Common use of Payments on Change in Control Clause in Contracts

Payments on Change in Control. In the event of a Change in Control (defined below), the Executive shall be entitled to full and immediate vesting in the Restricted Stock awarded under paragraph 2(c). If the Executive’s Date of Termination occurs on or within 12 months after a Change in Control, then the Executive shall also be entitled to: (a) An amount equal to 1.5 times the Executive’s Salary. Such amount shall be paid in a lump sum cash payment within five (5) business days of the Date of Termination; and (b) the applicable benefits provided in paragraph 4; provided, however, the Salary payable under subparagraph (a) above shall be in lieu of any Salary payable under paragraph 4(c)(i) (relating to Salary through end of contract term for non-Cause involuntary termination and termination for Good Reason), if applicable.

Payments on Change in Control. In the event of a Change in Control (defined below), the Executive shall be entitled to full and immediate vesting in the Restricted Stock awarded under paragraph 2(c). If the Executive’s Date of Termination occurs on or within 12 months after a Change in Control, then the Executive shall also be entitled tofollowing: (a) An amount equal to 1.5 2.99 times the Executive’s Salary. Such amount shall be paid in a lump sum cash payment within five (5) business days of the Date of Termination; andChange in Control. (b) Full and immediate vesting in the Restricted Stock awarded under paragraph 2(c). If the Executive’s Date of Termination occurs on or after a Change in Control, then the Executive shall also be entitled to the applicable benefits provided in paragraph 4; provided, however, the Salary payable under subparagraph (a) above shall be in lieu of any Salary payable under paragraph 4(c)(i) (relating to Salary through end of contract Agreement term for non-Cause involuntary termination and termination for Good Reason), if applicable.