Common use of Recovery of Bonus and Incentive Compensation Clause in Contracts

Recovery of Bonus and Incentive Compensation. If, in the sole judgment of the Bank’s Board of Directors or its Compensation Committee, any payment or benefit paid or provided to Employee under this Agreement that the Board or Committee deems to be a “Bonus” or “Incentive Compensation” (as those terms are defined in the CPP Rules) was based on materially inaccurate financial statements or on any other materially inaccurate performance criteria, that payment or benefit shall not have been earned by Employee, shall be subject to recovery by the Bank or Bancorp, and shall be repaid by Employee to the Bank within 15 days after written demand by the Bank. The Employee’s repayment obligations shall survive termination of this Agreement and shall be effective for as long as Bancorp is subject to applicable CPP Rules.

Recovery of Bonus and Incentive Compensation. If, in the sole judgment of the BankECB’s Board of Directors or its Compensation Committee, any payment or benefit paid or provided to Employee Executive under this Agreement that the Board or Committee deems to be a “Bonus” or “Incentive Compensation” (as those terms are defined in the CPP Rules) was based on materially inaccurate financial statements or on any other materially inaccurate performance criteria, that payment or benefit shall not have been earned by EmployeeExecutive, shall be subject to recovery by the Bank or BancorpECB, and shall be repaid by Employee Executive to the Bank ECB within 15 days after written demand by the BankECB. The EmployeeExecutive’s repayment obligations shall survive termination of this Agreement and shall be effective for as long as ECB and Bancorp is are subject to applicable CPP Rules.

Recovery of Bonus and Incentive Compensation. If, in the sole judgment of the BankECB’s Board of Directors or its Compensation Committee, any payment or benefit paid or provided to Employee Executive under this Agreement that the Board or Committee deems to be a “Bonus” or “Incentive Compensation” (as those terms are defined in the CPP Rules) was based on materially inaccurate financial statements or on any other materially inaccurate performance criteria, that payment or benefit shall not have been earned by EmployeeExecutive, shall be subject to recovery by the Bank or BancorpECB, and shall be repaid by Employee Executive to the Bank ECB within 15 days after written demand by the BankECB. The EmployeeExecutive’s repayment obligations shall survive termination of this Agreement and shall be effective for as long as ECB and Bancorp is are subject to applicable CPP Rules.

Recovery of Bonus and Incentive Compensation. If, in the sole judgment of the Bank’s Board of Directors or its Compensation Committee, any payment or benefit paid or provided to Employee Executive under this Agreement that the Board or Committee deems to be a “Bonus” or “Incentive Compensation” (as those terms are defined in the CPP Rules) was based on materially inaccurate financial statements or on any other materially inaccurate performance criteria, that payment or benefit shall not have been earned by EmployeeExecutive, shall be subject to recovery by the Bank or Bancorp, and shall be repaid by Employee Executive to the Bank within 15 days after written demand by the Bank. The EmployeeExecutive’s repayment obligations shall survive termination of this Agreement and shall be effective for as long as Bancorp is subject to applicable CPP Rules.