Common use of Resignation after a Change of Control Clause in Contracts

Resignation after a Change of Control. If the Executive exercises his right to resign following a Change of Control, as provided by Section 6(e) of this Agreement, the Executive shall only be entitled to the following compensation and benefits, in lieu of severance pay otherwise paid to Company or Bank employees at separation: (i) The Bank, the Company or the Affiliated Companies shall pay to the Executive, in a lump sum in cash, within thirty (30) days after the Termination Date, his Full Accrued Compensation/Benefits. (ii) The Bank, the Company or the Affiliated Companies shall pay to the Executive, in a lump sum in cash, within thirty (30) days after the Termination Date, an amount equivalent to 2.99 times the Executive’s current Base Salary; (iii) To the extent permitted by the Plans, and any grants to the Executive made pursuant to the Plans, (A) all of the Executive’s stock options and SARs shall become fully vested as of the Termination Date, (B) all of the Executive’s stock options and SARs shall be fully exercisable as of the Termination Date, and (C) the remaining portion of any restriction period applicable to restricted stock issued to the Executive pursuant to the Plans shall be terminated; (iv) The Executive shall be provided with his Other Plan Benefits; (v) At the Executive’s election and expense, he shall be provided with group insurance continuation under COBRA.

Resignation after a Change of Control. If the Executive exercises his her right to resign following a Change of Control, as provided by Section 6(e) of this Agreement, the Executive shall only be entitled to the following compensation and benefits, in lieu of severance pay otherwise paid to Company or Bank employees at separation: (i) The Bank, the Company or the Affiliated Companies shall pay to the Executive, in a lump sum in cash, within thirty (30) days after the Termination Date, his her Full Accrued Compensation/Benefits. (ii) The Bank, the Company or the Affiliated Companies shall pay to the Executive, in a lump sum in cash, within thirty (30) days after the Termination Date, an amount equivalent to 2.99 times the Executive’s current Base Salary; (iii) To the extent permitted by the Plans, and any grants to the Executive made pursuant to the Plans, (A) all of the Executive’s stock options and SARs shall become fully vested as of the Termination Date, (B) all of the Executive’s stock options and SARs shall be fully exercisable as of the Termination Date, and (C) the remaining portion of any restriction period applicable to restricted stock issued to the Executive pursuant to the Plans shall be terminated; (iv) The Executive shall be provided with his her Other Plan Benefits; (v) At the Executive’s election and expense, he she shall be provided with group insurance continuation under COBRA.