Common use of Mutual to Stock Conversion or a Change of Control Clause in Contracts

Mutual to Stock Conversion or a Change of Control. Mutual to Stock Conversion shall mean the conversion of the Bank from a mutual savings and loan association to an entity which issues stock and is owned by its shareholders. Such Mutual to Stock Conversion shall be deemed to be a Change of Control for purposes of this Agreement. For the purposes of this Executive Plan, transfers on account of deaths or gifts, transfers between family members or transfers to a qualified retirement plan maintained by the Bank shall not be considered in determining whether there has been a Change of Control.

Mutual to Stock Conversion or a Change of Control. Mutual to Stock Conversion shall mean the conversion of the Bank from a mutual savings and loan association to an entity which issues stock and is owned by its shareholders. Such Mutual to Stock Conversion shall be deemed to be a Change of Control for purposes of this Agreement. For the purposes of this Executive Director Plan, transfers on account of deaths or gifts, transfers between family members or transfers to a qualified retirement plan maintained by the Bank shall not be considered in determining whether there has been a Change of Control.

Mutual to Stock Conversion or a Change of Control. Mutual to Stock Conversion shall mean the conversion of the Bank from a mutual savings and loan association to an entity which issues stock and is owned by its shareholders. Such Mutual to Stock Conversion shall be deemed to be a Change of Control for purposes of this Agreement. For the purposes of this Executive Director Plan, transfers on account of deaths or gifts, transfers between family members or transfers to a qualified retirement plan maintained by the Bank shall not be considered in m determining whether there has been a Change of Control.

Mutual to Stock Conversion or a Change of Control. Mutual to Stock Conversion shall mean any of the following: (i) the conversion of the Bank from a mutual savings and loan association bank to an entity which that issues stock and is owned by its shareholders, (ii) the Bank merging with another mutual savings bank; or, (iii) the Bank merging with a mutual holding company. Such Mutual to Stock Conversion shall be deemed to be a Change of Control for purposes of this Agreement. For the purposes of this Executive Plan, transfers on account of deaths or gifts, transfers between family members or transfers to a qualified retirement plan maintained by the Bank shall not be considered in determining whether there has been a Change of Control.

Mutual to Stock Conversion or a Change of Control. Mutual to Stock Conversion shall mean any of the following: (i) the conversion of the Bank from a mutual savings and loan association bank to an entity which that issues stock and is owned by its shareholders, (ii) the Bank merging with another mutual savings bank, or, (iii) the Bank merging with a mutual holding company. Such Mutual to Stock Conversion shall be deemed to be a Change of Control for purposes of this Agreement. For the purposes of this Executive Plan, transfers on account of deaths or gifts, transfers between family members or transfers to a qualified retirement plan maintained by the Bank shall not be considered in determining whether there has been a Change of Control.