Common use of Rights in Event of Certain Termination of Employment Before Change in Control Announcement Clause in Contracts

Rights in Event of Certain Termination of Employment Before Change in Control Announcement. (a) In the event that the Officer’s employment is terminated by the Bank without Cause during the Employment Period, before the occurrence of the announcement of a transaction involving an actual or potential Change in Control, the Officer shall be entitled to receive the amounts and benefits set forth in this Section 5: (i) annual salary otherwise accrued or payable through the date of termination of employment; and (ii) the greater of (A) continued payments of base salary then in effect through the end of the Employment Period or a period of twenty four (24) months, whichever is longer, or (B) a lump sum severance payment equal to the severance payment due under Sovereign’s or the Bank’s Severance Pay Plan applicable to the Officer at the time of termination; provided, in either case, that the Officer executes Sovereign’s standard form of release and waiver. (b) All payments required by Section 5(a) shall be paid in a lump sum cash payment not later than the thirtieth (30th) day following the date of termination of employment. (c) The Officer shall not be required to mitigate the amount of any payment provided for in this section by seeking employment or otherwise nor shall the amount of any payment provided for in this section be reduced or offset by the Officer’s subsequent employment. (d) The Officer agrees that the amounts set forth in this Section 5 constitute the Officer’s sole and exclusive remedy, contractual or otherwise, in the event of a termination by the Bank of the Officer’s employment without Cause before the announcement of a transaction involving an actual or potential Change in Control.

Rights in Event of Certain Termination of Employment Before Change in Control Announcement. (a) In the event that the Officer’s employment is terminated by the Bank without Cause during the Employment Period, before the occurrence of the announcement of a transaction involving an actual or potential Change in Control, the Officer shall be entitled to receive the amounts and benefits set forth in this Section 5: (i) annual salary otherwise accrued or payable through the date of termination of employment; and (ii) the greater of (A) continued payments of base salary then in effect through the end of the Employment Period or a period of twenty four thirty-six (2436) months, whichever is longer, or (B) a lump sum severance payment equal to the severance payment due under Sovereign’s or the Bank’s Severance Pay Plan applicable to the Officer at the time of termination; provided, in either case, that the Officer executes Sovereign’s standard form of release and waiver. (b) All payments Any lump-sum payment required by Section 5(a) shall be paid in a lump sum cash payment not later than the thirtieth (30th) day following the date of termination of employment. (c) The Officer shall not be required to mitigate the amount of any payment provided for in this section by seeking employment or otherwise nor shall the amount of any payment provided for in this section be reduced or offset by the Officer’s subsequent employment. (d) The Officer agrees that the amounts set forth in this Section 5 constitute the Officer’s sole and exclusive remedy, contractual or otherwise, in the event of a termination by the Bank of the Officer’s employment without Cause before the announcement of a transaction involving an actual or potential Change in Control.