by the Employment Term Factor (as defined in paragraph 2“Termination Date”), (ii) less all principal of any loans from the Company to Employee, as well as any interest then due thereon, payable as a lump sum cash payment within 30 days after following the date of the termination constituting such Termination Event (the "Termination Date"), provided, Employee may elect to have such amount paid in equal monthly installments over a period not to exceed 13 months; (b) pay Executive an amount equal to Executive’s Annual Cash Compensation (as defined in paragraph 2) multiplied by a factor of [Multiplier], payable as a lump sum cash payment within 30 days following the Termination Date; (c) pay Executive an amount equal to Executive’s pro-rata (measured as (i) the number of days expired, as of Termination Date, in the then-current calendar year, divided by (ii) 365) target bonus for the then-current year; (d) provide Employee Executive with life, disability disability, medical and medical dental insurance at the level provided at either the date of the occurrence of a Change of Control (as defined in paragraph 2) or the Termination Date, as Employee Executive shall in his sole discretion elect by providing written notice thereof to the CompanyEmployer, for a period of time equal to twelve (12) [12*Multiplier] months multiplied by the Employment Term Factor (as defined in paragraph 2) following the Termination Date, Date or such shorter period until Employee Executive shall obtain substantially equivalent insurance coverage from a subsequent employer, if any, in the same manner as if Employee's Executive’s employment had not been terminated until the end of such period. Employee Executive shall immediately notify the Company Employer upon obtaining any insurance from a 2 subsequent employer and shall provide all information required by the Company Employer regarding such insurance to enable the Company Employer to make a determination of whether such insurance is substantially equivalent.; (ce) for a period notwithstanding Executive’s termination of twelve months from and after such Termination Event, or until such earlier time as the Employee obtains other employment, provide preserve Executive’s rights to purchase the Employee shares of Employer’s capital stock that are subject to then-outstanding options that have been granted to Executive by Employer (or pursuant to a stock option plan of Employer), so that all such options remain or become exercisable in accordance with outplacement services of a firm of Employee's choice.their terms as if Executive’s employment had not terminated; and (df) pay all upon receiving a detailed invoice for same, reimburse, up to a maximum cumulative amount of 15,000 Dollars, Executive for the reasonable legal fees and expenses incurred of no more than one out-placement (or similar) service provider engaged by Employee Executive to assist in seeking to obtain or enforce any right or benefit provided by finding employment opportunities for Executive during the Agreementtwelve-month period following a Termination Date.

Payment of Severance Amount. Upon the occurrence of a Termination Event (as defined in paragraph 2), the Company Employer shall: (a) pay Employee an amount equal to (i) Employee's Base Annual Salary (as defined Executive all salary, unreimbursed expenses incurred by Executive in paragraph 2) multiplied by the Employment Term Factor (as defined in paragraph 2), (ii) less all principal performance of any loans from the Company to Employee, as well as any interest then due thereon, payable as a lump sum cash payment within 30 days after his duties for Employer and other compensation and benefits that are accrued but unpaid through the date of the termination constituting such Termination Event (the "Termination Date"), provided, Employee may elect to have such amount paid in equal monthly installments over payable as a period not to exceed 13 monthslump sum cash payment within 30 days following the Termination Date; (b) pay Executive an amount equal to Executive's Annual Cash Compensation (as defined in paragraph 2) multiplied by a factor of 2.99, payable as a lump sum cash payment within 30 days following the Termination Date; (c) pay Executive an amount equal to Executive's pro-rata (measured as (i) the number of days expired, as of Termination Date, in the then-current calendar year, divided by (ii) 365) target bonus for the then-current year; (d) provide Employee Executive with life, disability disability, medical and medical dental insurance at the level provided at either the date of the occurrence of a Change of Control (as defined in paragraph 2) or the Termination Date, as Employee Executive shall in his sole discretion elect by providing written notice thereof to the CompanyEmployer, for a period of time equal to twelve thirty-six (1236) months multiplied by the Employment Term Factor (as defined in paragraph 2) following the Termination Date, Date or such shorter period until Employee Executive shall obtain substantially equivalent insurance coverage from a subsequent employer, if any, in the same manner as if EmployeeExecutive's employment had not been terminated until the end of such period. Employee Executive shall immediately notify the Company Employer upon obtaining any insurance from a 2 subsequent employer and shall provide all information required by the Company Employer regarding such insurance to enable the Company Employer to make a determination of whether such insurance is substantially equivalent.; (ce) for a period notwithstanding Executive's termination of twelve months from and after such Termination Event, or until such earlier time as the Employee obtains other employment, provide preserve Executive's rights to purchase the Employee shares of Employer's capital stock that are subject to then-outstanding options that have been granted to Executive by Employer (or pursuant to a stock option plan of Employer), so that all such options remain or become exercisable in accordance with outplacement services of a firm of Employeetheir terms as if Executive's choice.employment had not terminated; and (df) pay all upon receiving a detailed invoice for same, reimburse, up to a maximum cumulative amount of 15,000 Dollars, Executive for the reasonable legal fees and expenses incurred of no more than one out-placement (or similar) service provider engaged by Employee Executive to assist in seeking to obtain or enforce any right or benefit provided by finding employment opportunities for Executive during the Agreementtwelve-month period following a Termination Date.

Payment of Severance Amount. Upon Subject to the provisions of paragraph 4, upon the occurrence of a Termination Separation Event (as defined in paragraph 2)with respect to Executive, the Company Employer shall: (a) pay Employee to Executive when due under Employer’s normal payroll practices all unpaid salary due to, and unreimbursed expenses incurred by, Executive in the performance of his duties for Employer through the Separation Date (as defined below); (b) pay Executive an amount equal to (i) Employee's Base Executive’s Annual Salary Cash Compensation (as defined in paragraph 2) multiplied by the Employment Term Factor (as defined in paragraph 2), (ii) less all principal a factor of any loans from the Company to Employee, as well as any interest then due thereon_________________, payable as a lump sum cash payment within 30 days after following the date of the termination constituting such Termination Event (the "Termination Separation Date"), provided, Employee may elect to have such amount paid in equal monthly installments over a period not to exceed 13 months; (bc) pay Executive an amount equal to Executive’s pro-rata (measured as (i) the number of days expired, as of the Separation Date, in the then-current calendar year, divided by (ii) 365) target bonus for the then-current year within 30 days following the Separation Date; (d) provide Employee Executive with life, disability disability, medical and medical dental insurance at the level provided at either the date of the occurrence of a Change of Control (as defined in paragraph 2) or the Termination Separation Date, as Employee Executive shall in his sole discretion elect by providing written notice thereof to the CompanyEmployer, for a period of time equal to twelve (12) _____________________________ months multiplied by the Employment Term Factor (as defined in paragraph 2) following the Termination Date, Separation Date or such shorter period until Employee Executive shall obtain substantially equivalent insurance coverage from a subsequent employer, if any, in the same manner as if Employee's employment Executive’s Separation from Service (as defined below) had not been terminated occurred until the end of such period. Employee Executive shall immediately notify the Company Employer upon obtaining any insurance from a 2 subsequent employer and shall provide all information required by the Company Employer regarding such insurance to enable the Company Employer to make a determination of whether such insurance is substantially equivalent.; (ce) for notwithstanding Executive’s Separation from Service, preserve Executive’s rights to purchase the shares of Employer’s capital stock that are subject to then-outstanding options that have been granted to Executive by Employer (or pursuant to a period stock option plan of twelve months Employer), so that all such options remain or become exercisable in accordance with their terms as if Executive’s Separation from and after such Termination Event, or until such earlier time as the Employee obtains other employment, provide the Employee with outplacement services of a firm of Employee's choice.Service had not occurred; and (df) pay all within 30 days after receiving a detailed invoice for same, reimburse Executive, up to a maximum cumulative amount of Dollars, for the reasonable legal fees and expenses incurred of no more than __________ out-placement (or similar) service provider[(s)] engaged by Employee Executive to assist in seeking finding employment opportunities for Executive during the twelve-month period following the Separation Date. All reimbursements to obtain or enforce any right or benefit provided by be made pursuant to this paragraph 1(f) shall be made to Executive no later than the Agreementend of the second calendar year following the calendar year in which Executive’s Separation Date occurs.

Payment of Severance Amount. Upon (a) If, during the occurrence term of this Agreement and Executive's employment hereunder, there shall occur a Termination Event Change in Control (as defined in paragraph 2Section 11 hereof), then Executive may, at his election, voluntarily terminate this Agreement and his employment thereunder, in which event the Company Successor shall: (a) pay Employee an amount equal to (i) Employee's Base Annual Salary continue to be responsible to pay to and provide for Executive his full base salary, Bonus and Benefits as were in effect immediately preceding the effective date of the Change in Control (such amount being referred to herein as defined in paragraph 2the "Severance Amount") multiplied by until the Employment Term Factor earlier of (as defined in paragraph 2)A) expiration of a three (3) year period beginning on the effective date of the Change of Control, or (B) Executive reaches age 65; and (ii) less all principal of any loans from the Company to Employee, as well as any interest then due thereon, payable as a make lump sum cash payment payments in respect of the Annuity and the Supplemental Benefit for the account of Executive within 30 thirty (30) days after the date Change of Control, such payments to be in amounts equal to the termination constituting such Termination Event respective present values of annual installments of $10,345 (calculated on an after-tax basis using Executive's effective tax rate for the "Termination Date"), provided, Employee may elect to have such amount paid in equal monthly installments over a period not to exceed 13 months; prior year) and $14,200 each for the number of years (bincluding partial years) provide Employee with life, disability and medical insurance at the level provided at either from the date of the Change of Control until Executive reaches age 63. For purposes of the foregoing payments, present value shall be calculated using the Bank's posted certificate of deposit rate for the relevant period of time, or, if no rate is posted for such period, an approximation thereof. (b) Executive shall not be required to mitigate the Severance Amount by seeking other employment or otherwise, nor shall the Severance Amount be reduced or offset by any compensation earned by Executive as defined in paragraph 2) or the Termination Date, as Employee shall in result of his sole discretion elect employment by providing written notice thereof another employer subsequent to the Company, for a period effective date of time equal to twelve (12) months multiplied by termination of his employment with the Employment Term Factor (as defined in paragraph 2) following the Termination Date, or such shorter period until Employee shall obtain substantially equivalent insurance coverage from a subsequent employer, if any, in the same manner as if Employee's employment had not been terminated until the end of such period. Employee shall immediately notify the Company upon obtaining any insurance from a 2 subsequent employer and shall provide all information required by the Company regarding such insurance to enable the Company to make a determination of whether such insurance is substantially equivalentSuccessor. (c) for a period Notwithstanding any other provision of twelve months from and after such Termination Eventthis Agreement, in no event shall the total payments to the Executive pursuant to this Section 10 exceed the amount which could be received without incidents of excise taxation under Section 4999 of the Internal Revenue Code, as amended, or until such earlier time as the Employee obtains other employment, provide the Employee with outplacement services of a firm of Employee's choiceany successor provision thereto. (d) pay all reasonable legal fees and expenses incurred by Employee in seeking to obtain or enforce any right or benefit provided by the Agreement.

Payment of Severance Amount. Upon the occurrence of a Termination Event (as defined in paragraph 2), the Company Employer shall: (a) pay Employee an amount equal to (i) Employee's Base Annual Salary (as defined Executive all salary, unreimbursed expenses incurred by Executive in paragraph 2) multiplied by the Employment Term Factor (as defined in paragraph 2), (ii) less all principal performance of any loans from the Company to Employee, as well as any interest then due thereon, payable as a lump sum cash payment within 30 days after his duties for Employer and other compensation and benefits that are accrued but unpaid through the date of the termination constituting such Termination Event (the "Termination Date"), provided, Employee may elect to have such amount paid in equal monthly installments over payable as a period not to exceed 13 monthslump sum cash payment within 30 days following the Termination Date; (b) pay Executive an amount equal to Executive's Annual Cash Compensation (as defined in paragraph 2) multiplied by a factor of [Multiplier], payable as a lump sum cash payment within 30 days following the Termination Date; (c) pay Executive an amount equal to Executive's pro-rata (measured as (i) the number of days expired, as of Termination Date, in the then-current calendar year, divided by (ii) 365) target bonus for the then-current year; (d) provide Employee Executive with life, disability disability, medical and medical dental insurance at the level provided at either the date of the occurrence of a Change of Control (as defined in paragraph 2) or the Termination Date, as Employee Executive shall in his sole discretion elect by providing written notice thereof to the CompanyEmployer, for a period of time equal to twelve (12) [12*Multiplier] months multiplied by the Employment Term Factor (as defined in paragraph 2) following the Termination Date, Date or such shorter period until Employee Executive shall obtain substantially equivalent insurance coverage from a subsequent employer, if any, in the same manner as if EmployeeExecutive's employment had not been terminated until the end of such period. Employee Executive shall immediately notify the Company Employer upon obtaining any insurance from a 2 subsequent employer and shall provide all information required by the Company Employer regarding such insurance to enable the Company Employer to make a determination of whether such insurance is substantially equivalent.; (ce) for a period notwithstanding Executive's termination of twelve months from and after such Termination Event, or until such earlier time as the Employee obtains other employment, provide preserve Executive's rights to purchase the Employee shares of Employer's capital stock that are subject to then-outstanding options that have been granted to Executive by Employer (or pursuant to a stock option plan of Employer), so that all such options remain or become exercisable in accordance with outplacement services of a firm of Employeetheir terms as if Executive's choice.employment had not terminated; and (df) pay all upon receiving a detailed invoice for same, reimburse, up to a maximum cumulative amount of 15,000 Dollars, Executive for the reasonable legal fees and expenses incurred of no more than one out-placement (or similar) service provider engaged by Employee Executive to assist in seeking to obtain or enforce any right or benefit provided by finding employment opportunities for Executive during the Agreementtwelve-month period following a Termination Date.

Payment of Severance Amount. Upon the occurrence of a Termination Event (as defined in paragraph 2), the Company shall: (a) pay Employee an amount equal to (i) Employee's Base Annual Salary (as defined in paragraph 2) multiplied by the Employment Term Factor (as defined in paragraph 2), less (ii) less all principal the amount of any loans salary and bonus payments received by Employee during the period from the Company to Employee, as well as any interest then due thereonChange of Control until the Termination Event, payable as a lump sum cash payment within 30 business days after the date of the termination constituting such Termination Event (the "Termination Date"), provided, Employee may elect to have such amount paid in equal monthly installments over a period not to exceed 13 months; (bi) provide Employee with life, life and disability insurance and (ii) pay Employee an amount equal to the cost of medical insurance coverage at the level provided at either as of the date Termination Date, both for a period following the Termination Date equal to (A) eighteen months less (B) the number of months (rounded to the nearest whole month) during the period from the Change of Control (as defined in paragraph 2) or until the Termination DateEvent, as Employee shall in his sole discretion elect by providing written notice thereof or, if earlier with respect to the Companyclause (ii) above only, for a period of time equal to twelve (12) months multiplied by the Employment Term Factor (as defined in paragraph 2) following the Termination Date, or such shorter period until Employee shall obtain substantially equivalent insurance coverage from a subsequent employer, if any, in the same manner as if Employee's employment had not been terminated until the end of such period. Employee shall immediately notify the Company upon obtaining any insurance from a 2 subsequent employer and shall provide all information required by the Company regarding such insurance to enable the Company to make a determination of whether such insurance is substantially equivalent.; (c) for a period of twelve months from and after such Termination Event, or until such earlier time as the Employee obtains other employment, provide the Employee (at no cost to Employee) with outplacement services of a firm of Employee's choice.; and (d) pay all reasonable legal fees and expenses incurred by Employee in seeking to obtain or enforce any right or benefit provided by the this Agreement.