Common use of PAYMENTS TO EXECUTIVE UPON CHANGE IN CONTROL Clause in Contracts

PAYMENTS TO EXECUTIVE UPON CHANGE IN CONTROL. (a) Upon the occurrence of a Change in Control (as herein defined) followed within twelve (12) months of the effective date of the Change in Control by the voluntary or involuntary termination of EXECUTIVE’s employment, other than for Cause, as defined in Section 2(c) hereof, the provisions of Section 3 shall apply. For purposes of this Agreement, “voluntary termination” shall be limited to the circumstances in which EXECUTIVE elects to voluntarily terminate EXECUTIVE’s employment within twelve (12) months of the effective date of a Change in Control following any material demotion, loss of title, office or significant authority, material reduction in EXECUTIVE’s annual compensation or benefits (other than a reduction affecting BANK personnel generally), or the relocation of EXECUTIVE’s principal place of employment by more than 25 miles from its location immediately prior to the Change in Control.

PAYMENTS TO EXECUTIVE UPON CHANGE IN CONTROL. (a) Upon the occurrence of a Change in Control (as herein defined) followed within twelve (12) months of the effective date of the Change in Control by the voluntary or involuntary termination of EXECUTIVE’s 's employment, other than for Cause, as defined in Section 2(c) hereof, the provisions of Section 3 shall apply. For purposes of this Agreement, “"voluntary termination” " shall be limited to the circumstances in which EXECUTIVE elects to voluntarily terminate EXECUTIVE’s his employment within twelve (12) months of the effective date of a Change in Control following any material demotion, loss of title, office or significant authority, material reduction in EXECUTIVE’s his annual compensation or benefits (other than a reduction affecting BANK the Bank's personnel generally), or the relocation of EXECUTIVE’s his principal place of employment by more than 25 miles from its location immediately prior to the Change in Control.

PAYMENTS TO EXECUTIVE UPON CHANGE IN CONTROL. (a) Upon the occurrence of a Change in Control (as herein defined) of the Savings Bank followed within twelve (12) months of the effective date of the a Change in Control by the voluntary or involuntary termination of EXECUTIVE’s Executive's employment, other than Termination for Cause, as defined in Section 2(c) hereof, the provisions of Section 3 shall apply. For purposes of this Agreement, “"voluntary termination” " shall be limited to the circumstances in which EXECUTIVE which, during the term of this Agreement, Executive elects to voluntarily terminate EXECUTIVE’s his employment within twelve (12) months of the effective date of a Change in Control following any material demotion, loss of title, office or significant authority, material reduction in EXECUTIVE’s his annual compensation or benefits (other than a reduction affecting BANK the Savings Bank's personnel generally), or the relocation of EXECUTIVE’s his principal place of employment by more than 25 35 miles from its location immediately prior to the Change in Control.

PAYMENTS TO EXECUTIVE UPON CHANGE IN CONTROL. (a) Upon the occurrence of a Change in Control (as herein defined) followed within twelve (12) months of the effective date of the Change in Control by the voluntary or involuntary termination of EXECUTIVE’s 's employment, other than for Cause, as defined in Section 2(c) hereof, the provisions of Section 3 shall apply. For purposes of this Agreement, “"voluntary termination” " shall be limited to the circumstances in which EXECUTIVE elects to voluntarily terminate EXECUTIVE’s his employment within twelve (12) months of the effective date of a Change in Control following any material demotion, loss of title, office or significant authority, material reduction in EXECUTIVE’s his annual compensation or benefits (other than a reduction affecting BANK the Bank's personnel generally), or the relocation of EXECUTIVE’s his principal place of employment by more than 25 miles from its location immediately prior to the Change in Control.

PAYMENTS TO EXECUTIVE UPON CHANGE IN CONTROL. (a) Upon the occurrence of a Change in Control (as herein defined) followed within twelve (12) months of the effective date of the Change in Control by the voluntary or involuntary termination of EXECUTIVE’s 's employment, other than for Cause, as defined in Section 2(c) hereof, the provisions of Section 3 shall apply. For purposes of this Agreement, “"voluntary termination” " shall be limited to the circumstances in which EXECUTIVE elects to voluntarily terminate EXECUTIVE’s her employment within twelve (12) months of the effective date of a Change in Control following any material demotion, loss of title, office or significant authority, material reduction in EXECUTIVE’s her annual compensation or benefits (other than a reduction affecting BANK the Bank's personnel generally), or the relocation of EXECUTIVE’s her principal place of employment by more than 25 miles from its location immediately prior to the Change in Control.