SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company or the Bank. Payments pursuant to this Agreement shall be allocated between the Company and the Bank in proportion to the level of activity and the time expended on such activities by the Executive as determined by the Company and the Bank on a quarterly basis, unless the applicable provision of this Agreement specifies that the payment shall be made by either the Company or the Bank. In no event shall the Executive receive duplicate payments or benefits from the Company and the Bank.
SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. (a) All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company.
(b) Notwithstanding any provision herein to the contrary, to the extent that payments and benefits, as provided by this Agreement, are paid to or received by Executive from the Bank, such compensation payments and benefits paid by the Bank will be subtracted from any amount due Executive under this Agreement. Payments pursuant to this Agreement shall be paid by the Company and/or the Bank and shall be allocated in proportion to the level of activity and the time expended on such activities by Executive as determined by the Company and the Bank on a quarterly basis.
SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. (a) All the payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company.
(b) Notwithstanding any provision herein to the contrary, to the extent that payments and benefits, as provided by this Agreement, are paid to or received by Executive under the Employment Agreement dated as of December __, 2008 governing the terms and conditions of Executive's employment by the Bank (the "Bank Agreement"), such compensation payments and benefits paid by the Bank will be subtracted from any amount due Executive under this Agreement. Payments pursuant to this Agreement and the Bank Agreement shall be allocated in proportion to the level of activity and the time expended on such activities by Executive as determined by the Company and the Bank on a quarterly basis.
SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company or the Banks. Payments pursuant to this Agreement shall be allocated between the Company and the Banks in proportion to the approximate level of activity and the time expended on such activities by the Executive as determined by the Company and the Banks on a quarterly basis, unless the applicable provision of this Agreement specifies that the payment shall be made by either the Company or the Banks. In no event shall the Executive receive duplicate payments or benefits from the Company and the Banks.
SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. Payments pursuant to this Agreement shall be paid by the Company and/or the Bank. To the extent that payments and benefits, as provided by this Agreement, are paid to or received by Executive from the Bank, such compensation payments and benefits paid by the Bank will satisfy the obligation for such payment and benefits under this Agreement.
SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. (a) All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company subject to Section 13(b).
(b) Notwithstanding any provision herein to the contrary, to the extent that payments and benefits, as provided by this Agreement, are paid to or received by the Executive under the Bank Employment Agreement, such compensation payments and benefits paid by the Bank will be subtracted from any amount due simultaneously to the Executive under similar provisions of this Agreement. Payments pursuant to this Agreement and the Bank Employment Agreement (other than severance and change in control payments and benefits pursuant to Sections 9 and 11 hereof) shall be allocated in proportion to the level of activity and the time expended on such activities by the Executive as determined by the Company and the Bank on a quarterly basis.
SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. The MHC and the Bancorp shall each be jointly and severally liable for any obligations imposed by this Agreement upon the MHC or the Bancorp; provided, however, that in no event shall the Executive receive duplicate payments or benefits from the MHC and the Bancorp. Notwithstanding any provision herein to the contrary, to the extent that payments and benefits under this Agreement, are paid to or received by under the Employment Agreement dated , 2017, between Executive and the Bank, such compensation payments and benefits paid by the Bank will be subtracted from any amount due simultaneously to Executive under similar provisions of this Agreement.
SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. (a) All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company.
(b) Notwithstanding any provision here to the contrary, to the extent that payments and benefits as provided by this Agreement, are paid to or received by Executive under the Bank Employment Agreement, such payments and benefits paid by the Bank will be subtracted from any amount due simultaneously to Executive under similar provisions of this Agreement.
(c) For financial statement purposes, ongoing payments pursuant to this Agreement and the Bank Employment Agreement (collectively, the “Agreements”) shall be allocated by the Company and the Bank on a quarterly basis in proportion to the services rendered to the Company and the Bank, respectively. Termination payments made pursuant to the provisions of Section 6 of each of the Agreements shall be charged and paid in accordance with the terms of Section 6(c) of the Bank Employment Agreement and Section 11 of this Agreement.
SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. (a) All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company.
(b) Notwithstanding any provision herein to the contrary, to the extent that payments and benefits, as provided by this Agreement, are paid to or received by the Executive under the Association Employment Agreement, such compensation payments and benefits paid by the Association will be subtracted from any amount due simultaneously to the Executive under similar provisions of this Agreement. Payments pursuant to this Agreement and the Association Employment Agreement shall be allocated in proportion to the level of activity and the time expended on such activities by the Executive as determined by the Company and the Association on a quarterly basis.
SOURCE OF PAYMENTS; NO DUPLICATION OF PAYMENTS. All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Company. It is understood and agreed that a portion (or all) of Executive’s salary, annual bonus, benefits and/or other payments under this Agreement may be paid by the Bank. In the event the Bank makes any such payment, then any compensation payments and benefits paid or provided by the Bank will be subtracted from and will fully offset the Company’s obligations under this Agreement. To the extent the Company determines it is necessary or desirable for the Bank and Executive to enter into an employment agreement to reflect the payments and benefits being provided by the Bank, the Executive agrees to enter into such an agreement (it being understood that such agreement shall not reduce the benefits contemplated by this Agreement except to the extent actually paid or provided by the Bank and shall not impose any obligation or liability on Executive that is not provided for under this Agreement). Payments pursuant to this Agreement and payments by the Bank for services of Executive shall be allocated in proportion to the level of activity and the time expended on such activities by Executive as determined by the Company and the Bank on a quarterly basis (provided that such allocation shall only affect the payments and benefits due to Executive from the Company under this Agreement to the extent actually paid or provided by the Bank as contemplated by this Section 11).
