Common use of Eligibility for Severance Benefits Clause in Contracts

Eligibility for Severance Benefits. The Executive shall receive the Severance Benefits described in Paragraph 4 if the Executive’s employment is terminated during the term of this Agreement, and (a) The termination occurs within twelve (12) months after a Change of Control, unless the termination is (i) because of Executive’s death or Disability, (ii) by the Corporation for Cause, or (iii) by the Executive other than for Good Reason; or (b) The Corporation terminates the employment of Executive within six (6) months before a Change of Control, in contemplation of such Change of Control, and to avoid the effect of this Agreement should such action occur after such Change of Control.

Appears in 4 contracts

Samples: Management Continuity Agreement (FNBH Bancorp Inc), Management Continuity Agreement (FNBH Bancorp Inc), Management Continuity Agreement (FNBH Bancorp Inc)

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Eligibility for Severance Benefits. The Subject to Paragraph 5, the Executive shall receive the Severance Benefits described in Paragraph 4 if the Executive’s 's employment is terminated during the term of this Agreement, and (a) The termination occurs within twelve thirty-six (1236) months after a Change of Control, unless the termination is (i) because of Executive’s 's death or Disability, (ii) by the Corporation for Cause, or (iii) by the Executive other than for Good Reason; or (b) The Corporation terminates the employment of Executive within six (6) months before a Change of Control, in contemplation of such Change of Control, and to avoid the effect of this Agreement should such action occur after such Change of Control.

Appears in 2 contracts

Samples: Agreement and Plan of Reorganization (Independent Bank Corp /Mi/), Management Continuity Agreement (Independent Bank Corp /Mi/)

Eligibility for Severance Benefits. The Subject to Paragraph 5, the Executive shall receive the Severance Benefits described in Paragraph 4 if the Executive’s employment is terminated during the term of this Agreement, and (a) The termination occurs within twelve twenty-four (1224) months after a Change of Control, unless the termination is (i) because of Executive’s death or Disability, (ii) by the Corporation for Cause, or (iii) by the Executive other than for Good Reason; or (b) The Corporation terminates the employment of Executive within six (6) months before a Change of Control, in contemplation of such Change of Control, and to avoid the effect of this Agreement should such action occur after such Change of Control.

Appears in 2 contracts

Samples: Management Continuity Agreement (FNBH Bancorp Inc), Management Continuity Agreement (FNBH Bancorp Inc)

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Eligibility for Severance Benefits. The Subject to Paragraph 5, the Executive shall receive the Severance Benefits described in Paragraph 4 if the Executive’s 's employment is terminated during the term of this Agreement, and (a) The termination occurs within twelve thirty-six (1236) months after a Change of Control, unless the termination is (i) because of Executive’s 's death or Disability, (ii) by the Corporation for Cause, or (iii) by the Executive other than for Good Reason; or (b) The Corporation terminates the employment of Executive within six (6) months before a Change of Control, in contemplation of such Change of Control, and to avoid the effect of this Agreement should such action occur after such Change of Control.

Appears in 1 contract

Samples: Management Community Agreement (North Country Financial Corp)

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