Common use of Requirement of “Separation from Service;” Payments to “Specified Employees Clause in Contracts

Requirement of “Separation from Service;” Payments to “Specified Employees. In the case of a payment upon the termination of Executive’s employment, no payment shall be made under this Agreement unless the termination of employment constitutes a “separation from service” under Section 409A, and, if ECB determines that Executive is a “specified employee” within the meaning of Section 409A on the date of any such separation from service (the “Separation from Service Date”), then (i) any installment payments (including reimbursement for expenses) which ECB is obligated to pay to Executive under this Agreement that would result in a tax, interest, and/or penalties under Section 409A if paid during the first six months after the Separation from Service Date shall be delayed and accumulated by ECB and the accumulated amount shall be payable to Executive in a lump sum on the date that is six months and one week after the Separation from Service Date, with any additional installment payments for which ECB is obligated after that six-month period being payable on the same schedule as Executive’s Base Salary was being paid by ECB on the Separation from Service Date, and (ii) any lump-sum payment (including reimbursement for expenses) which ECB is obligated to pay to Executive under this Agreement that would result in a tax, interest, and/or penalties under Section 409A if paid during the first six months after the Separation from Service Date shall be delayed and be payable to Executive in a lump sum on the date that is six months and one week after the Separation from Service Date.

Requirement of “Separation from Service;” Payments to “Specified Employees. In the case of a payment upon the termination of ExecutiveEmployee’s employment, no payment shall be made under this Agreement unless the termination of employment constitutes a “separation from service” under Section 409A, and, if ECB BOC determines that Executive Employee is a “specified employee” within the meaning of Section 409A on the date of any such separation from service (the “Separation from Service Date”), then (i) any installment payments (including reimbursement for expenses) which ECB BOC is obligated to pay to Executive Employee under this Agreement that would result in a tax, interest, and/or penalties under Section 409A if paid during the first six months after the Separation from Service Date shall be delayed and accumulated by ECB BOC and the accumulated amount shall be payable to Executive Employee in a lump sum on the date that is six months and one week after the Separation from Service Date, with any additional installment payments for which ECB BOC is obligated after that six-month period being payable on the same schedule as ExecutiveEmployee’s Base Salary base salary was being paid by ECB BOC on the Separation from Service Date, and (ii) any lump-sum payment (including reimbursement for expenses) which ECB BOC is obligated to pay to Executive Employee under this Agreement that would result in a tax, interest, and/or penalties under Section 409A if paid during the first six months after the Separation from Service Date shall be delayed and be payable to Executive Employee in a lump sum on the date that is six months and one week after the Separation from Service Date.;

Requirement of “Separation from Service;” Payments to “Specified Employees. In the case of a payment upon the termination of Executive’s employment, no payment shall be made under this Agreement unless the termination of employment constitutes a “separation from service” under Section 409A, and, if ECB the Bank determines that Executive is a “specified employee” within the meaning of Section 409A on the date of any such separation from service (the “Separation from Service Date”), then (i) any installment payments (including reimbursement for expenses) which ECB the Bank is obligated to pay to Executive under this Agreement that would result in a tax, interest, and/or penalties under Section 409A if paid during the first six months after the Separation from Service Date shall be delayed and accumulated by ECB the Bank and the accumulated amount shall be payable to Executive in a lump sum on the date that is six months and one week after the Separation from Service Date, with any additional installment payments for which ECB the Bank is obligated after that six-month period being payable on the same schedule as Executive’s Base Salary was being paid by ECB the Bank on the Separation from Service Date, and (ii) any lump-sum payment (including reimbursement for expenses) which ECB the Bank is obligated to pay to Executive under this Agreement that would result in a tax, interest, and/or penalties under Section 409A if paid during the first six months after the Separation from Service Date shall be delayed and be payable to Executive in a lump sum on the date that is six months and one week after the Separation from Service Date.;