Common use of Payments Upon Event of Termination After Change of Control Clause in Contracts

Payments Upon Event of Termination After Change of Control. Subject to the limitations in paragraph 8(h), if, after a “Change of Control” (as defined in paragraph 8(e)) of the Bank or Ameriana Bancorp (the Bank’s “Parent”), the (i) Bank or its successor shall terminate the employment of Executive during the term of this Agreement for any reason other than “cause,” as defined in paragraph 8(a), (ii) Executive retires on or after attaining age 65, (iii) Executive terminates employment due to Disability pursuant to paragraph 7, or (iv) the Bank or its successor materially changes the present capacity or circumstances in which Executive is employed as set forth in paragraph 2 of this Agreement or causes a material reduction in Executive’s responsibilities or authority or compensation or other benefits provided under this Agreement without Executive’s written consent, which shall constitute “good reason” for termination of this Agreement by Executive. Executive must notify the Parent of the circumstances giving rise to the “good reason” termination with 90 days of the date Executive learns of the condition giving rise to the termination. The Bank or its successor will have 30 days to cure the existence of the condition and not be required to make any severance payment pursuant to the paragraph 9(d). In the event of Executive’s termination of employment for a reason provided above, the Bank shall pay to Executive and provide Executive, or his beneficiaries, dependents or estate, as the case may be, with the following:

Payments Upon Event of Termination After Change of Control. Subject to the limitations in paragraph 8(h), if, after a “Change of Control” (as defined in paragraph 8(e)) of the Bank or Ameriana Bancorp (the Bank’s “Parent”), the (i) Bank or its successor shall terminate the employment of Executive during the term of this Agreement for any reason other than “cause,” as defined in paragraph 8(a), (ii) Executive retires on or after attaining age 65, (iii) Executive terminates employment due to Disability pursuant to paragraph 7, or (iv) the Bank or its successor materially changes the present capacity or circumstances in which Executive is employed as set forth in paragraph 2 of this Agreement or causes a material reduction in Executive’s responsibilities or authority or compensation or other benefits provided under this Agreement without Executive’s written consent, which shall constitute “good reason” for termination of this Agreement by Executive. Executive must notify the Parent of the circumstances giving rise to the “good reason” termination with 90 days of the date Executive learns of the condition giving rise to the termination. The Bank or its successor will have 30 days to cure the existence of the condition and not be required to make any severance payment pursuant to the paragraph 9(d). In the event of Executive’s termination of employment for a reason provided above, the Bank shall pay to Executive and provide Executive, or his her beneficiaries, dependents or estate, as the case may be, with the following: