Common use of Termination by Bank Clause in Contracts

Termination by Bank. In the event Bank elects to terminate this Agreement by giving Notice of Termination prior to the expiration of the Term, Executive shall be entitled to compensation from Bank as follows: (i) Bank shall pay Executive his normal compensation then in effect through the Date of Termination; and (ii) Bank shall pay to Executive a severance payment equal to his then-current base monthly salary, multiplied by twelve (12) (the "Severance Payment"), which amount shall be paid by the Bank in either of the following two ways, in the sole discretion of the board of directors: (A) the Bank may pay the Severance Payment in twelve (12) equal installments during the succeeding twelve (12) month period beginning on the Date of Termination (the "Severance Period") in conformity with Bank's normal payroll periods, or (B) the Bank may pay the Severance Payment in one lump sum, subject to such withholding and other deductions as may be required by applicable law. In addition, Executive shall be entitled to the continuation of the group insurance benefits provided under ▇▇▇▇▇▇▇▇▇ ▇.▇, subject to Executive's reasonable cooperation with Bank, until the first to occur of: (x) the expiration of the Severance Period, or (y) Executive's commencement of work for a new employer that provides group medical insurance benefits to Executive. Executive's acceptance of new employment or earnings from other sources during the Severance Period shall not affect Bank's obligation to make the Severance Payment as provided above. At any time between Bank giving Executive Notice of Termination and the Date of Termination, Bank, in its sole discretion, may direct Executive to cease performing services for Bank or to absent himself from Bank's premises and operations, provided that Bank shall nonetheless compensate Executive as provided above.

Termination by Bank. In the event Bank elects to terminate this Agreement by giving Notice of Termination prior to the expiration of the Term, Executive shall be entitled to compensation from Bank as follows: (i) Bank shall pay Executive his normal compensation then in effect through the Date of Termination; and (ii) Bank shall pay to Executive a severance payment equal to his then-current base monthly salary, multiplied by twelve (12) (the "Severance Payment"), which amount shall be paid by the Bank in either of the following two ways, in the sole discretion of the board of directors: (A) the Bank may pay the Severance Payment in twelve (12) equal installments during the succeeding twelve (12) month period beginning on the Date of Termination (the "Severance Period") in conformity with Bank's normal payroll periods, or (B) the Bank may pay the Severance Payment in one lump sum, subject to such withholding and other deductions as may be required by applicable law. In addition, Executive shall be entitled to the continuation of the group insurance benefits provided under ▇▇▇▇▇▇▇▇▇ ▇.▇, subject to Executive's reasonable cooperation with Bank, until the first to occur of: (x) the expiration of the Severance Period, or (y) Executive's commencement of work for a new employer that provides group medical insurance benefits to Executive. Executive's acceptance of new employment or earnings from other sources during the Severance Period shall not affect Bank's obligation to make the Severance Payment as provided above. At any time between Bank giving Executive Notice of Termination and the Date of Termination, Bank, in its sole discretion, may direct Executive to cease performing services for Bank or to absent himself from Bank's premises and operations, provided that Bank shall nonetheless compensate Executive as provided above.giving

Termination by Bank. In the event Bank elects to terminate this Agreement by giving Notice of Termination prior to the expiration of the Term, Executive shall be entitled to compensation from Bank as follows: (i) Bank shall pay Executive his normal compensation then in effect through the Date of Termination; and (ii) Bank shall pay to Executive a severance payment equal to his then-current base monthly salary, multiplied by twelve (12) (the "“Severance Payment"”), which amount shall be paid by the Bank in either of the following two ways, in the sole discretion of the board of directors: (A) the Bank may pay the Severance Payment in twelve (12) equal installments during the succeeding twelve (12) month period beginning on the Date of Termination (the "“Severance Period"”) in conformity with Bank's ’s normal payroll periods, or (B) the Bank may pay the Severance Payment in one lump sum, subject to such withholding and other deductions as may be required by applicable law. In addition, Executive shall be entitled to the continuation of the group insurance benefits provided under ▇▇▇▇▇▇▇▇▇ ▇.▇, subject to Executive's ’s reasonable cooperation with Bank, until the first to occur of: (x) the expiration of the Severance Period, or (y) Executive's ’s commencement of work for a new employer that provides group medical insurance benefits to Executive. Executive's ’s acceptance of new employment or earnings from other sources during the Severance Period shall not affect Bank's ’s obligation to make the Severance Payment as provided above. At any time between Bank giving Executive Notice of Termination and the Date of Termination, Bank, in its sole discretion, may direct Executive to cease performing services for Bank or to absent himself from Bank's ’s premises and operations, provided that Bank shall nonetheless compensate Executive as provided above.

Termination by Bank. In the event Bank elects to terminate this Agreement by giving Notice of Termination prior to the expiration of the Term, Executive shall be entitled to compensation from Bank as follows: (i) Bank shall pay Executive his normal compensation then in effect through the Date of Termination; and (ii) Bank shall pay to Executive a severance payment equal to his then-current base monthly salary, multiplied by twelve (12) 12 (the "“Severance Payment"”), which amount shall be paid by the Bank in either of the following two ways, in the sole discretion of the board of directors: (A) the Bank may pay the Severance Payment in twelve (12) 12 equal installments during the succeeding twelve (12) 12 month period beginning on the Date of Termination (the "“Severance Period"”) in conformity with Bank's normal payroll periods, or (B) the Bank may pay the Severance Payment in one lump sum, subject to such withholding and other deductions as may be required by applicable law. In addition, Executive shall be entitled to the continuation of the group insurance benefits provided under ▇▇▇▇▇▇▇▇▇ ▇.▇, subject to Executive's reasonable cooperation with Bank, until the first to occur of: (x) the expiration of the Severance Period, or (y) Executive's commencement of work for a new employer that provides group medical insurance benefits to Executive. Executive's acceptance of new employment or earnings from other sources during the Severance Period shall not affect Bank's obligation to make the Severance Payment as provided above. At any time between Bank giving Executive Notice of Termination and the Date of Termination, Bank, in its sole discretion, may direct Executive to cease performing services for Bank or to absent himself from Bank's premises and operations, provided that Bank shall nonetheless compensate Executive as provided above.