Common use of Change in Control Benefit Clause in Contracts

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive the Change in Control benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurs. The annual benefit will be paid in equal monthly installments commencing the month following Separation of Service for fifteen (15) years.

Appears in 2 contracts

Samples: Salary Continuation Agreement (National Bankshares Inc), Salary Continuation Agreement (National Bankshares Inc)

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Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive the Change in Control an annual benefit shown on Schedule A corresponding to for the Plan Year in which ending immediately prior to Separation from Service occursin lieu of any other benefit hereunder. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Separation of Service for fifteen (15) yearsfrom Service.

Appears in 2 contracts

Samples: Salary Continuation Agreement (Oak Valley Bancorp), Salary Continuation Agreement (Oak Valley Bancorp)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change amount of Fifteen Thousand Dollars ($15,000) in Control lieu of any other benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurshereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation of Service Normal Retirement Age and continuing for fifteen (15) years.

Appears in 2 contracts

Samples: Salary Continuation Agreement (First South Bancorp Inc /Va/), Salary Continuation Agreement (First South Bancorp Inc /Va/)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change amount of Twenty-Seven Thousand Dollars ($27,000) in Control lieu of any other benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurshereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation of Service Normal Retirement Age and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Salary Continuation Agreement (First South Bancorp Inc /Va/)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service an Involuntary Termination or a Termination for Good Reason prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change amount of Three Hundred Thousand Dollars ($300,000) in Control lieu of any other benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurshereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation of from Service and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Supplemental Executive Retirement Plan Agreement (LINKBANCORP, Inc.)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four twelve (2412) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive the Change in Control benefit shown on Schedule A corresponding to Accrued Benefit, calculated as of the end of the Plan Year in which prior to Separation from Service occurs. The annual benefit will be paid Service, in one hundred eighty (180) equal monthly installments commencing on the first day of the month following Normal Retirement Age. During the time period between Separation of from Service for fifteen (15) yearsand Normal Retirement Age and during the installment period, interest shall be credited on the Accrued Benefit at the Discount Rate.

Appears in 1 contract

Samples: Continuation Agreement (Central Valley Community Bancorp)

Change in Control Benefit. If a Change in Control occurs, occurs followed within twenty-four (24) months by Separation of from Service prior to Normal Retirement Age, the Employer shall pay the Executive the Change in Control annual benefit shown on Schedule A corresponding for the Plan Year ending immediately prior to Separation from Service. Additionally, this benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Separation from Service occurstakes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Separation of Service for fifteen (15) yearsfrom Service.

Appears in 1 contract

Samples: Supplemental Executive Retirement Agreement (Two River Bancorp)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change amount of Seventy-Two Thousand Dollars ($72,000) in Control lieu of any other benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurshereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation of from Service and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Executive Supplemental Retirement Plan (LINKBANCORP, Inc.)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change amount of Thirty Thousand Dollars ($30,000) in Control lieu of any other benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurshereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation of Service Normal Retirement Age and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Salary Continuation Agreement (First South Bancorp Inc /Va/)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service after December 31, 2014 and prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change amount of Fifty- Four Thousand Dollars ($54,000) in Control lieu of any other benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurshereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation of from Service and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Executive Supplemental Retirement Plan (LINKBANCORP, Inc.)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive the Change in Control benefit amount shown on Schedule A corresponding to for the Plan Year in which ending immediately prior to Separation from Service occursin lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing a lump sum the month following Separation of Service for fifteen (15) yearsfrom Service.

Appears in 1 contract

Samples: 2016 Salary Continuation Agreement (Bank of the James Financial Group Inc)

Change in Control Benefit. If a Change in Control occurs, occurs followed within twenty-four (24) months by Separation of from Service prior to Normal Retirement Age, the Employer Company shall pay the Executive the Change in Control annual benefit shown on Schedule A corresponding for the Plan Year ending immediately prior to Separation from Service, in lieu of any other benefit hereunder. Additionally, this benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Separation from Service occurstakes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Separation of Service for fifteen (15) yearsfrom Service.

Appears in 1 contract

Samples: Retirement Agreement (MUNCY COLUMBIA FINANCIAL Corp)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of from Service prior to Normal Retirement Age, the Employer shall pay the Executive the Change in Control an annual benefit shown on Schedule A corresponding to for the Plan Year in which ending immediately prior to Separation from Service occursin lieu of any other benefit hereunder. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Separation of Service for fifteen (15) yearsNormal Retirement Age.

Appears in 1 contract

Samples: Salary Continuation Agreement (Orrstown Financial Services Inc)

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Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service an Involuntary Termination or a Termination for Good Reason prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change amount of Six Hundred Thousand Dollars ($600,000) in Control lieu of any other benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurshereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation of from Service and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Executive Retirement Plan Agreement (LINKBANCORP, Inc.)

Change in Control Benefit. If a Change in Control occurs, occurs followed within twenty-four (24) months by Separation of from Service prior to Normal Retirement Age, the Employer shall pay the Executive the Change in Control annual benefit shown on Schedule A corresponding for the Plan Year ending immediately prior to Separation from Service, in lieu of any other benefit hereunder. Additionally, this benefit amount shall be increased by a pro-rated amount relative to the Executive’s service during the partial Plan Year in which Separation from Service occurstakes place. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Separation of Service for fifteen (15) yearsfrom Service.

Appears in 1 contract

Samples: MUNCY COLUMBIA FINANCIAL Corp

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change amount of Twenty Thousand Dollars ($20,000) in Control lieu of any other benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurshereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation of Service Normal Retirement Age and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Salary Continuation Agreement (First South Bancorp Inc /Va/)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change amount of Forty-Two Thousand Dollars ($42,000) in Control lieu of any other benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurshereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation of Service Normal Retirement Age and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Salary Continuation Agreement (First South Bancorp Inc /Va/)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service after December 31, 2014 and prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change amount of Fifty-Four Thousand Dollars ($54,000) in Control lieu of any other benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurshereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation of from Service and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Executive Supplemental Retirement Plan (GNB Financial Services Inc)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four twelve (2412) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change in Control benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occursamount of _________________. The Employer will pay the annual benefit will be paid in twelve (12) equal monthly installments commencing the month following Separation for a period of Service for fifteen (15) yearsyears commencing on the first day of the second month following Separation from Service.

Appears in 1 contract

Samples: Continuation Agreement (Heritage Oaks Bancorp)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change amount of Twenty-Eight Thousand Dollars ($28,000) in Control lieu of any other benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurshereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation of Service Normal Retirement Age and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Salary Continuation Agreement (First South Bancorp Inc /Va/)

Change in Control Benefit. If a Change in Control occurs, followed within twenty-four (24) months by Separation of Service prior to Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the Change amount of Eighteen Thousand Dollars ($18,000) in Control lieu of any other benefit shown on Schedule A corresponding to the Plan Year in which Separation from Service occurshereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation of Service Normal Retirement Age and continuing for fifteen (15) years.

Appears in 1 contract

Samples: Salary Continuation Agreement (First South Bancorp Inc /Va/)

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