Common use of Withholding Election Clause in Contracts

Withholding Election. [THIS SECTION 5 APPLIES TO YOU ONLY IF YOU ARE THE PARTICIPANT, YOU ARE STILL EMPLOYED BY THE WARWICK SAVINGS BANK OR THE COMPANY WITH A TITLE OF, OR MORE SENIOR TO, VICE PRESIDENT AND YOU HAVE REQUESTED IN SECTION 4 OF THIS FORM THAT ANY OR ALL FEDERAL, STATE OR LOCAL TAXES BE PAID WITH THE PROCEEDS OF A SALE OF SHARES.] I understand that in accordance with the Statement of Company Policy Regarding Confidential Information and Stock and Securities Trading by Directors, Officers and Employees, my election(s) to sell Shares in order to satisfy tax withholding requirements is (are) irrevocable and must be received by the Corporate Secretary during a quarterly "window period." A window period is the ten-business day period beginning with the third business day following the public announcement of the Company quarterly or annual earnings.