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

PAYMENTS TO THE EXECUTIVE UPON CHANGE IN CONTROL. (a) Upon the occurrence of a Change in Control of the Bank or the Holding Company (as herein defined) followed at any time during the term of this Agreement by the voluntary (for any of the bases set below) 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. Upon the occurrence of a Change in Control, Executive shall have the right to elect to voluntarily terminate his employment at any time during the term of this Agreement following any demotion, loss of title, office or significant authority, reduction in his annual compensation, relocation of his principal place of employment by more than 30 miles from its location immediately prior to the Change in Control or the failure to continue in effect any substantially similar vacation benefits, pension plan, dental plan, life insurance plan, health, accident or disability plan in which Executive is participating immediately prior to Change in Control.

PAYMENTS TO THE EXECUTIVE UPON CHANGE IN CONTROL. (a) Upon the occurrence of a Change in Control of the Savings Bank or the Holding Company (as herein defined) followed at any time during the term of this Agreement by the voluntary (for any of the bases set below) 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. Upon the occurrence of a Change in Control, Executive shall have the right to elect to voluntarily terminate his employment at any time during the term of this Agreement following any demotion, loss of title, office or significant authority, reduction in his annual compensation, relocation of his principal place of employment by more than 30 miles from its location immediately prior to the Change in Control or the failure to continue in effect any substantially similar vacation benefits, pension plan, dental plan, life insurance plan, health, accident or disability plan in which Executive is participating immediately prior to Change in Control.

PAYMENTS TO THE EXECUTIVE UPON CHANGE IN CONTROL. (a) Upon the occurrence of a Change in Control of the Savings Bank or the Holding Company (as herein defined) followed at any time during the term of this Agreement by the voluntary (for any of the bases set below) 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. Upon the occurrence of a Change in Control, Executive shall have the right to elect to voluntarily terminate his employment at any time during the term of this Agreement following any demotion, loss of title, office or significant authority, reduction in his annual compensation, relocation of his principal place of employment by more than 30 miles from its location immediately prior to the Change in Control or the failure to continue in effect any substantially similar vacation benefits, pension plan, dental plan, life insurance plan, health, accident or disability plan in which Executive is participating immediately prior to Change in Control.