Common use of Change in Control; Involuntary Termination Clause in Contracts

Change in Control; Involuntary Termination. (1) Notwithstanding any provision herein to the contrary, if the Employee's employment under this Agreement is terminated by the Bank, without the Employee's prior written consent and for a reason other than Just Cause, in connection with or within twelve (12) months after any Change in Control of the Bank, the Employee shall, subject to paragraph (2) of this Section 11(a), be paid an amount equal to the difference between (i) the product of 2.99 times his "base amount" as defined in Section 280G(b)(3) of the Code and regulations promulgated thereunder (the "Maximum Amount"), and (ii) the sum of any other parachute payments (as defined under Section 280G(b)(2) of the Code) that the Employee receives on account of the Change in Control. Said sum shall be paid in one lump sum within ten (10) days of such termination. This paragraph would not apply to a termination of employment due to death, disability or voluntary termination by the Employee.

Appears in 3 contracts

Samples: Employment Agreement (River Valley Bancorp), Employment Agreement (River Valley Bancorp), Employment Agreement (River Valley Bancorp)

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Change in Control; Involuntary Termination. (1i) Notwithstanding any provision herein to the contrary, if the Employee's employment under this Agreement is terminated by the Bank, without the Employee's prior written consent and for a reason other than Just Cause, in connection with or within twelve (12) months after any Change in Control of the Bank, the Employee shall, subject to paragraph (2) of this Section 11(a), be paid an amount equal to the difference between (i) the product of 2.99 times his "base amount" as defined in Section 280G(b)(3) of the Code and regulations promulgated thereunder (the "Maximum Amount"), and (ii) the sum of any other parachute payments (as defined under Section 280G(b)(2) of the Code) that the Employee receives on account of the Change in Control. Said sum shall be paid in one lump sum within ten (10) days of such termination. This paragraph would not apply to a termination of employment due to death, disability or voluntary termination by the Employee.

Appears in 1 contract

Samples: Employment Agreement (River Valley Bancorp)

Change in Control; Involuntary Termination. (1) Notwithstanding ------------------------------------------ any provision herein to the contrary, if the Employee's employment under this Agreement is terminated by the Bank, without the Employee's prior written consent and for a reason other than Just Cause, in connection with or within twelve (12) months after any Change change in Control control of the BankBank or the Company, the Employee shall, subject to paragraph (2) of this Section 11(a), be paid an amount equal to the difference between (i) the product of 2.99 times his her "base amount" as defined in Section 280G(b)(3) of the Code and regulations promulgated thereunder (the "Maximum Amount"), and (ii) the sum of any other parachute payments (as defined under Section 280G(b)(2) of the Code) that the Employee receives on account of the Change change in Controlcontrol. Said sum shall be paid in one lump sum within ten (10) days of such termination. This paragraph would not apply to a termination of employment due to death, disability Disability or voluntary termination by the Employee.

Appears in 1 contract

Samples: Employment Agreement (First Lancaster Bancshares Inc)

Change in Control; Involuntary Termination. (1i) Notwithstanding any provision herein to the contrary, if the Employee's ’s employment under this Agreement is terminated by the Bank, without the Employee's ’s prior written consent and for a reason other than Just Cause, in connection with or within twelve (12) months after any Change in Control of the Bank, the Employee shall, subject to paragraph (2) of this Section 11(a), be paid an amount equal to the difference between (i) the product of 2.99 times his "base amount" as defined in Section 280G(b)(3) of the Code and regulations promulgated thereunder (the "Maximum Amount"), and (ii) the sum of any other parachute payments (as defined under Section 280G(b)(2) of the Code) that the Employee receives on account of the Change in Control. Said sum shall be paid in one lump sum within ten (10) days of such termination. This paragraph would not apply to a termination of employment due to death, disability or voluntary termination by the Employee.

Appears in 1 contract

Samples: Employment Agreement (River Valley Bancorp)

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Change in Control; Involuntary Termination. (1) Notwithstanding any ------------------------------------------ provision herein to the contrary, if the Employee's employment under this Agreement is terminated by the Bank, without the Employee's prior written consent and for a reason other than Just Cause, in connection with or within twelve (12) months after any Change change in Control control of the BankBank or the Company, the Employee shall, subject to paragraph (2) of this Section 11(a), be paid an amount equal to the difference between (i) the product of 2.99 times his "base amount" as defined in Section 280G(b)(3) of the Code and regulations promulgated thereunder (the "Maximum Amount"), and (ii) the sum of any other parachute payments (as defined under Section 280G(b)(2) of the Code) that the Employee receives on account of the Change change in Controlcontrol. Said sum shall be paid in one lump sum within ten (10) days of such termination. This paragraph would not apply to a termination of employment due to death, disability Disability or voluntary termination by the Employee.

Appears in 1 contract

Samples: Employment Agreement (First Lancaster Bancshares Inc)

Change in Control; Involuntary Termination. (1) Notwithstanding ------------------------------------------ any provision herein to the contrary, if the Employee's employment under this Agreement is terminated by the BankCompany, without the Employee's prior written consent and for a reason other than Just Cause, in connection with or within twelve (12) months after any Change change in Control control of the BankBank or the Company, the Employee shall, subject to paragraph Paragraph (2) of this Section 11(a), be paid an amount equal to the difference between (i) the product of 2.99 times his her "base amount" as defined in Section 280G(b)(3) of the Code and regulations promulgated thereunder (the "Maximum Amount"), and (ii) the sum of any other parachute payments (as defined under Section 280G(b)(2) of the Code) that the Employee receives on account of the Change change in Controlcontrol. Said sum shall be paid in one lump sum within ten (10) days of such termination. This paragraph would not apply to a termination of employment due to death, disability Disability or voluntary termination by the Employee.

Appears in 1 contract

Samples: Employment Agreement (First Lancaster Bancshares Inc)

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