Common use of Salary and Annual Incentive Award Clause in Contracts

Salary and Annual Incentive Award. The Executive will receive the sum of (1) the Executive’s Base Salary through the Effective Date of Termination, (2) the product of (x) the Annual Incentive Award, and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Effective Date of Termination, and the denominator of which is 365 (the “Pro Rata Bonus”), (3) the Executive’s pro-rata profit sharing contribution calculated by using the higher of (i) the then current profit sharing contribution provided to employees of the Bank, or (ii) the average profit sharing contribution provided during the two (2) years prior to the Effective Date of Termination, and (4) any accrued vacation pay and reimbursable business expenses, in each case to the extent not theretofore paid. In addition, the Executive will receive (i) a lump sum cash payment equal to two (2) times the Executive’s Base Salary as in effect immediately prior to the Effective Date of Termination, and (ii) a lump sum cash payment equal to two (2) times the Executive’s Annual Incentive Award. For purposes of this Section 3(b)(1), the Annual Incentive Award shall be based on an assumed achievement of 100% of the targeted performance goal(s) for such award. All sums due Executive under this Section 3(b)(1) shall be paid within 30 days following the Effective Date of Termination.

Salary and Annual Incentive Award. The Executive will receive the sum of (1) the Executive’s Base Salary through the Effective Date of Termination, (2) the product of (x) the Annual Incentive Award, and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Effective Date of Termination, and the denominator of which is 365 (the “Pro Rata Bonus”), . (3) the Executive’s pro-rata profit sharing contribution calculated by using the higher of (i) the then current profit sharing contribution provided to employees of the Bank, or (ii) the average profit sharing contribution provided during the two (2) years prior to the Effective Date of Termination, and (4) any accrued vacation pay and reimbursable business expenses, in each case to the extent not theretofore paid. In addition, the Executive will receive (i) a lump sum cash payment equal to two (2) times the Executive’s Base Salary as in effect immediately prior to the Effective Date of Termination, and (ii) a lump sum cash payment equal to two (2) times the Executive’s Annual Incentive Award. For purposes of this Section 3(b)(1), the Annual Incentive Award shall be based on an assumed achievement of 100% of the targeted performance goal(s) for such award. All sums due Executive under this Section 3(b)(1) shall be paid within 30 days following the Effective Date of Termination.

Salary and Annual Incentive Award. The Executive will receive the sum of (1) the Executive’s Base Salary through the Effective Date of Termination, (2) the product of (x) the Annual Incentive Award, and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Effective Date of Termination, and the denominator of which is 365 (the “Pro Rata Bonus”), (3) the Executive’s pro-rata profit sharing contribution calculated by using the higher of (i) the then current profit sharing contribution provided to employees of the Bank, or (ii) the average profit sharing contribution provided during the two (2) years prior to the Effective Date of Termination, and (4) any accrued vacation pay and reimbursable business expenses, in each case to the extent not theretofore paid. In addition, the Executive will receive (i) a lump sum cash payment equal to two three (23) times the Executive’s Base Salary as in effect immediately prior to the Effective Date of Termination, and (ii) a lump sum cash payment equal to two three (23) times the Executive’s Annual Incentive Award. For purposes of this Section 3(b)(1), the Annual Incentive Award shall be based on an assumed achievement of 100% of the targeted performance goal(s) for such award. All sums due Executive under this Section 3(b)(1) shall be paid within 30 days following the Effective Date of Termination.