Common use of Rights in Event of Termination of Employment Absent Change in Control Clause in Contracts

Rights in Event of Termination of Employment Absent Change in Control. In the event that Executive’s employment is involuntarily terminated by the Bank without Cause prior to the second anniversary date of this Agreement and no Change in Control shall have occurred at the date of such termination, the Bank shall pay Executive subject to Bank’s receipt of a release substantially in the form of Exhibit B an amount equal to and no greater than 2.0 times Executive’s Agreed Compensation as defined in subsection (g) of Section 4, and shall be payable in twenty-four (24) equal monthly installments and shall be subject to federal, state and local tax withholdings commencing within thirty (30) days of termination of employment. In addition, for a period of one (1) year from the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect to Executive as of the date of Executive’s termination of employment, or, if the Bank cannot provide such benefits because Executive is no longer an employee, the Bank shall reimburse Executive in an amount equal to the monthly premium paid by him to obtain substantially similar employee benefits which he enjoyed prior to termination, subject to Code Section 409A if applicable.  In the event that Executive’s employment is involuntarily terminated by the Bank without Cause after the second anniversary date of this Agreement and no Change in Control shall have occurred at the date of such termination, the Bank shall pay Executive subject to Bank’s receipt of a release substantially in the form of Exhibit B an amount equal to and no greater than 1.0 times Executive’s Agreed Compensation as defined in subsection (g) of Section 4, and shall be payable in twelve (12) equal monthly installments and shall be subject to federal, state and local tax withholdings commencing within thirty (30) days of termination of employment. In addition, for a period of one (1) year form the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect to Executive as of the date of Executive’s termination of employment, or, if the Bank cannot provide such benefits because Executive is no longer an employee, the Bank shall reimburse Executive in an amount equal to the monthly premium paid by him to obtain substantially similar employee benefits which he enjoyed prior to termination, subject to Code Section 409A if applicable. 

Rights in Event of Termination of Employment Absent Change in Control. In the event that (a) If Executive’s employment is involuntarily terminated by the Corporation or the Bank without Cause prior or is terminated by Executive for Good Reason pursuant to the second anniversary date of this Agreement and no Change in Control shall have occurred at the date of such terminationSection 3(c), the then Bank shall pay Executive subject (or cause to Bank’s receipt of be paid) to Executive, within twenty (20) days following termination, a release substantially in the form of Exhibit B an amount lump sum cash payment equal to and no greater than 2.0 two times Executive’s Agreed Compensation the sum of (1) the highest Annual Base Salary as defined in subsection Section 4(a) during the immediately preceding three calendar years, (g2) the highest cash bonus and other cash incentive compensation earned by him with respect to one of Section 4the three calendar years immediately preceding the year of termination and (3) the highest value of stock options and other stock based incentives awarded to the Executive with respect to one of the three calendar years immediately preceding the year of termination, and which value shall be payable based upon the grant-date fair value of the award determined in twentyaccordance with SFAS 123(R) (“Share-four (24) equal monthly installments and Based Payments”). The amount shall be subject to federal, state and local tax withholdings commencing within thirty (30) days of termination of employmentwithholdings. In addition, for a period of one two (12) year years from the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation be permitted to continue participation in, and the Bank shall maintain the same level of all contribution for, Executive’s participation in the Bank’s life, disability, medical medical/health insurance and other normal health and welfare benefits in effect with respect to Executive as of during the date of Executive’s one (1) year prior to his termination of employment, or, if the Bank cannot provide such benefits because Executive is no longer an employee, the Bank shall reimburse Executive in an a dollar amount equal to the monthly premium paid by him to obtain cost of Executive of obtaining such benefits (or substantially similar employee benefits which he enjoyed prior to termination, subject to Code Section 409A if applicable.  In the event that Executive’s employment is involuntarily terminated by the Bank without Cause after the second anniversary date of this Agreement and no Change in Control shall have occurred at the date of such termination, the Bank shall pay Executive subject to Bank’s receipt of a release substantially in the form of Exhibit B an amount equal to and no greater than 1.0 times Executive’s Agreed Compensation as defined in subsection (g) of Section 4, and shall be payable in twelve (12) equal monthly installments and shall be subject to federal, state and local tax withholdings commencing within thirty (30) days of termination of employmentbenefits). In addition, for a period if permitted pursuant to the terms of one (1) year form the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occurplan, Executive shall receive a continuation additional retirement benefits to which he would have been entitled had his employment continued through the then remaining term of all lifethe Agreement. Notwithstanding the foregoing, disability, medical insurance and other normal health and welfare benefits in effect with respect the value of restricted stock awarded to Executive as under the Bank’s 2006 Restricted Stock Plan shall not be included under §7(a)(3) above for purposes of calculating the date of compensation payable to Executive’s termination of employment, or, if the Bank cannot provide such benefits because Executive is no longer an employee, the Bank shall reimburse Executive in an amount equal to the monthly premium paid by him to obtain substantially similar employee benefits which he enjoyed prior to termination, subject to Code Section 409A if applicable. .

Rights in Event of Termination of Employment Absent Change in Control. (a) In the event that Executive’s employment is involuntarily terminated by the Bank and the Corporation without Cause prior or Executive resigns for Good Reason, in each case other than within two (2) years following a Change in Control, then the Bank and the Corporation shall pay Executive his Accrued Benefits plus a lump sum payment equal to the second anniversary date greater of this Agreement (a) the sum of (i) his unpaid Annual Base Salary through the Employment Period, or June 30, 2026; and no Change in Control (ii) Executive’s average cash bonus and other cash incentive compensation earned by him with respect to the three calendar years immediately preceding the year of termination; or (b) the sum of (i) one (1) times (i) his Annual Base Salary; and (ii) his average cash bonus and other cash incentive compensation earned by him with respect to the three calendar years immediately preceding the year of termination, which shall have occurred at be paid to Executive within sixty (60) days following the date of such termination, the Bank shall pay Executive subject to Bank’s receipt of a release substantially in the form of Exhibit B an amount equal to and no greater than 2.0 times Executive’s Agreed Compensation as defined in subsection (g) of Section 4, and shall be payable in twenty-four (24) equal monthly installments and shall be subject to federal, state and local tax withholdings commencing within thirty (30) days of his termination of employment. In addition, for a period of one (1) year from the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect to Executive as of during the date of Executive’s one (1) year prior to his termination of employment, or, employment if the Bank and the Corporation cannot provide such benefits because Executive is no longer an employeeExecutive, the Bank and the Corporation shall reimburse Executive in an amount equal to the monthly premium paid by him to obtain substantially similar employee health and welfare Executive benefits which he enjoyed prior to termination, subject to Code Section 409A if applicable.  In which reimbursement shall continue until the event that Executive’s employment is involuntarily terminated by the Bank without Cause after the second anniversary date of this Agreement and no Change in Control shall have occurred at the date of such termination, the Bank shall pay Executive subject to Bank’s receipt of a release substantially in the form of Exhibit B an amount equal to and no greater than 1.0 times Executive’s Agreed Compensation as defined in subsection (g) of Section 4, and shall be payable in twelve (12) equal monthly installments and shall be subject to federal, state and local tax withholdings commencing within thirty (30) days of termination of employment. In addition, for a period expiration of one (1) year form from the date of termination of employment, employment or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect to Executive as of the date of Executive’s termination of employment, or, if the Bank cannot provide such benefits because Executive is no longer an employee, the Bank shall reimburse Executive in an amount equal to the monthly premium paid by him to obtain substantially similar employee benefits which he enjoyed prior to termination, subject to Code Section 409A if applicable. Notwithstanding any provision of this Agreement to the contrary, Executive shall forfeit his rights to receive the payments and benefits set forth in Section 7(a) unless he executes a general release of claims in favor of the Bank and the Corporation in a form to be provided by the Bank and the Corporation, and such release becomes effective and irrevocable in accordance with its terms, on or before the date that is sixty (60) days after Executive’s termination of employment.

Rights in Event of Termination of Employment Absent Change in Control. In the event that Executive’s employment is involuntarily terminated by the Bank without Cause prior to the second anniversary date of this Agreement and no Change in Control shall have occurred at the date of such termination, the Bank shall pay Executive subject to Bank’s receipt of a release substantially in the form of Exhibit B an amount equal to and no greater than 2.0 times Executive’s Agreed Compensation as defined in subsection (g) of Section 4, and shall be payable in twenty-four (24) equal monthly installments and shall be subject to federal, state and local tax withholdings commencing within thirty (30) days of termination of employment. In addition, for a period of one (1) year from the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect to Executive as of the date of Executive’s termination of employment, or, if the Bank cannot provide such benefits because Executive is no longer an employee, the Bank shall reimburse Executive in an amount equal to the monthly premium paid by him to obtain substantially similar employee benefits which he enjoyed prior to termination, subject to Code Section 409A if applicable.  In the event that Executive’s employment is involuntarily terminated by the Bank without Cause after the second anniversary date of this Agreement and no Change in Control shall have occurred at the date of such termination, the Bank shall pay Executive subject to Bank’s receipt of a release substantially in the form of Exhibit B an amount equal to and no greater than 1.0 times Executive’s Agreed Compensation as defined in subsection (g) of Section 4, and shall be payable in twelve (12) equal monthly installments and shall be subject to federal, state and local tax withholdings commencing within thirty (30) days of termination of employment. In addition, for a period of one (1) year form the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect to Executive as of the date of Executive’s termination of employment, or, if the Bank cannot provide such benefits because Executive is no longer an employee, the Bank shall reimburse Executive in an amount equal to the monthly premium paid by him to obtain substantially similar employee benefits which he enjoyed prior to termination, subject to Code Section 409A if applicable. .

Rights in Event of Termination of Employment Absent Change in Control. In the event that (a) If Executive’s employment is involuntarily terminated by the Corporation or the Bank without Cause prior or is terminated by Executive for Good Reason pursuant to the second anniversary date of this Agreement and no Change in Control shall have occurred at the date of such terminationSection 3(c), the then Bank shall pay Executive subject (or cause to Bank’s receipt of be paid) to Executive, within twenty (20) days following termination, a release substantially in the form of Exhibit B an amount lump sum cash payment equal to and no greater than 2.0 three times Executive’s Agreed Compensation the sum of (1) the highest Annual Base Salary as defined in subsection Section 4(a) during the immediately preceding three calendar years, (g2) the highest cash bonus and other cash incentive compensation earned by him with respect to one of Section 4the three calendar years immediately preceding the year of termination and (3) the highest value of stock options and other stock based incentives awarded to the Executive with respect to one of the three calendar years immediately preceding the year of termination, and which value shall be payable based upon the grant-date fair value of the award determined in twentyaccordance with SFAS 123(R) (“Share-four (24) equal monthly installments and Based Payments”). The amount shall be subject to federal, state and local tax withholdings commencing within thirty (30) days of termination of employmentwithholdings. In addition, for a period of one three (13) year years from the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation be permitted to continue participation in, and the Bank shall maintain the same level of all contribution for, Executive’s participation in the Bank’s life, disability, medical medical/health insurance and other normal health and welfare benefits in effect with respect to Executive as of during the date of Executive’s one (1) year prior to his termination of employment, or, if the Bank cannot provide such benefits because Executive is no longer an employee, the Bank shall reimburse Executive in an a dollar amount equal to the monthly premium paid by him to obtain cost of Executive of obtaining such benefits (or substantially similar employee benefits which he enjoyed prior to termination, subject to Code Section 409A if applicable.  In the event that Executive’s employment is involuntarily terminated by the Bank without Cause after the second anniversary date of this Agreement and no Change in Control shall have occurred at the date of such termination, the Bank shall pay Executive subject to Bank’s receipt of a release substantially in the form of Exhibit B an amount equal to and no greater than 1.0 times Executive’s Agreed Compensation as defined in subsection (g) of Section 4, and shall be payable in twelve (12) equal monthly installments and shall be subject to federal, state and local tax withholdings commencing within thirty (30) days of termination of employmentbenefits). In addition, for a period if permitted pursuant to the terms of one (1) year form the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occurplan, Executive shall receive a continuation additional retirement benefits to which he would have been entitled had his employment continued through the then remaining term of all lifethe Agreement. Notwithstanding the foregoing, disability, medical insurance and other normal health and welfare benefits in effect with respect the value of restricted stock awarded to Executive as under the Bank’s 2006 Restricted Stock Plan shall not be included under §7(a)(3) above for purposes of calculating the date of compensation payable to Executive’s termination of employment, or, if the Bank cannot provide such benefits because Executive is no longer an employee, the Bank shall reimburse Executive in an amount equal to the monthly premium paid by him to obtain substantially similar employee benefits which he enjoyed prior to termination, subject to Code Section 409A if applicable. .

Rights in Event of Termination of Employment Absent Change in Control. In the event that (a) If Executive’s employment is involuntarily terminated by the Corporation or the Bank without Cause prior or is terminated by Executive for Good Reason pursuant to the second anniversary date of this Agreement and no Change in Control shall have occurred at the date of such terminationSection 3(c), the then Bank shall pay Executive subject (or cause to Bank’s receipt of be paid) to Executive, within twenty (20) days following termination, a release substantially in the form of Exhibit B an amount lump sum cash payment equal to and no greater than 2.0 three times Executive’s Agreed Compensation the sum of (1) the highest Annual Base Salary as defined in subsection Section 4(a) during the immediately preceding three calendar years, (g2) the highest cash bonus and other cash incentive compensation earned by him with respect to one of Section 4the three calendar years immediately preceding the year of termination and (3) the highest value of stock options and other stock based incentives awarded to the Executive with respect to one of the three calendar years immediately preceding the year of termination, and which value shall be payable based upon the grant-date fair value of the award determined in twentyaccordance with SFAS 123(R) (“Share-four (24) equal monthly installments and Based Payments”). The amount shall be subject to federal, state and local tax withholdings commencing within thirty (30) days of termination of employmentwithholdings. In addition, for a period of one three (13) year years from the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation be permitted to continue participation in, and the Bank shall maintain the same level of all contribution for, Executive’s participation in the Bank’s life, disability, medical medical/health insurance and other normal health and welfare benefits in effect with respect to Executive as of during the date of Executive’s one (1) year prior to his termination of employment, or, if the Bank cannot provide such benefits because Executive is no longer an employee, the Bank shall reimburse Executive in an a dollar amount equal to the monthly premium paid by him to obtain cost of Executive of obtaining such benefits (or substantially similar employee benefits which he enjoyed prior to termination, subject to Code Section 409A if applicable.  In the event that Executive’s employment is involuntarily terminated by the Bank without Cause after the second anniversary date of this Agreement and no Change in Control shall have occurred at the date of such termination, the Bank shall pay Executive subject to Bank’s receipt of a release substantially in the form of Exhibit B an amount equal to and no greater than 1.0 times Executive’s Agreed Compensation as defined in subsection (g) of Section 4, and shall be payable in twelve (12) equal monthly installments and shall be subject to federal, state and local tax withholdings commencing within thirty (30) days of termination of employmentbenefits). In addition, for a period if permitted pursuant to the terms of one (1) year form the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occurplan, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare additional retirement benefits in effect with respect to Executive as which he would have been entitled had his employment continued through the then remaining term of the date of Executive’s termination of employment, or, if the Bank cannot provide such benefits because Executive is no longer an employee, the Bank shall reimburse Executive in an amount equal to the monthly premium paid by him to obtain substantially similar employee benefits which he enjoyed prior to termination, subject to Code Section 409A if applicable. Agreement.