EXTENSION OF TERM OF EMPLOYMENT UPON CERTAIN CORPORATE CHANGES. For purposes of this paragraph (c), "Extension Date" shall mean the effective date of a transaction pursuant to which (i) EMPLOYER ceases to be an independent publicly owned corporation, (ii) all or substantially all of the assets of EMPLOYER (including by not limited to the stock of EMPLOYER'S subsidiaries)are sold, (iii) all or substantially all of the assets, or a majority of the outstanding capital stock, of Pacific Crest Bank are sold to a purchaser which is not controlled by EMPLOYER, (iv) EMPLOYER is merged with or into another corporation which is to be the surviving corporation, or (v) a majority of the outstanding capital stock of EMPLOYER becomes owned or held, directly or indirectly, in such transaction or series of transactions by a person or entity other than EMPLOYER, its subsidiary or affiliate, or by a "group" as such term is defined in Rule 13 d-1 of the Securities and Exchange Act of 1934, which prior to such transaction or series of transactions did not include EMPLOYER, its subsidiaries or affiliates. Notwithstanding paragraph (a) of this Section 1, the term of employment hereunder shall automatically be extended on the first to occur of any Extension Date. On such Extension Date, the term of employment hereunder shall be extended to cover the two-year period commencing on such Extension Date.
EXTENSION OF TERM OF EMPLOYMENT UPON CERTAIN CORPORATE CHANGES. For purposes of this paragraph (c), "Extension Date" shall mean the effective date of a transaction pursuant to which (i) EMPLOYER ceases to be an independent publicly owned corporation, (ii) all or substantially all of the assets of EMPLOYER (including by not limited to the stock of EMPLOYER'S subsidiaries) are sold, (iii) all or substantially all of the assets, or a majority of the outstanding capital stock, of Pacific Crest Bank are sold to a purchaser which is not controlled by EMPLOYER, (iv) EMPLOYER is merged with or into another corporation which is to be the surviving corporation, or (v) a majority of the outstanding capital stock of EMPLOYER becomes owned or held, directly or indirectly, in such transaction or series of transactions by a person or entity other than EMPLOYER, its subsidiary or affiliate, or by a "group" as such term is defined in Rule 13 d-1 of the Securities and Exchange Act of 1934, which prior to such transaction or series of transactions did not include EMPLOYER, its subsidiaries or affiliates. Notwithstanding paragraph (a) of this Section 1, the term of employment hereunder shall automatically be extended on the first to occur of any Extension Date. On such Extension Date, the term of employment hereunder shall be extended to cover the two-year period commencing on such Extension Date.
