Common use of Payments Upon Event of Termination Without Change of Control Clause in Contracts

Payments Upon Event of Termination Without Change of Control. Subject to the limitations in paragraph 8(h), upon the occurrence of an Event of Termination other than after a Change of Control (as defined in paragraph 8(e)), the Bank shall pay to Executive monthly, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, as severance pay or liquidated damages, or both, during the period described below a sum equal to the highest monthly rate of salary paid to Executive at any time under this Agreement. Such payments shall commence on the last day of the month following the date of said Event of Termination and shall continue until the date this Agreement would have expired but for said occurrence, with such occurrence being viewed as a determination by the Bank not to extend the Agreement as provided for in paragraph 3 of this Agreement. Notwithstanding the foregoing, in no event shall such payments made pursuant to this subparagraph 8(c) exceed three times the final annual rate of salary being paid to Executive as of the date of termination.

Payments Upon Event of Termination Without Change of Control. Subject to the limitations in paragraph 8(h), upon the occurrence of an Event of Termination other than after a Change of Control (as defined in paragraph 8(e)), the Bank shall pay to Executive monthly, or in the event of his her subsequent death, to his her designated beneficiary or beneficiaries, or to his her estate, as the case may be, as severance pay or liquidated damages, or both, during the period described below a sum equal to the highest monthly rate of salary paid to Executive at any time under this Agreement. Such payments shall commence on the last day of the month following the date of said Event of Termination and shall continue until the date this Agreement would have expired but for said occurrence, with such occurrence being viewed as a determination by the Bank not to extend the Agreement as provided for in paragraph 3 of this Agreement. Notwithstanding the foregoing, in no event shall such payments made pursuant to this subparagraph 8(c) exceed three times the final annual rate of salary being paid to Executive as of the date of termination.