Common use of Change of Control Termination Payment Clause in Contracts

Change of Control Termination Payment. In the event of a Change in Control Termination, as defined in Section 6.6(c), then, and without further action by the Board of Directors, the Compensation Committee of the Board of Directors, if any, or otherwise, the Corporation shall pay to Employee an amount equal to Employee's cash compensation (including salary and bonuses paid,but excluding cash or non-cash fringe benefits such as car allowances) for the two fiscal years preceding such termination, which amount shall be paid by the Company in 24 equal monthly installments beginning on the first day of the month following the month in which such termination occurs with the remaining payments made on the first day of each of the succeeding 23 months.

Change of Control Termination Payment. In the event of a Change in Control Termination, as defined in Section 6.6(c), then, and without further action by the Board of Directors, the Compensation Committee of the Board of Directors, if any, or otherwise, the Corporation shall pay to Employee an amount equal to Employee's cash compensation (including salary and bonuses paid,, but excluding cash or non-cash fringe benefits such as car allowancesallowances and insurance) for the two fiscal years preceding such termination, which amount shall be paid by the Company in 24 equal monthly installments beginning on the first day of the month following the month in which such termination occurs with the remaining payments made on the first day of each of the succeeding 23 months.