Common use of Severance Benefits; Regulatory Provisions Clause in Contracts

Severance Benefits; Regulatory Provisions. (a) Involuntary Termination in Connection With a Change in Control. In the event of Involuntary Termination in connection with or within 24 months after a Change in Control which occurs during the term of this Agreement, the Association shall, subject to Section 4 of this Agreement, (1) pay to the Employee in a lump sum in cash within 25 business days after the Date of Termination an amount equal to 200% of the Employee's "base amount" as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"); and (2) provide to the Employee during the remaining term of this Agreement such health insurance benefits as the Association maintained for executive officers at the Date of Termination on terms as favorable to the Employee as applied at the Date of Termination. The total of payments to the Employee under this section shall not exceed three times his average compensation from the Association over the five most recent taxable years (or, if employed by the Association for a shorter period, over the period of his employment by the Association).

Severance Benefits; Regulatory Provisions. (a) Involuntary Termination in Connection With a Change in Control. In the event of Involuntary Termination in connection with or within 24 months after a Change in Control which occurs during the term of this Agreement, the Association Bank shall, subject to Section 4 of this Agreement, (1) pay to the Employee in a lump sum in cash within 25 business days after the Date of Termination an amount equal to 200% of the Employee's "base amount" as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"); and (2) provide to the Employee during the remaining term of this Agreement such health insurance benefits as the Association Bank maintained for executive officers at the Date of Termination on terms as favorable to the Employee as applied at the Date of Termination. The total of payments to the Employee under this section shall not exceed three times his average compensation from the Association Bank over the five most recent taxable years (or, if employed by the Association Bank for a shorter period, over the period of his employment by the AssociationBank).

Severance Benefits; Regulatory Provisions. (a) Involuntary Termination in Connection With a Change in Control. In the event of Involuntary Termination in connection with or within 24 months after following a Change in Control which Termination occurs during the term of this Agreement, the Association shall, subject to Section 4 of this Agreement, (1) pay to the Employee in a lump sum in cash within 25 business days after the Date of Termination an amount equal to 200% of the Employee's "base amount" as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"); and (2) provide to the Employee during the remaining term of this Agreement such health insurance benefits as the Association maintained for executive officers at the Date of Termination on terms as favorable to the Employee as applied at the Date of Termination. The total of payments to the Employee under this section shall not exceed three times his average compensation from the Association over the five most recent taxable years (or, if employed by the Association for a shorter period, over the period of his employment by the Association).