Exhibit 10.1
RELEASE AND WAIVER
THE BANK HOLDINGS EXECUTIVE
NONQUALIFIED EXCESS PLAN
DISTRIBUTION AND
PAYMENT
In consideration for the
distribution and payment by The Bank Holdings (the
“Company”) of the portion (the “Non Grandfathered
Portion”) of my account balance in the Company’s
Executive Nonqualified Excess Plan (the “Plan”), also
known as The Bank Holdings Excess Plan, that is other than
grandfathered for purposes of being covered by Section 409A of
the Internal Revenue Code of 1986, as amended,
,
(the “Participant”) hereby releases the Company and
Nevada Security Bank (the “Bank”) from any liability
for the termination of the Plan and the distribution and payment of
the Non Grandfathered Portion, including the Participant’s
liability for any excise taxes or interest under Section 409A
of the Internal Revenue Code of 1986, as amended (the
“Code”), for any failure to withhold federal income
taxes, and any related interest or penalties.
The Participant acknowledges that
the Participant shall be liable for the payment of any federal
and/or state income taxes, excise taxes, interest and penalties
associated with the distribution and payment of the Non
Grandfathered Portion to the Participant, including the withholding
of taxes. In addition, the Participant further waives any
claim against the Company and the Bank for the changes to the
Participant’s compensation or benefits that are the direct
result of the termination of the Plan.
This waiver includes and releases
all claims the Participant may have under the laws of the United
States or any state , known or unknown, in law or equity, that the
parties ever had, now have, may have, or claim to have against any
and all of the persons or entities named in this paragraph arising
out of, or by reason of this agreement, or related to the
requirements imposed by the aforementioned termination of the Plan
and distribution and payment of the Non Grandfathered Portion
including without limitation a claim for any compensation or other
payments the Participant would otherwise receive.
It is the express intention of the
Parties that this agreement shall be effective as a full and final
accord, satisfaction and release as to the matters released herein.
In furtherance of this intention, as to the matters released
herein, each Party expressly waives and relinquishes, to the
fullest extent permitted, including but not limited to all
provisions, rights and benefits of applicable Nevada
law.
Each Party acknowledges a general
release does not extend to claims which the creditor does not know
or suspect to exist in his favor at the time of executing the
release, which if known by him must have materially affected his
settlement with the debtor.
Each Party also expressly waives and
relinquishes, to the fullest extent permitted by applicable law,
the provisions, rights and benefits conferred by any law of any
state, territ
