Benefits Payable Upon a Change in Control. In the event of a Change in Control then the Executive shall be entitled to be paid the Annual Benefit (determined with the Applicable Percentage being equal to 100% each year for the remainder of Executive’s life or 20 years whichever is less, on a monthly basis beginning on the first day of each month, beginning with the month following the Change in Control and continuing to the earlier of Executive’s death or 20 years. In the event of Executive’s death prior to receiving the full benefit payable under this Section 3.4, the Executive’s legal representative shall be paid the remaining Annual Benefit as if the Executive had survived to the date of the final payment provided for by this Section 3.4. If Executive is entitled to receive benefits pursuant to this Section 3.4, Executive shall not be entitled to payment of benefits under any other section of this Agreement.
Benefits Payable Upon a Change in Control. In the event of a Change in Control then the Executive shall be entitled to be paid the Annual Benefit (determined with the Applicable Percentage being equal to 100% and the Final Average Annual Compensation being equal to Executive’s average annual Compensation for the 36 full consecutive calendar months immediately prior to the effective date of the Change in Control) each year for the remainder of Executive’s life or 20 years whichever is less, on a monthly basis beginning on the first day of each month, beginning with the month following the Change in Control and continuing to the earlier of Executive’s death or 20 years. In the event of Executive’s death prior to receiving the full benefit payable under this Section 3.4, the Executive’s legal representative shall be paid the remaining Annual Benefit as if the Executive had survived to the date of the final payment provided for by this Section 3.4. If Executive is entitled to receive benefits pursuant to this Section 3.4, Executive shall not be entitled to payment of benefits under any other section of this Agreement.
Benefits Payable Upon a Change in Control. If there is a change in control of the Corporation and a Participant’s employment is terminated without cause or the Participant voluntarily terminates employment for good reason at any time after the change in control, whether or not he has made the deferments required under Section 6.01, he shall nevertheless receive the Normal Retirement Benefits specified in his Election Form. Regardless of the above, this provision shall not be effective if an Employee’s participation in the Plan is terminated before his employment is terminated. A change in control shall mean a change of a nature that would be required to be reported in response to Item 5(f) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (herein after called the Act) or similar reporting requirement; provided that, without limitation, a change in control shall be deemed to have occurred if any, person (as that term is defined in Section 13(d) and 14(d) of the Act) other than the Corporation or any present Director or Officer of the Corporation is or becomes the beneficial owner (as that term is defined in Rule 13d-3 under the Act or similar rule), directly or indirectly, of securities representing twenty-five percent (25%) or more of the voting power of the Corporation’s then outstanding securities or if during any two (2) consecutive years the individuals who constitute the Board of Directors of the Corporation at the beginning of such period should cease to constitute a majority of the Board, unless the election of each subsequent Director has been approved in advance by Directors representing at least two-thirds (2/3) of the Directors then in office who were Directors at the beginning of the two (2) year period. For purposes of this Plan, the termination of an Employee shall be considered to be for cause, whether it occurred by resignation or discharge if the reason for the termination of employment was the Participant’s proven or admitted embezzlement, dishonesty, fraud, conviction on a felonious or other charge involving moral turpitude, all in connection with the Employer’s affairs, or his own willful or intentional injury to the Employer or its property, or to any of his fellow Employees in connection with the Employer’s affairs or his conspiracy against the Employer. The Committee shall make the determination as to whether the termination is for cause in any case and subject to the claims procedure in ARTICLE X, such determination shall be ...
Benefits Payable Upon a Change in Control. In the event of a Change in Control, the following provisions shall apply:
