Common use of Severance Benefits; Regulatory Provisions Clause in Contracts

Severance Benefits; Regulatory Provisions. (a) Involuntary Termination in Connection With a Change in Control. In the event of Involuntary Termination in connection with or within 24 months after a Change in Control which occurs during the term of this Agreement, the Bank shall, subject to Section 4 of this Agreement, (1) pay to the Employee in a lump sum in cash within 25 business days after the Date of Termination an amount equal to 200% of the Employee's "base amount" as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"); and (2) provide to the Employee during the remaining term of this Agreement such health insurance benefits as the Bank maintained for executive officers at the Date of Termination on terms as favorable to the Employee as applied at the Date of Termination. The total of payments to the Employee under this section shall not exceed three times his average compensation from the Bank over the five most recent taxable years (or, if employed by the Bank for a shorter period, over the period of his employment by the Bank).

Severance Benefits; Regulatory Provisions. (a) Involuntary Termination in Connection With a Change in Control. In the event of Involuntary Termination in connection with or within 24 months after a Change in Control which occurs during the term of this Agreement, the Bank Association shall, subject to Section 4 of this Agreement, (1) pay to the Employee in a lump sum in cash within 25 business days after the Date of Termination an amount equal to 200% of the Employee's "base amount" as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"); and (2) provide to the Employee during the remaining term of this Agreement such health insurance benefits as the Bank Association maintained for executive officers at the Date of Termination on terms as favorable to the Employee as applied at the Date of Termination. The total of payments to the Employee under this section shall not exceed three times his average compensation from the Bank Association over the five most recent taxable years (or, if employed by the Bank Association for a shorter period, over the period of his employment by the BankAssociation).

Severance Benefits; Regulatory Provisions. (a) Involuntary Termination in Connection With a Change in Control. In the event of Involuntary Termination in connection with or within 24 months after following a Change in Control which Termination occurs during the term of this Agreement, the Bank Association shall, subject to Section 4 of this Agreement, (1) pay to the Employee in a lump sum in cash within 25 business days after the Date of Termination an amount equal to 200% of the Employee's "base amount" as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"); and (2) provide to the Employee during the remaining term of this Agreement such health insurance benefits as the Bank Association maintained for executive officers at the Date of Termination on terms as favorable to the Employee as applied at the Date of Termination. The total of payments to the Employee under this section shall not exceed three times his average compensation from the Bank Association over the five most recent taxable years (or, if employed by the Bank Association for a shorter period, over the period of his employment by the BankAssociation).