Common use of TERMINATION OF EMPLOYMENT AND SEPARATION FROM SERVICE Clause in Contracts

TERMINATION OF EMPLOYMENT AND SEPARATION FROM SERVICE. The terms “Termination of Employment” (or “Terminate” or “Terminates”) as used in this Agreement shall be used interchangeably with the term “Separation From Service”, and shall be interpreted in accordance with the provisions of IRC 409A and any related notices, guidance or regulations. Under the current provisions of IRC 409A, whether a Separation From Service (or a Termination of Employment) has occurred is determined based on whether the facts and circumstances indicate that employer and employee reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services the employee will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty (20%) percent of the average level of bona fide services performed (as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services to the employer if the employee has been providing services to the employer less than 36 months). There shall be no Separation From Service while the Executive is on military leave, sick leave or other bona fide leave of absence, as long as such leave does not exceed six (6) months, or if longer, so long as the individual retains a right to reemployment with the service recipient under an applicable statute or by contract.

TERMINATION OF EMPLOYMENT AND SEPARATION FROM SERVICE. The terms “term "Termination of Employment” " (or “"Terminate” " or “"Terminates”") as used in this Agreement shall be used interchangeably with the term “"Separation From Service”", and shall be interpreted in Merrywell Unit Plan 4/7/2015 5 accordance with the provisions of IRC Code Section 409A and any related notices, guidance or regulations. Under the current provisions of IRC 409A, whether Whether a Separation From Service (or a Termination of Employment) has occurred is determined based on whether the facts and circumstances indicate that employer the Bank and employee the Executive reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services the employee will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty (20%) percent of the average level of bona fide services performed (as an employee or an independent contractor) over the immediately preceding thirty36-six (36) month period (or the full period of services to the employer if the employee has been providing services to the employer less than 36 months). There shall be no Separation From Service while the Executive participant is on military leave, sick leave or other bona fide leave of absence, as long as such leave does not exceed six (6) months, or if longer, so long as the individual retains a right to reemployment with the service recipient under an applicable statute or by contract.

TERMINATION OF EMPLOYMENT AND SEPARATION FROM SERVICE. The terms “term "Termination of Employment” " (or “"Terminate” " or “"Terminates”") as used in this Agreement shall 5 Unit Plan2019/3/1 be used interchangeably with the term “"Separation From Service”, " and shall be interpreted in accordance with the provisions of IRC Code Section 409A and any related notices, guidance or regulations. Under the current provisions of IRC 409A, whether Whether a Separation From Service (or a Termination of Employment) has occurred is determined based on whether the facts and circumstances indicate that employer the Bank and employee Executive reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services the employee Executive will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty (20%) percent of the average level of bona fide services performed (as an employee or an independent contractor) over the immediately preceding thirty36-six (36) month period (or the full period of services to the employer service if the employee has been providing services to the employer less than 36 months). There shall be no Separation From Service while the Executive is on military leave, sick leave or other bona fide leave of absence, as long as such leave does not exceed six (6) months, or if longer, so long as the individual Executive retains a right to reemployment with the service recipient Bank under an applicable statute or by contract.

TERMINATION OF EMPLOYMENT AND SEPARATION FROM SERVICE. The terms “term "Termination of Employment” " (or “"Terminate” " or “"Terminates”") as used in this Agreement shall be used interchangeably with the term “"Separation From Service”", and shall be interpreted in Eid Unit Plan 8/8/2014 5 accordance with the provisions of IRC Code Section 409A and any related notices, guidance or regulations. Under the current provisions of IRC 409A, whether Whether a Separation From Service (or a Termination of Employment) has occurred is determined based on whether the facts and circumstances indicate that employer the Bank and employee the Executive reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services the employee will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty (20%) percent of the average level of bona fide services performed (as an employee or an independent contractor) over the immediately preceding thirty36-six (36) month period (or the full period of services to the employer if the employee has been providing services to the employer less than 36 months). There shall be no Separation From Service while the Executive participant is on military leave, sick leave or other bona fide leave of absence, as long as such leave does not exceed six (6) months, or if longer, so long as the individual retains a right to reemployment with the service recipient under an applicable statute or by contract.

TERMINATION OF EMPLOYMENT AND SEPARATION FROM SERVICE. The terms “term "Termination of Employment” " (or “"Terminate” " or “"Terminates”") as used in this Agreement shall be used interchangeably with the term “"Separation From Service”", and shall be interpreted in accordance with the provisions of IRC Code Section 409A and any related notices, guidance or regulations. Under the current provisions of IRC 409A, whether Whether a Separation From Service (or a Termination of Employment) has occurred 5 McrrywcllUnit PI an201826 is determined based on whether the facts and circumstances indicate that employer the Bank and employee the Executive reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services the employee will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty (20%) percent of the average level of bona fide services performed (as an employee or an independent contractor) over the immediately preceding thirty36-six (36) month period (or the full period of services to the employer if the employee has been providing services to the employer less than 36 months). There shall be no Separation From Service while the Executive participant is on military leave, sick leave or other bona fide leave of absence, as long as such leave does not exceed six (6) months, or if longer, so long as the individual retains a right to reemployment with the service recipient under an applicable statute or by contract.

TERMINATION OF EMPLOYMENT AND SEPARATION FROM SERVICE. The terms “Termination of Employment” (or “Terminate” or “Terminates”) as used in this Agreement shall be used interchangeably with the term “Separation From Service”, and shall be interpreted in accordance with the provisions of IRC 409A and any related notices, guidance or regulations. Under the current provisions of IRC 409A, whether Whether a Separation From Service (or a Termination of Employment) has occurred is determined based on whether the facts and circumstances indicate that employer the Bank and employee the Executive reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services the employee will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty (20%) percent of the average level of bona fide services performed (as an employee or an independent contractor) over the immediately preceding thirty36-six (36) month period (or the full period of services to the employer if the employee has been providing services to the employer less than 36 months). There shall be no Separation From Service while the Executive participant is on military leave, sick leave or other bona fide leave of absence, as long as such leave does not exceed six (6) months, or if longer, so long as the individual retains a right to reemployment with the service recipient under an applicable statute or by contract.

TERMINATION OF EMPLOYMENT AND SEPARATION FROM SERVICE. The terms term “Termination of Employment” (or “Terminate” or “TerminatesTerminates Employment”) as used in this Agreement shall be used interchangeably with the term “Separation From Service”, ” and shall be interpreted in accordance with the provisions of IRC Code Section 409A and any related notices, guidance or regulations. Under the current provisions of IRC 409A, whether Whether a Separation From Service (or a Termination of Employment) has occurred is determined based on whether the facts and circumstances indicate that employer the Bank and employee Executive reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services the employee Executive will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty (20%) percent of the average level of bona fide services performed (as an employee or an independent contractor) over the immediately preceding thirty36-six (36) month period (or the full period of services to the employer service if the employee has been providing services to the employer less than 36 months). There shall be no Separation From Service while the Executive is on military leave, sick leave or other bona fide leave of absence, as long as such leave does not exceed six (6) months, or if longer, so long as the individual Executive retains a right to reemployment with the service recipient Bank under an applicable statute or by contract.

TERMINATION OF EMPLOYMENT AND SEPARATION FROM SERVICE. The terms “"Termination of Employment” " (or “"Terminate” " or “"Terminates”") as used in this Agreement shall be used interchangeably with the term “"Separation From Service”", and shall be interpreted in accordance with the provisions of IRC 409A and any related notices, guidance or regulations. Under the current provisions of IRC 409A, whether Whether a Separation From Service (or a Termination of Employment) has occurred is determined based on whether the facts and circumstances indicate that employer the Bank and employee the Executive reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services the employee will perform after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty (20%) percent of the average level of bona fide services performed (as an employee or an independent contractor) over the immediately preceding thirty36-six (36) month period (or the full period of services to the employer if the employee has been providing services to the employer less than 36 months). There shall be no Separation From Service while the Executive participant is on military leave, sick leave or other bona fide leave of absence, as long as such leave does not exceed six (6) months, or if longer, so long as the individual retains a right to reemployment with the service recipient under an applicable statute or by contract.