Common use of Salary and Other Payments at Termination Clause in Contracts

Salary and Other Payments at Termination. Executive shall be entitled to receive payment in cash in the amount of three times Executive's Average Annual Earnings, as such term is defined in this Section 3(a), during the most recent three year fiscal periods (or the period during which the Executive has been employed by the Bank if less than three years.) However, if such amount exceeds limits provided in the then existing provisions of the Internal Revenue Code for the imposition of tax penalties on such payments, the amount shall be reduced to the highest amount allowed to avoid such penalties. At the election of Employee, payment shall be made in equal monthly payments over a three-year period beginning with the month following Termination, or payment shall be made in a lump sum. Any lump sum payment request must be made in writing at least six months prior to Termination. If Executive shall die prior to the time all payments which may otherwise have been due to Executive, under this Section 3(a) or otherwise in this agreement, have been made, then, as soon as practicable after his death and in no event later than 3 months after the appointment of Executive's personal representative, the Bank shall pay in a lump sum in cash all sums not distributed to Executive prior to his death. Payment shall be made to the beneficiary named as such under the life insurance plan maintained by the Bank on the date of Executive's death. If no such beneficiary is named, such sums shall be paid to Executive's personal representative. No reduction to present value of any such sums shall be made.

Salary and Other Payments at Termination. Executive shall be entitled to receive payment in cash in the amount of three times Executive's Average Annual Earnings, as such term is defined in this Section 3(a), 3 (a) during the most recent three three-year fiscal periods (or the period during which the Executive has been employed by the Bank if less than three years.) However, if such amount exceeds limits provided in the then existing provisions of the Internal Revenue Code for the imposition of tax penalties on such payments, the amount shall be reduced to the highest amount allowed to avoid such penalties. At the election of Employee, payment shall be made in equal monthly payments over a three-three year period beginning with the month following Termination, or payment shall be made in a lump sum. Any lump sum payment request must be made in writing at least six months prior to Termination. If Executive shall die prior to the time all payments which may otherwise have been due to Executive, under this Section 3(a) or otherwise in this agreement, have been made, then, as soon as practicable after his death and in no event later than 3 months after the appointment of Executive's personal representative, the Bank shall pay in a lump sum in cash all sums not distributed to Executive prior to his death. Payment shall be made to the beneficiary named as such under the life insurance plan maintained by the Bank on the date of Executive's death. If no such beneficiary is named, such sums shall be paid to Executive's personal representative. No reduction to present value of any such sums shall be made.

Salary and Other Payments at Termination. Executive shall be entitled to receive payment in cash in the amount of three one and one-half times Executive's ’s Average Annual Earnings, as such term is defined in this Section 3(a), ) during the most recent three year fiscal periods (or the period during which the Executive has been employed by the Bank if less than three years.) However, if such amount exceeds limits provided in the then existing provisions of the Internal Revenue Code for the imposition of tax penalties on such payments, the amount shall be reduced to the highest amount allowed to avoid such penalties. At the election of Employee, payment shall be made in equal monthly payments over a three-year an eighteen (18) month period beginning with the month following Termination, or payment shall be made in a lump sum. Any lump sum payment request must be made in writing at least six months prior to Termination. If Executive shall die prior to the time all payments which may otherwise have been due to Executive, under this Section 3(a) or otherwise in this agreement, have been made, then, as soon as practicable after his death and in no event even later than 3 months after the appointment of Executive's ’s personal representative, the Bank shall pay in a lump sum in cash all sums not distributed to Executive prior to his death. Payment shall be made to the beneficiary named as such under the life insurance plan maintained by the Bank on the date of Executive's ’s death. If no such beneficiary is named, such sums shall be paid to Executive's ’s personal representative. No reduction to present value of any such sums shall be made.

Salary and Other Payments at Termination. Executive shall be entitled to receive payment in cash in the amount of three one and one-half times Executive's Average Annual Earnings, as such term is defined in this Section 3(a), during the most recent three year fiscal periods (or the period during which the Executive has been employed by the Bank if less than three years.) However, if such amount exceeds limits provided in the then existing provisions of the Internal Revenue Code for the imposition of tax penalties on such payments, the amount shall be reduced to the highest amount allowed to avoid such penalties. At the election of Employee, payment shall be made in equal monthly payments over a three-year an eighteen (18) month period beginning with the month following Termination, or payment shall be made in a lump sum. Any lump sum payment request must be made in writing at least six months prior to Termination. If Executive shall die prior to the time all payments which may otherwise have been due to Executive, under this Section 3(a) or otherwise in this agreement, have been made, then, as soon as practicable after his death and in no event later than 3 months after the appointment of Executive's personal representative, the Bank shall pay in a lump sum in cash all sums not distributed to Executive prior to his death. Payment shall be made to the beneficiary named as such under the life insurance plan maintained by the Bank on the date of Executive's death. If no such beneficiary is named, such sums shall be paid to Executive's personal representative. No reduction to present value of any such sums shall be made.

Salary and Other Payments at Termination. Executive shall be entitled to receive payment in cash in the amount of three times Executive's Average Annual Earnings, as such term is defined in this Section 3(a), during the most recent three year fiscal periods (or the period during which the Executive has been employed by the Bank if less than three years.) However, if such amount exceeds limits provided in the then existing provisions of the Internal Revenue Code for the imposition of tax penalties on such payments, the amount shall be reduced to the highest amount allowed to avoid such penalties. At the election of Employee, payment shall be made in equal monthly payments over a three-year an eighteen (18) month period beginning with the month following Termination, or payment shall be made in a lump sum. Any lump sum payment request must be made in writing at least six months prior to TerminationTermination if known by then and in any event within thirty (30) days prior to termination. If Executive shall die prior to the time all payments which may otherwise have been due to Executive, under this Section 3(a) or otherwise in this agreement, have been made, then, as soon as practicable after his death and in no event later than 3 months after the appointment of Executive's personal representative, the Bank shall pay in a lump sum in cash all sums not distributed to Executive prior to his death. Payment shall be made to the beneficiary named as such under the life insurance plan maintained designated by the Bank on Executive in a writing delivered to the date of Executive's deathBank. If no such beneficiary is named, such sums shall be paid to Executive's personal representative. No reduction to present value of any such sums shall be made.

Salary and Other Payments at Termination. Executive shall be entitled to receive payment in cash in the amount of three times Executive's ’s Average Annual Earnings, as such term is defined in this Section 3(a), during the most recent three year fiscal periods (or the period during which the Executive has been employed by the Bank if less than three years.) However, if such amount exceeds limits provided in the then existing provisions of the Internal Revenue Code for the imposition of tax penalties on such payments, the amount shall be reduced to the highest amount allowed to avoid such penalties. At the election of Employee, payment shall be made in equal monthly payments over a threeone-year period beginning with the month following Termination, or payment shall be made in a lump sum. Any lump sum payment request must be made in writing at least six months prior to Termination. If Executive shall die prior to the time all payments which may otherwise have been due to Executive, under this Section 3(a) or otherwise in this agreement, have been made, then, as soon as practicable after his death and in no event later than 3 months after the appointment of Executive's ’s personal representative, the Bank shall pay in a lump sum in cash all sums not distributed to Executive prior to his death. Payment shall be made to the beneficiary named as such under the life insurance plan maintained by the Bank on the date of Executive's ’s death. If no such beneficiary is named, such sums shall be paid to Executive's ’s personal representative. No reduction to present value of any such sums shall be made.

Salary and Other Payments at Termination. Executive shall be entitled to receive payment in cash in the amount of three two times Executive's Average Annual Earnings, as such term is defined in this Section 3(a), during the most recent three year fiscal periods (or the period during which the Executive has been employed by the Bank if less than three years.) However, if such amount exceeds limits provided in the then existing provisions of the Internal Revenue Code for the imposition of tax penalties on such payments, the amount shall be reduced to the highest amount allowed to avoid such penalties. At the election of Employee, payment shall be made in equal monthly payments over a three-year an eighteen (18) month period beginning with the month following Termination, or payment shall be made in a lump sum. Any lump sum payment request must be made in writing at least six months prior to TerminationTermination if known by then and in any event within thirty (30) days prior to termination. If Executive shall die prior to the time all payments which may otherwise have been due to Executive, under this Section 3(a) or otherwise in this agreement, have been made, then, as soon as practicable after his death and in no event later than 3 months after the appointment of Executive's personal representative, the Bank shall pay in a lump sum in cash all sums not distributed to Executive prior to his death. Payment shall be made to the beneficiary named as such under the life insurance plan maintained designated by the Bank on Executive in a writing delivered to the date of Executive's deathBank. If no such beneficiary is named, such sums shall be paid to Executive's personal representative. No reduction to present value of any such sums shall be made.