Common use of Severance Payment Upon Termination of Employment Clause in Contracts

Severance Payment Upon Termination of Employment. If Executive’s employment with Bank (or its parent or subsidiaries) is terminated during the term of this Agreement as described in Section 1 above, Executive shall be immediately entitled to be paid, in cash in a lump sum, an amount equal to six months Executive’s then annual salary (as determined by the previous year’s W-2 statement), plus the total cost of COBRA coverage for Executive for six months.

Severance Payment Upon Termination of Employment. If the Executive’s employment with the Bank (or its parent or subsidiaries) is terminated during the term of this Agreement as described in Section 1 above, the Executive shall be immediately entitled to be paid, in cash in a lump sum, an amount equal to six months twice the Executive’s then annual salary (as determined by the previous year’s W-2 statement), plus the total cost of COBRA coverage for the Executive for six 18 months.