Payments Upon a Change in Control. If pursuant to Section 3 above, the Executive is entitled to amounts and benefits under this Section 4, the Company shall pay or provide, as the case may be, the following items:
(a) immediately following his termination of employment with the Company, the Company shall continue to pay to the Executive for a period of one year the Executive's then current annual salary plus the Executive's then current annual targeted bonus pursuant to the terms of that certain Executive Incentive Bonus Plan of the Company attached hereto as Exhibit A (as such plan may be modified from time to time). Such payments shall be made to Executive by the Company in equal weekly installments.
(b) within five (5) business days (or at such earlier time as required by applicable law) following his termination of employment with the Company, the Company shall pay to the Executive in a lump sum: (i) any earned but unpaid base salary, (ii) any earned but unpaid bonus, (iii) accrued but unused vacation time as of the date of termination, and (iv) incurred but unreimbursed business expenses for the period prior to termination.
(c) for a period of twelve (12) months commencing on the date of the Change of Control, subject to the Executive's continued copayment of premiums which shall not exceed the level of copayments prior to such Change of Control, the Company shall continue to pay the premiums to provide health benefits and coverage for the Executive and his dependents under the Company's health plans in effect prior to such Change of Control which cover senior executives. The Company's obligation to pay premiums hereunder shall cease upon the Executive's employment with any employer (other than due to self-employment) following a Change of Control. Upon the expiration of such twelve (12) month period, the Company shall offer COBRA continuation health coverage to the Executive and his dependents in accordance with applicable law.
Payments Upon a Change in Control. (a) The term “Change in Control” shall mean a change in the ownership of the Company or the Bank, a change in the effective control of the Company or the Bank or a change in the ownership of a substantial portion of the assets of the Company or the Bank, in each case as provided under Section 409A of the Code and the regulations thereunder. In no event, however, shall a Change in Control be deemed to have occurred as a result of any acquisition of securities or assets of the Company, the Bank, or a subsidiary of either of them, by the Company, the Bank, or any subsidiary of either of them, or by any employee benefit plan maintained by any of them.
Payments Upon a Change in Control. (a) The term “Change in Control” means the occurrence of any of the following:
Payments Upon a Change in Control. If Executive’s employment terminates during the Term due to a voluntary Resignation for Good Reason and a Change in Control occurs within ninety (90) days after the Termination Date and during the Term or a Preliminary Event occurs and a Change in Control occurs within ninety (90) days after the Termination Date and during the Term, then, in addition to such base salary and other compensation that has been earned but not paid to Executive as of the Termination Date (which shall be payable in accordance with the Company’s regular payroll practices and applicable plans and programs), the Company shall provide to Executive the Termination Payments and the Health Benefits, subject to the conditions in Section 7. Except as provided in the preceding sentence and Section 2, Executive shall not be entitled to any payments, benefits or accelerated vesting of equity upon a Change in Control.
Payments Upon a Change in Control. In the event of a Change in Control during the Term of this Agreement, the Bank shall pay to Employee cash in one lump sum within thirty (30) days after the date of the Change in Control an amount equal to three (3) times the Employee’s Base Salary in effect at the time of such Change in Control. The Bank shall have the sole discretion to determine when within the thirty (30) day period following the date of Change in Control such payment shall be made, and Employee shall have no right to designate the taxable year in which such payment shall be made. Under no circumstances will a payment be made under both this Section 9.1 and Section 8.2(vi), 8.3(a)(iv), or 8.3(b)(iv).
Payments Upon a Change in Control. (a) If during the term of this Agreement there is a change in control of the Bank or the Holding Company and within 12 months following such change in control there is a voluntary or an involuntary termination of the Employee’s employment with the Bank, whether or not such termination occurs during the term of this Agreement, the Bank shall pay to the Employee in a lump sum in cash within 31 business days after the termination of employment an amount equal to 300 percent of the Employee’s “base amount” of compensation, as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended (“Code”).
(b) If during the term of this Agreement there is a change in control, and within 12 months following such change in control there is a voluntary or an involuntary termination of the Employee’s employment, whether or not such termination occurs during the term of this Agreement, the Bank shall cause to be continued life, health and disability coverage substantially identical to the coverage maintained by the Bank for the Employee prior to his severance. Subject to applicable federal and state laws, such coverage shall cease upon the earlier of the Employee’s obtaining similar coverage by another employer or twelve (12) months from the date of the Employee’s termination. In the event the Employee obtains new employment and receives less coverage for life, health or disability, the Bank shall provide coverage substantially identical to the coverage maintained by the Bank for the Employee prior to termination for the balance of the twelve (12) month period.
Payments Upon a Change in Control. The provisions of this Section 6 are effective as of the Revision Date.
Payments Upon a Change in Control. Within ten days following a Change in Control, the Company shall pay the Executive a lump sum cash payment equal to most recent annual bonus paid to the Executive pursuant to the Company's Bonus Plan (as defined in Paragraph 4.2(a)) prior to the Change in Control, prorated based on the number of days in the calendar year that have elapsed prior to the Change in Control.
Payments Upon a Change in Control. The term “
Payments Upon a Change in Control. (a) On the date of any termination of Executive's employment hereunder arising pursuant to a Change in Control (as hereinafter defined), if there exists no basis for termination pursuant to Section 6 of this Agreement, the Company shall pay to Executive an amount equal to eighteen (18) months salary, as determined according to the amount paid to Executive at the time of termination, payable on a monthly basis.
