Sale of Business. The term “Sale of Business” shall mean any (i) merger, consolidation or reorganization of the Employer in which (A) the Employer does not survive or (B) the Employer survives with a resulting change in beneficial ownership of the Employer of more than 50% of the voting shares of the Employer, (ii) sale of more than 50% of the beneficial ownership of the voting shares of the Employer to any person or group of persons acting in concert, or (iii) transfer or sale of more than 50% of the total market value of the assets of the Employer as reflected in the most recent published balance sheet of the Employer.
Appears in 4 contracts
Samples: Salary Continuation Agreement (1st Centennial Bancorp), Executive Salary Continuation Agreement (1st Centennial Bancorp), Salary Continuation Agreement (1st Centennial Bancorp)
Sale of Business. The term “"Sale of Business” " shall mean any (i1) merger, consolidation or reorganization of the Employer in which (A) the Employer does not survive or (B) the Employer survives with a resulting change in beneficial ownership of the Employer of more than 50% of the voting shares of the Employer, (ii) sale of more than 50% of the beneficial ownership of the voting shares of the Employer to any person or group of persons acting in concert, or (iii) transfer or sale of more than 50% of the total market value of the assets of the Employer as reflected in the most recent published balance sheet of the Employer.
Appears in 2 contracts
Samples: Executive Salary Continuation Agreement (Centennial First Financial Services), Executive Salary Continuation Agreement (Centennial First Financial Services)
Sale of Business. The term “"Sale of Business” " shall mean any (i) merger, consolidation or reorganization of the Employer in which (A) the Employer does not survive or (B) the Employer survives with a resulting change in beneficial ownership of the Employer of more than 50% of the voting shares of the Employer, (ii) sale of more than 50% of the beneficial ownership of the voting shares of the Employer to any person or group of persons acting in concert, or (iii) transfer or sale of more than 50% of the total market value of the assets of the Employer as reflected in the most recent published balance sheet of the Employer.
Appears in 1 contract
Samples: Salary Continuation Agreement (Centennial First Financial Services)
Sale of Business. The term “"Sale of Business” " shall mean any (i) merger, consolidation or reorganization of the Employer in which (A) the Employer does not survive or (B) the Employer survives with a resulting change in beneficial ownership of the Employer of more than 50% of the voting shares of the Employer, (ii) sale of more than 50% of the beneficial ownership of the voting shares of the Employer to any person or group of persons acting in concert, or (iii) transfer or sale of more than 50% of the total market value of the assets of the Employer as reflected in the most recent published balance sheet of the Employer.
Appears in 1 contract
Samples: Executive Salary Continuation Agreement (Pacific Community Banking Group)
Sale of Business. The term “"Sale of Business” " shall mean any (i1) merger, consolidation or reorganization of the Employer in which (A) the Employer does not survive or (B) the Employer survives with a resulting change in beneficial ownership of the Employer of more than 50% of the voting shares of the Employer, (ii) sale of more than 50% of the beneficial ownership of the voting shares of the Employer to any person or group of persons acting in concert, or (iiiIli) transfer or sale of more than 50% of the total market value of the assets of the Employer as reflected in the most recent published balance sheet of the Employer.
Appears in 1 contract
Samples: Executive Salary Continuation Agreement (Centennial First Financial Services)
