Common use of Rights in Event of Termination of Employment Absent Change in Control Clause in Contracts

Rights in Event of Termination of Employment Absent Change in Control. (a) If Executive’s employment is involuntarily terminated by Bank other than for the reasons set forth in Section 3(b) of this Agreement, or if Executive terminates his employment for Good Reason pursuant to Section 3(c) hereof, and no Change in Control shall have occurred at the date of such termination, then Bank shall pay Executive an amount equal to two times the Executive’s Annual Base Salary and, for a period of 24 months from the date of termination of employment, the Bank also shall maintain in full force and effect, for the continued benefit of Executive, all employee benefit plans and programs to which Executive was entitled prior to the date of termination, if the Executive’s continued participation is possible under the terms and conditions of such plans and programs, except that in the event the Executive’s participation in any health, medical, life insurance, disability plan or program is barred, the Bank shall obtain and pay for, on the Executive’s behalf, individual insurance plans, policies and programs which provide to Executive health, medical, life and disability insurance coverage which is substantially equivalent to the insurance coverage to which Executive was entitled prior to the date of termination. (b) Executive shall not be required to mitigate the amount of any payment provided for in this Section 7 by seeking other employment or otherwise. Except as provided in this Section 7, unless otherwise agreed to in writing, the amount of payment or the benefit provided for in this Section 7 shall not be reduced by any compensation earned by Executive as the result of employment by another employer or by reason of Executive’s receipt of or right to receive any retirement or other benefits after the date of termination of employment or otherwise.

Rights in Event of Termination of Employment Absent Change in Control. (a) If Executive’s employment is involuntarily terminated by Bank other than for the reasons set forth in Section 3(b) of this Agreement, or if Executive terminates his employment for Good Reason pursuant to Section 3(c) hereof, and no Change in Control shall have occurred at the date of such termination, then Bank shall pay Executive an amount equal to two 2.0 times the Executive’s Annual Base Salary and, for a period of 24 months from the date of termination of employment, the Bank also shall maintain in full force and effect, for the continued benefit of Executive, all employee benefit plans and programs to which Executive was entitled prior to the date of termination, if the Executive’s continued participation is possible under the terms and conditions of such plans and programs, except that in the event the Executive’s participation in any health, medical, life insurance, disability plan or program is barred, the Bank shall obtain and pay for, on the Executive’s behalf, individual insurance plans, policies and programs which provide to Executive health, medical, life and disability insurance coverage which is substantially equivalent to the insurance coverage to which Executive was entitled prior to the date of termination. (b) Executive shall not be required to mitigate the amount of any payment provided for in this Section 7 by seeking other employment or otherwise. Except as provided in this Section 7, unless otherwise agreed to in writing, the amount of payment or the benefit provided for in this Section 7 shall not be reduced by any compensation earned by Executive as the result of employment by another employer or by reason of Executive’s receipt of or right to receive any retirement or other benefits after the date of termination of employment or otherwise.

Rights in Event of Termination of Employment Absent Change in Control. (a) If In the event that Executive’s employment is involuntarily terminated by the Corporation and the Bank other than for the reasons set forth in Section 3(b) of this Agreement, or if Executive terminates his employment for Good Reason pursuant to Section 3(c) hereof, without Cause and no Change in Control shall have has occurred at the date of such terminationtermination and such termination constitutes a Separation of Service, then the Bank shall pay Executive an amount equal to two the Executive’s remaining Annual Base Salary that would otherwise be due and payable under the Agreement to the Executive for the remaining Employment Period, minus applicable taxes and withholdings, payable in equal monthly installments over the remaining Employment Period. Such amount in the aggregate shall not exceed 2.99 times the Executive’s Annual Base Salary andor be less than 2.00 times Executive’s Annual Base Salary. In addition, for a period of 24 months two (2) years from the date of termination Separation of Service, or until Executive secures benefits of comparable coverage through other employment, the Bank also whichever shall maintain first occur, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in full force and effect, for the continued benefit of Executive, all employee benefit plans and programs to which Executive was entitled prior to the date of termination, if the Executive’s continued participation is possible under the terms and conditions of such plans and programs, except that in the event the Executive’s participation in any health, medical, life insurance, disability plan or program is barred, the Bank shall obtain and pay for, on the Executive’s behalf, individual insurance plans, policies and programs which provide effect with respect to Executive health, medical, life and disability insurance coverage which is substantially equivalent to during the insurance coverage to which Executive was entitled prior to the date of termination.two (2) years prior (b) Executive shall not be required to mitigate the amount of any payment provided for in this Section 7 8 by seeking other employment or otherwise. Except as provided in this Section 7, unless Unless otherwise agreed to in writing, the amount of payment or the benefit provided for in this Section 7 8 shall not be reduced by any compensation earned by Executive as the result of employment by another employer or by reason of Executive’s receipt of or right to receive any retirement or other benefits after the date of termination of employment or otherwise..  This Section 8 and the provisions and terms hereof shall be subject to Sections 19 and 21 of this Agreement. 

Rights in Event of Termination of Employment Absent Change in Control. (a) If Executive’s employment is involuntarily terminated by Bank other than for the reasons set forth in Section 3(b) of this Agreement, or if Executive terminates his her employment for Good Reason pursuant to Section 3(c) hereof, and no Change in Control shall have occurred at the date of such termination, then Bank shall pay Executive an amount equal to two times the Executive’s Annual Base Salary and, for a period of 24 months from the date of termination of employment, the Bank also shall maintain in full force and effect, for the continued benefit of Executive, all employee benefit plans and programs to which Executive was entitled prior to the date of termination, if the Executive’s continued participation is possible under the terms and conditions of such plans and programs, except that in the event the Executive’s participation in any health, medical, life insurance, disability plan or program is barred, the Bank shall obtain and pay for, on the Executive’s behalf, individual insurance plans, policies and programs which provide to Executive health, medical, life and disability insurance coverage which is substantially equivalent to the insurance coverage to which Executive was entitled prior to the date of termination. (b) Executive shall not be required to mitigate the amount of any payment provided for in this Section 7 by seeking other employment or otherwise. Except as provided in this Section 7, unless otherwise agreed to in writing, the amount of payment or the benefit provided for in this Section 7 shall not be reduced by any compensation earned by Executive as the result of employment by another employer or by reason of Executive’s receipt of or right to receive any retirement or other benefits after the date of termination of employment or otherwise.

Rights in Event of Termination of Employment Absent Change in Control. (a) If In the event that Executive’s employment is involuntarily terminated by the Bank other than for the reasons set forth in Section 3(b) of this Agreement, or if Executive terminates his employment for Good Reason pursuant to Section 3(c) hereof, without Cause and no Change in Control shall have occurred at the date of such terminationtermination and such termination constitutes a Separation of Service, then and upon such Separation of Service, the Bank shall pay Executive an a lump sum amount equal to two 2.0 times the Executive’s Annual Base Salary andSalary, minus applicable taxes and withholdings, payable within thirty (30) days of Executive’s Separation of Service. In addition, for a period of 24 months two (2) years from the date of Separation of Service, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect to Executive during the two (2) years prior to Executive’s termination of employment, the Bank also shall maintain in full force and effect, for the continued benefit of Executive, all employee benefit plans and programs to which Executive was entitled prior to the date of terminationor, if the Executive’s continued participation Bank cannot provide such benefits because Executive is possible under the terms and conditions of such plans and programs, except that in the event the Executive’s participation in any health, medical, life insurance, disability plan or program is barredno longer an employee, the Bank shall obtain and pay for, on the Executive’s behalf, individual insurance plans, policies and programs which provide to reimburse Executive health, medical, life and disability insurance coverage which is substantially equivalent in an amount equal to the insurance coverage monthly premium paid by Executive to obtain substantially similar employee benefits which Executive was entitled enjoyed prior to the date of termination, subject to Code Section 409A if applicable. (b) Executive shall not be required to mitigate the amount of any payment provided for in this Section 7 8 by seeking other employment or otherwise. Except as provided in this Section 7, unless Unless otherwise agreed to in writing, the amount of payment or the benefit provided for in this Section 7 8 shall not be reduced by any compensation earned by Executive as the result of employment by another employer or by reason of Executive’s receipt of or right to receive any retirement or other benefits after the date of termination of employment or otherwise.

Rights in Event of Termination of Employment Absent Change in Control. (a) If In the event that Executive’s 's employment is involuntarily terminated by HNC and/or Bank other than for the reasons set forth in Section 3(b) of this Agreement, or if Executive terminates his employment for Good Reason pursuant to Section 3(c) hereof, without Cause and no Change in Control shall have occurred at the date of such termination, then HNC and Bank shall pay Executive an amount equal to two and no greater than 2.99 times the Executive’s Annual Base Salary and's Agreed Compensation as defined in subsection (g) of Section 3, and shall be payable in thirty-six (36) equal monthly installments and shall be subject to federal, state and local tax withholdings. In addition, for a period of 24 months three (3) years from the date of termination of employment, or until Executive secures substantially similar benefits through other employment, whichever shall first occur, Executive shall receive a continuation of all life, disability, medical insurance and other normal health and welfare benefits in effect with respect to Executive during the two (2) years prior to his termination of employment, or, if HNC and Bank also cannot provide such benefits because Executive is no longer an employee, a dollar amount equal to the cost to Executive of obtaining such benefits (or substantially similar benefits). In addition, if permitted pursuant to the terms of the plan, Executive shall maintain in full force and effect, for the continued benefit of Executive, all employee benefit plans and programs receive additional retirement benefits to which Executive was he would have been entitled prior to had his employment continued through the date then remaining term of terminationthe Agreement. However, if the Executive’s continued participation is possible under payment described herein, when added to all other amounts or benefits provided to or on behalf of the terms and conditions Executive in connection with his termination of such plans and programsemployment, except that would result in the event the Executive’s participation in any healthimposition of an excise tax under Code Section 4999, medical, life insurance, disability plan or program is barred, the Bank such payments shall obtain and pay for, on the Executive’s behalf, individual insurance plans, policies and programs which provide to Executive health, medical, life and disability insurance coverage which is substantially equivalent be retroactively (if necessary) increased to the insurance coverage extent necessary to which Executive was entitled prior cover such imposition and any incremental income taxes he may be required to pay by reason of the date receipt of terminationadditional amounts under this Agreement. (b) Executive shall not be required to mitigate the amount of any payment provided for in this Section 7 by seeking other employment or otherwise. Except as provided in this Section 7, unless Unless otherwise agreed to in writing, the amount of payment or the benefit provided for in this Section 7 shall not be reduced by any compensation earned by Executive as the result of employment by another employer or by reason of Executive’s 's receipt of or right to receive any retirement or other benefits after the date of termination of employment or otherwise.