Common use of Retention Benefit Clause in Contracts

Retention Benefit. The “Retention Benefit” payable hereunder is a lump sum payment, payable by check, in an amount equal to the sum of: (i) your base salary for a ____-month period; (ii) the average of the two most recent annual incentive bonuses paid to you prior to the Change in Control; and (iii) the amount you would have to pay for COBRA continuation coverage under the Bank’s group health plans for a ___-month period had your employment terminated immediately prior to the Change in Control and you elected COBRA continuation coverage at such time. For purposes of clause (i) of the preceding sentence, “base salary” means your base salary immediately prior to the Change in Control, but disregarding any reduction of your base salary that is made in anticipation of the Change in Control.