COVENANTS OF SR BANCORP AND SOMERSET SAVINGS
Somerset Bank agrees that each Regal Bancorp or Regal Bank employee whose employment is involuntarily terminated (other than for cause) at or within 12 months of the Effective Time and who is not covered by a separate employment agreement, change in control agreement or severance agreement shall receive a severance payment equal to two weeks of base pay (at the rate in effect on the termination date) for each full year of service at Regal Bancorp or Regal Bank, with a minimum payment equal to four weeks of base pay for Regal Bancorp or Regal Bank employees who have at least one full year of service as of their date of termination and a maximum of 26 weeks of base pay. For purposes of calculating the number of years of service, fractional years of service shall be rounded up or down to the nearest full year, except for purposes of determining eligibility to receive a severance payment.
【参考訳】サマセット・バンクは、発効時または発効時から 12 ヶ月以内に雇用が非自発的に終了した（理由によるも のを除く）Regal Bancorp または Regal Bank の各従業員で、個別の雇用契約が適用されな い従業員が、発効時または発効時から 12 ヶ月以内に退職することに同意する、 ただし、解雇日時点で勤続年数が 1 年以上である Regal Bancorp または Regal Bank の従業員には基本給の 4 週間を最低支払額とし、最大 26 週間を基本給とする。勤続年数の計算においては、退職金の受給資格を決定する場合を除き、勤続年数の端数は切り上 げまたは切り捨てるものとする。
