Common use of PAYMENTS UPON A CHANGE IN CONTROL Clause in Contracts

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(v).

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(v8.2(vi), 8.3(a)(iv), or 8.3(b)(iv).