Common use of Salary Continuation Period Clause in Contracts

Salary Continuation Period. If Executive’s Termination Date is within twelve months after a “Change in Control,” the Salary Continuation Period shall be eighteen months. If Executive’s Termination Date is not within twelve months after a Change in Control, the Salary Continuation Period shall be twelve months. For purposes of this Agreement, a “Change in Control” shall be deemed to have taken place if (i) any “person” becomes the “beneficial owner” (as such terms are defined in the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder) of shares of Employer having 50% or more of the total number of votes that may be cast for the election of Employer’s directors; or (ii) there occurs a cash or tender offer for Employer shares, merger, or other business combination, or sale of assets or any combination of the foregoing transactions, and as a result of or in connection with any such event persons who were directors of Employer before the event shall cease to constitute a majority of the Board or of the board of directors of any successor to Employer.

Salary Continuation Period. If Executive’s Termination Date is within twelve months after a “Change in Control,” the Salary Continuation Period shall be eighteen months. If Executive’s Termination Date is not within twelve months after a Change in Control, the Salary Continuation Period shall be twelve nine months. For purposes of this Agreement, a “Change in Control” shall be deemed to have taken place if (i) any “person” becomes the “beneficial owner” (as such terms are defined in the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder) of shares of Employer having 50% or more of the total number of votes that may be cast for the election of Employer’s directors; or (ii) there occurs a cash or tender offer for Employer shares, merger, or other business combination, or sale of assets or any combination of the foregoing transactions, and as a result of or in connection with any such event persons who were directors of Employer before the event shall cease to constitute a majority of the Board or of the board of directors of any successor to Employer.

Salary Continuation Period. If Executive’s Termination Date is within twelve months after a “Change in Control,” , the Salary Continuation Period shall be eighteen months. If Executive’s Termination Date is not within twelve months after a Change in Control, the Salary Continuation Period shall be twelve nine months. For purposes of this Agreement, a “Change in Control” shall be deemed to have taken place if (i) any “person” becomes the “beneficial owner” (as such terms are defined in the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder) of shares of Employer having 50% or more of the total number of votes that may be cast for the election of Employer’s directors; or (ii) there occurs a cash or tender offer for Employer shares, merger, or other business combination, or sale of assets or any combination of the foregoing transactions, and as a result of or in connection with any such event persons who were directors of Employer before the event shall cease to constitute a majority of the Board or of the board of directors of any successor to Employer.