Common use of Payment of Severance Amount Clause in Contracts

Payment of Severance Amount. (a) If, during the term of Employee's employment as an officer of the Bank, there shall occur a Change in Control, and during the Transition Period Employee's employment with the Successor terminates for any reason, then, subject to the qualifications set forth in Section 4 hereof, the Successor shall be obligated to pay and continue Employee's full salary, bonus and benefits (to the extent that Employee's continued participation is possible under the general terms and provisions of such plans and programs) as were in effect immediately preceding the Change of Control, for a period of eighteen (18) months following the effective date of termination of employment. (b) Employee shall not be required to mitigate the Severance Amount by seeking other employment or otherwise, nor shall the Severance Amount be reduced or offset by any compensation earned by Employee as the result of his employment by another employer subsequent to the effective date of termination of his employment with the Successor.

Payment of Severance Amount. (a) If, during the term of Employee's employment as an officer of the Bank, there shall occur a Change in Control, and during the Transition Period Employee's employment with the Successor terminates for any reason, then, subject to the qualifications set forth in Section 4 hereof, the Successor shall be obligated to pay and continue Employee's full salary, bonus and benefits (to the extent that Employee's continued participation is possible under the general terms and provisions of such plans and programs) as were in effect immediately preceding the Change of Control, for a period of eighteen (18) months following the effective date of termination of employment. (b) Employee shall not be required to mitigate the Severance Amount by seeking other employment or otherwise, nor shall the Severance Amount be reduced or offset by any compensation earned by Employee as the result of his her employment by another employer subsequent to the effective date of termination of his her employment with the Successor.

Payment of Severance Amount. (a) If, during the term of Employee's employment as an officer of the Bank, there shall occur a Change in Control, and during the Transition Period Employee's employment with the Successor terminates for any reason, then, subject to the qualifications set forth in Section 4 hereof, the Successor shall be obligated to pay and continue Employee's full salary, bonus and benefits (to the extent that Employee's continued participation is possible under the general terms and provisions of such plans and programs) as were in effect immediately preceding the Change of Control, for a period of eighteen twenty-four (1824) months following the effective date of termination of employment. (b) Employee shall not be required to mitigate the Severance Amount by seeking other employment or otherwise, nor shall the Severance Amount be reduced or offset by any compensation earned by Employee as the result of his employment by another employer subsequent to the effective date of termination of his employment with the Successor.