Common use of Payments by Holding Company Clause in Contracts

Payments by Holding Company. Notwithstanding any provision herein to the contrary, to the extent that payments and benefits, as provided by this Agreement, are paid to or received by the Executive under the Employment Agreement dated as of the date hereof between the Executive and the Holding Company, such compensation payments and benefits paid by the Holding Company will be subtracted from any amounts due simultaneously to the Executive under similar provisions of this Agreement. Under no circumstances shall the Executive be entitled to receive duplicate payments or benefits under this Agreement and such other Employment Agreement. Payments pursuant to this Agreement and the Holding Company Agreement shall be allocated in proportion to the services rendered and time expended on such activities by the Executive as determined by the Holding Company and the Bank on a quarterly basis.

Payments by Holding Company. Notwithstanding any provision herein to the contrary, to the extent that payments and benefits, as provided by this Agreement, are paid to or received by the Executive under the Amended and Restated Employment Agreement dated as of the date hereof between the Executive and the Holding Company, such compensation payments and benefits paid by the Holding Company will be subtracted from any amounts due simultaneously to the Executive under similar provisions of this Agreement. Under no circumstances shall the Executive be entitled to receive duplicate payments or benefits under this Agreement and such other Employment Agreement. Payments pursuant to this Agreement and the Holding Company Agreement shall be allocated in proportion to the services rendered and time expended on such activities by the Executive as determined by the Holding Company and the Bank on a quarterly basis.