Common use of Cash Severance after Termination Without Cause or Termination with Good Reason Clause in Contracts

Cash Severance after Termination Without Cause or Termination with Good Reason. Subject to Section 4.3, if the Executive’s employment is terminated by the Bank without Cause or by the Executive voluntarily but with Good Reason, the Bank shall pay to the Executive, severance in an amount equal to the sum of (a) the Executive’s Base Salary and (b) the Executive’s Target Bonus (the “Severance Payment”). The portion of the Severance Payment that is attributable to the Executive’s (i) Base Salary shall be paid in accordance with the Bank’s customary payroll practices for the 12-month period following the date of termination and (ii) Target Bonus shall be paid within thirty (30) days after the Executive’s employment terminates with the Bank (or if the Executive and the Bank have not entered into a release as described in Section 4.3 below in the initial thirty (30) day period, up to sixty (60) days after the Executive’s employment terminates); provided, however, if the Executive’s termination of employment occurs during the first 12 months following the Effective Time, to the extent required by Section 409A of the Internal Revenue Code (the “IRC”), the Severance Payment shall instead be paid on the schedule contemplated by the Prior Agreement for the Change in Control Payment (as defined in the Prior Agreement). The Severance Payment shall not be reduced to account for the time value of money or discounted to present value. The Bank and the Executive acknowledge and agree that the compensation and benefits under this Section 4.1 shall not be payable if, on the date of termination, compensation and benefits are payable or shall have been paid to the Executive under Article 5 of this Agreement.