Common use of Payment on the Effective Date Clause in Contracts

Payment on the Effective Date. On the Effective Date, the Company Bank shall pay you a lump sum payment in cash in the amount set forth on Exhibit A (the “Effective Date Payment”). For the avoidance of doubt, and notwithstanding anything herein to the contrary, the Effective Date Payment shall not be taken into account in computing any benefits under any plan, program or arrangement of the Purchaser Bank, the Purchaser, the Company Bank, the Company or their affiliates. In the event that the Effective Date does not occur, you shall not be entitled to any payment under this Section 3.

Payment on the Effective Date. On the Effective Date, the Company Bank shall pay you a lump sum payment in cash in the amount set forth on Exhibit A (the “Effective Date Payment”). For the avoidance of doubt, and notwithstanding anything herein to the contrary, the Effective Date Payment shall not be taken into account in computing any benefits under any plan, program or arrangement of the Purchaser Bank, the Purchaser, the Company Bank, the Company or their affiliates. In the event that the Effective Date does not occur, you shall not be entitled to any payment under this Section 32.