Common use of Automobile and Cellular Phone Clause in Contracts

Automobile and Cellular Phone. The Company and/or the Bank shall pay Executive a monthly automobile allowance of $500, in accordance with the Company’s customary payroll practices, whether or not deductible for income tax purposes by the payor. All expenses and maintenance of the automobile shall be borne by Executive. Executive is solely responsible for apportioning the time allocated for personal use of the automobile for applicable income tax purposes. Executive shall comply with reasonable reporting and expense limitations on the use of such automobile, as the Company and/or the Bank may establish from time to time, and Executive’s annual Form W-2 shall reflect any amount attributable to Executive’s personal use of such automobile. The Company and/or the Bank shall also provide Executive with a cellular phone and shall pay (or reimburse) Executive for all reasonable expenses related to the business use of such phone. All expenses and reimbursements of Executive payable by the Company and/or the Bank hereunder shall be paid promptly, and in any event no later than March 15 of the year immediately following the year in which the expenses were incurred.

Automobile and Cellular Phone. The Company and/or the Bank shall pay Executive a monthly automobile allowance of $500750, in accordance with the Company’s customary payroll practices, whether or not deductible for income tax purposes by the payor. All expenses and maintenance of the automobile shall be borne by Executive. Executive is solely responsible for apportioning the time allocated for personal use of the automobile for applicable income tax purposes. Executive shall comply with reasonable reporting and expense limitations on the use of such automobile, as the Company and/or the Bank may establish from time to time, and Executive’s annual Form W-2 shall reflect any amount attributable to Executive’s personal use of such automobile. The Company and/or the Bank shall also provide Executive with a cellular phone and shall pay (or reimburse) Executive for all reasonable expenses related to the business use of such phone. All expenses and reimbursements of Executive payable by the Company and/or the Bank hereunder shall be paid promptly, and in any event no later than March 15 of the year immediately following the year in which the expenses were incurred.