Common use of Prior Severance Arrangements Clause in Contracts

Prior Severance Arrangements. Except as set forth herein, if Employee’s employment with Bank is terminated under circumstances in which Bank is required to make payment to him or her pursuant to Paragraph 5 below, Employee shall make no claim or demand arising or alleged to arise from any severance plan, program, policy, or arrangement (including, without limitation, any Prior Severance Arrangement) which Bank may have had in effect, currently sponsors, or adopts hereafter. Notwithstanding the preceding sentence, if Employee’s employment with Bank is terminated under circumstances in which Bank is required to make payment to him pursuant to Paragraph 5 below, Employee or Employee’s spouse, heirs, estate or personal representative, as the case may be, shall be entitled to receive any benefits payable under any employee benefit plan, program, policy or arrangement which may then be in effect and which is not a severance plan, program, policy or arrangement.

Prior Severance Arrangements. Except as set forth herein, if Employee’s employment with Bank is terminated under circumstances in which Bank is required to make payment to him or her pursuant to Paragraph 5 below, Employee shall make no claim or demand arising or alleged to arise from any severance plan, program, policy, policy or arrangement (including, without limitation, any Prior Severance Arrangement) which Bank may have had in effect, currently sponsors, sponsors or adopts hereafter. Notwithstanding the preceding sentence, if Employee’s employment with Bank is terminated under circumstances in which Bank is required to make payment to him pursuant to Paragraph 5 below, Employee or Employee’s spouse, heirs, estate or personal representative, as the case may be, shall be entitled to receive any benefits payable under any employee benefit plan, program, policy or arrangement which may then be in effect and which is not a severance plan, program, policy or arrangement.