Common use of Supplemental Payment in Lieu of Certain Benefits Clause in Contracts

Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a lump sum cash payment equal to 45% of the amount determined under Section 3(a)(i) will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of Termination.

Appears in 3 contracts

Samples: Change in Control Agreement (First Priority Financial Corp.), Change in Control Agreement (First Priority Financial Corp.), Change in Control Agreement (First Priority Financial Corp.)

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Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a one-time lump sum cash payment equal to 45equaling 25% of the amount determined under Section 3(a)(i) Basic Payments calculated above will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of Termination.termination

Appears in 3 contracts

Samples: Change in Control Agreement (Sterling Financial Corp /Pa/), Change in Control Agreement (Sterling Financial Corp /Pa/), Change in Control Agreement (Sterling Financial Corp /Pa/)

Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a lump sum cash payment equal to 45% of the amount determined under Section 3(a)(i) $85,000 will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of Terminationemployment.

Appears in 2 contracts

Samples: Employment Agreement (Main Street Bancorp Inc), Employment Agreement (Main Street Bancorp Inc)

Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a lump sum cash payment equal to 45% of the amount determined under Section 3(a)(i) $73,912 will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of Terminationemployment.

Appears in 1 contract

Samples: Employment Agreement (Main Street Bancorp Inc)

Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a one-time lump sum cash payment equal to 45equaling 25% of the amount determined under Section 3(a)(i) Basic Payments calculated above will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of TerminationTermination Date.

Appears in 1 contract

Samples: Employment Agreement (Sterling Financial Corp /Pa/)

Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a lump sum cash payment equal to 45% of the amount determined under Section 3(a)(i) $120,000 will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of Terminationemployment.

Appears in 1 contract

Samples: Employment Agreement (Main Street Bancorp Inc)

Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a lump sum cash payment equal to 45of 30% of the amount determined under Section 3(a)(i) Base Salary will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of Terminationemployment.

Appears in 1 contract

Samples: Employment Agreement (First Priority Financial Corp.)

Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a lump sum cash payment equal to 4590% of the amount determined under Section 3(a)(i) Executive's base salary immediately prior to the date of termination will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of Terminationsuch date.

Appears in 1 contract

Samples: Employment Agreement (Boardwalk Bancorp Inc)

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Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a lump sum cash payment equal to 45% of the amount determined under Section 3(a)(i) $26,499 will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of Terminationemployment.

Appears in 1 contract

Samples: Change in Control Agreement (Main Street Bancorp Inc)

Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a lump sum cash payment equal to 45% of the amount determined under Section 3(a)(i) $105,417 will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of Terminationemployment.

Appears in 1 contract

Samples: Employment Agreement (Main Street Bancorp Inc)

Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a lump sum cash payment equal to 45% of the amount determined under Section 3(a)(i) $ [estimate value of 2 years of benefits] will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of Terminationemployment.

Appears in 1 contract

Samples: Employment Agreement (Healthrite Inc)

Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a lump sum cash payment equal to 45% of the amount determined under Section 3(a)(i) $103,916 will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of Terminationemployment.

Appears in 1 contract

Samples: Employment Agreement (Main Street Bancorp Inc)

Supplemental Payment in Lieu of Certain Benefits. In lieu of continued pension, welfare and other benefits, a lump sum cash payment equal to 45% of the amount determined under Section 3(a)(i) $24,023 will be paid to the Executive within 30 days following the later of the date of termination of employment or the delivery of a Notice of Terminationemployment.

Appears in 1 contract

Samples: Change in Control Agreement (Main Street Bancorp Inc)

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