Common use of Rights in Event of Termination of Employment Absent Change in Control Clause in Contracts

Rights in Event of Termination of Employment Absent Change in Control. In the event that Executive’s employment is involuntarily terminated by Corporation and/or Bank without Cause and no Change in Control shall have occurred at the date of such termination, Corporation and Bank shall pay Executive an amount equal to and no greater than six-months of Executive’s Annual Base Salary, which shall be payable in one lump sum within thirty (30) days of such termination and shall be subject to federal, state and local tax withholdings. In addition, for a period of six (6) months from the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect to Executive during the two (2) years prior to his termination of employment, or, if Corporation and Bank cannot provide such benefits because Executive is no longer an employee, a dollar amount equal to the cost to Executive of obtaining such benefits (or substantially similar benefits) not to exceed 125% of the cost to the Corporation of obtaining such benefits (or similar benefits). Notwithstanding the foregoing, in the event that Executive is determined to be a specified employee, as defined in Section 409A of the Code, no payment that is determined to be deferred compensation subject to Section 409A of the Code shall be made until one day following six months from the date of separation of service, as defined in Section 409A of the Code.

Rights in Event of Termination of Employment Absent Change in Control. (a) In the event that Executive’s employment is involuntarily terminated by the Corporation and/or and the Bank without Cause and no Change in Control shall have occurred at the date of such terminationtermination and such termination constitutes a Separation of Service, Corporation and upon such Separation of Service, the Bank shall pay Executive an a lump sum amount equal to and no greater than six-months of 2.0 times the Executive’s Annual Base Salary, which shall be minus applicable taxes and withholdings, payable in one lump sum within thirty (30) days of such termination and shall be subject to federal, state and local tax withholdingsExecutive’s Separation of Service. In addition, for a period of six two (62) months years from the date of termination Separation of employmentService, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect to Executive during the two (2) years prior to his termination of employment, or, if Corporation and the Bank cannot provide such benefits because Executive is no longer an employee, a dollar the Bank shall reimburse Executive in an amount equal to the cost monthly premium paid by him to Executive of obtaining such benefits (or obtain substantially similar benefits) not employee benefits which he enjoyed prior to exceed 125% of the cost termination, subject to the Corporation of obtaining such benefits (or similar benefits). Notwithstanding the foregoing, in the event that Executive is determined to be a specified employee, as defined in Code Section 409A if applicable. (b) Executive shall not be required to mitigate the amount of any payment provided for in this Section 8 by seeking other employment or otherwise. Unless otherwise agreed to in writing, the Code, no amount of payment that is determined or the benefit provided for in this Section 8 shall not be reduced by any compensation earned by Executive as the result of employment by another employer or by reason of Executive’s receipt of or right to be deferred compensation subject to Section 409A of the Code shall be made until one day following six months from receive any retirement or other benefits after the date of separation termination of service, as defined in Section 409A of the Codeemployment or otherwise.

Rights in Event of Termination of Employment Absent Change in Control.  (a) In the event that Executive’s employment is involuntarily terminated by the Corporation and/or and the Bank without Cause and no Change in Control shall have occurred at the date of such terminationtermination and such termination constitutes a Separation of Service, Corporation and upon such Separation of Service, the Bank shall pay Executive an a lump sum amount equal to and no greater than six-months of 2.0 times the Executive’s Annual Base Salary, which shall be minus applicable taxes and withholdings, payable in one lump sum within thirty (30) days of such termination and shall be subject to federal, state and local tax withholdingsExecutive’s Separation of Service. In addition, for a period of six two (62) months years from the date of termination Separation of employmentService, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect to Executive during the two (2) years prior to his termination of employment, or, if Corporation and the Bank cannot provide such benefits because Executive is no longer an employee, a dollar the Bank shall reimburse Executive in an amount equal to the cost monthly premium paid by him to Executive of obtaining such benefits (or obtain substantially similar benefits) not employee benefits which he enjoyed prior to exceed 125% of the cost termination, subject to the Corporation of obtaining such benefits (or similar benefits). Notwithstanding the foregoing, in the event that Executive is determined to be a specified employee, as defined in Code Section 409A if applicable.  (b) Executive shall not be required to mitigate the amount of any payment provided for in this Section 8 by seeking other employment or otherwise. Unless otherwise agreed to in writing, the Code, no amount of payment that is determined or the benefit provided for in this Section 8 shall not be reduced by any compensation earned by Executive as the result of employment by another employer or by reason of Executive’s receipt of or right to be deferred compensation subject to Section 409A of the Code shall be made until one day following six months from receive any retirement or other benefits after the date of separation termination of service, as defined in Section 409A of the Code.employment or otherwise.