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

Rights in Event of Termination of Employment Following Change in Control. (a) In the event that Executive delivers a Notice of Termination (as defined in Section 5(a) of this Agreement) to Bancorp and E&B, Executive shall be absolutely entitled to receive the compensation and benefits set forth below: (i) If, at the time of termination of Executive's employment, a "Tax Change" (as defined in Section 6(a)(iii) of this Agreement) has also occurred, E&B shall make, in the aggregate, a lump sum cash payment to Executive no later than thirty (30) days following the date of such termination in an amount equal to and no greater than two [2.0] times the Executive's Annual Base Salary, as defined in subsection (a) of Section 4, in effect on the date of termination of employment. (ii) If, at the time of termination of Executive's employment, a "Tax Change" has not occurred, E&B shall make a lump sum cash payment to Executive no later than thirty (30) days following the date of such termination in an amount equal to and no greater than two [2.0] times the Executive's Annual Base Salary, as defined in subsection (a) of Section 4, in effect on the date of termination of employment. (iii) For purposes of this Agreement, "Tax Change" means a change (A) in the ownership or effective control of Bancorp or (B) in the ownership of a substantial portion of the assets of Bancorp, determined pursuant to regulations promulgated under Section 28OG of the Code. Such term also means any similar change with respect to Bank or E&B or an affiliate, to the extent provided in such regulations.

Rights in Event of Termination of Employment Following Change in Control. (a) In the event that Executive delivers a Notice of Termination (as defined in Section 5(a) of this Agreement) to Bancorp and E&B, Executive shall be absolutely entitled to receive the compensation and benefits set forth below: (i) If, at the time of termination of Executive's ’s employment, a "“Tax Change" ” (as defined in Section 6(a)(iii) of this Agreement) has also occurred, E&B shall make, in the aggregate, a lump sum cash payment to Executive no later than thirty (30) days following the date of such termination in an amount equal to and no greater than two [2.0] times the Executive's ’s Annual Base Salary, as defined in subsection (a) of Section 4, in effect on the date of termination of employment. (ii) If, at the time of termination of Executive's ’s employment, a "“Tax Change" ” has not occurred, E&B shall make a lump sum cash payment to Executive no later than thirty (30) days following the date of such termination in an amount equal to and no greater than two [2.0] times the Executive's ’s Annual Base Salary, as defined in subsection (a) of Section 4, in effect on the date of termination of employment. (iii) For purposes of this Agreement, "“Tax Change" ” means a change (A) in the ownership or effective control of Bancorp or (B) in the ownership of a substantial portion of the assets of Bancorp, determined pursuant to regulations promulgated under Section 28OG 280G of the Code. Such term also means any similar change with respect to Bank or E&B or an affiliate, to the extent provided in such regulations.

Rights in Event of Termination of Employment Following Change in Control. (a) In the event that Executive delivers a Notice of Termination (as defined in Section 5(a) of this Agreement) to Bancorp and E&B, Executive shall be absolutely entitled to receive the compensation and benefits set forth below: (i) If, at the time of termination of Executive's employment, a "Tax Change" (as defined in Section 6(a)(iii) of this Agreement) has also occurred, E&B shall make, in the aggregate, a lump sum cash payment to Executive no later than thirty (30) days following the date of such termination in an amount equal to and no greater than two [2.0] times the Executive's Annual Base Salary, as defined in subsection (a) of Section 4, in effect on the date of termination of employment. (ii) If, at the time of termination of Executive's employment, a "Tax Change" has not occurred, E&B shall make a lump sum cash payment to Executive no later than thirty (30) days following the date of such termination in an amount equal to and no greater than two [2.0] times the Executive's Annual Base Salary, as defined in subsection (a) of Section 4, in effect on the date of termination of employment. (iii) For purposes of this Agreement, "Tax Change" means a change (A) in the ownership or effective control of Bancorp or (B) in the ownership of a substantial portion of the assets of Bancorp, determined pursuant to regulations promulgated under Section 28OG 280G of the Code. Such term also means any similar change with respect to Bank or E&B or an affiliate, to the extent provided in such regulations.