Common use of Payment of Severance Benefit Clause in Contracts

Payment of Severance Benefit. The portion of the Severance Benefit consisting of the Lump Sum Benefit shall be paid to the Executive in a lump sum payment within sixty (60) days following the Executive’s Termination of Employment. All portions of the Severance Benefit consisting of reimbursements and in-kind benefits described in Section 3(a) must be incurred by the Executive during the Severance Period to be eligible for reimbursement. The amount of reimbursable expenses incurred, and the amount of in-kind benefits provided, in one taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits provided, in any other taxable year. Each category of reimbursement shall be paid as soon as administratively practicable, but in no event shall any such reimbursement be paid after the last day of the calendar year following the calendar year in which the expense was incurred. Neither rights to reimbursement nor in-kind benefits are subject to liquidation or exchanges for other benefits. As a condition of the Company’s payment of any portion of the Severance Benefit, the Executive must execute a release agreement as provided in Section 16 below within such period of time following the Termination of Employment as is permitted by the Company and not timely revoke the release agreement during any revocation period provided pursuant to the terms of the release agreement. All payments of the Severance Benefit shall accrue from the date of the Termination of Employment and shall be made or commence at the end of the revocation period provided pursuant to the terms of the release agreement but no later than the sixtieth (60th) day following the Executive’s Termination of Employment, with any accrued but unpaid severance being paid on the date of the first payment. Notwithstanding any provision in the Agreement to the contrary, if the Executive is a ‘specified employee’ within the meaning of Section 409A of the Code as of his Termination of Employment, then such portions of the Severance Benefit that would result in a tax under Code Section 409A if paid during the first six (6) months after Termination of Employment shall be withheld, starting with the payments latest in time during such six (6) month period, and paid to the Executive during the seventh month following the date of his Termination of Employment. The Company shall be entitled to withhold appropriate employment and income taxes, if required by applicable law, as and when the applicable portions of the Severance Benefit become payable.”

Payment of Severance Benefit. The portion of the Severance Benefit consisting of the Lump Sum Benefit shall be paid to the Executive in a lump sum payment within sixty (60) days following the Executive’s Termination of EmploymentEmployment or, if later, within sixty (60) days following the effective date of the Change in Control. All portions of the Severance Benefit consisting of reimbursements and in-kind benefits described in Section 3(a) must be incurred by the Executive during the Severance Period to be eligible for reimbursement. The amount of reimbursable expenses incurred, and the amount of in-kind benefits provided, in one taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits provided, in any other taxable year. Each category of reimbursement shall be paid as soon as administratively practicable, but in no event shall any such reimbursement be paid after the last day of the calendar year following the calendar year in which the expense was incurred. Neither rights to reimbursement nor in-kind benefits are subject to liquidation or exchanges for other benefits. As a condition of the CompanyBank’s payment of any portion of the Severance Benefit, the Executive must execute a release agreement as provided in Section 16 below within such period of time following the Termination of Employment as is permitted by the Company Bank and not timely revoke the release agreement during any revocation period provided pursuant to the terms of the release agreement. All payments of the Severance Benefit shall accrue from the date of the Termination of Employment and shall be made or commence at the end of the revocation period provided pursuant to the terms of the release agreement but no later than the sixtieth (60th) day following the later of the Executive’s Termination of EmploymentEmployment or Change in Control, with any accrued but unpaid severance being paid on the date of the first payment. Notwithstanding any provision in the Agreement to the contrary, if the Executive is a ‘“specified employee’ ” within the meaning of Section 409A of the Code as of his Termination of Employment, then such portions of the Severance Benefit that would result in a tax under Code Section 409A if paid during the first six (6) months after Termination of Employment shall be withheld, starting with the payments latest in time during such six (6) month period, and paid to the Executive during the seventh month following the date of his Termination of Employment. The Company Bank shall be entitled to withhold appropriate employment and income taxes, if required by applicable law, as and when the applicable portions of the Severance Benefit become payable.”

Payment of Severance Benefit. The portion of the Severance Benefit consisting of the Lump Sum Benefit shall be paid to the Executive in a lump sum payment within sixty (60) days following the Executive’s Termination of Employment. All portions of the Severance Benefit consisting of reimbursements and in-kind benefits described in Section 3(a) must be incurred by the Executive during the Severance Period to be eligible for reimbursement. The amount of reimbursable expenses incurred, and the amount of in-kind benefits provided, in one taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits provided, in any other taxable year. Each category of reimbursement shall be paid as soon as administratively practicable, but in no event shall any such reimbursement be paid after the last day of the calendar year following the calendar year in which the expense was incurred. Neither rights to reimbursement nor in-kind benefits are subject to liquidation or exchanges for other benefits. As a condition of the Company’s payment of any portion of the Severance Benefit, the Executive must execute a release agreement as provided in Section 16 17 below within such period of time following the Termination of Employment as is permitted by the Company and not timely revoke the release agreement during any revocation period provided pursuant to the terms of the release agreement. All payments of the Severance Benefit shall accrue from the date of the Termination of Employment and shall be made or commence at the end of the revocation period provided pursuant to the terms of the release agreement but no later than the sixtieth (60th) day following the Executive’s Termination of Employment, with any accrued but unpaid severance being paid on the date of the first payment. Notwithstanding any provision in the Agreement to the contrary, if the Executive is a ‘specified employee’ within the meaning of Section 409A of the Code as of his Termination of Employment, then such portions of the Severance Benefit that would result in a tax under Code Section 409A if paid during the first six (6) months after Termination of Employment shall be withheld, starting with the payments latest in time during such six (6) month period, and paid to the Executive during the seventh month following the date of his Termination of Employment. The Company shall be entitled to withhold appropriate employment and income taxes, if required by applicable law, as and when the applicable portions of the Severance Benefit become payable.”