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 36 months after a Change in Control which occurs at any time while the Employee is employed under this Agreement, the Holding Company 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 299% 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 substantially the same health benefits the Association maintained for executive officers at the Date of Termination on terms as favorable to him as applied as of Date of Termination.

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 36 12 months after a Change in Control which occurs at any time while during the Employee is employed under term of this Agreement, the Holding Company 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 299100% 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 substantially following the same Date of Termination, such health insurance benefits as the Association maintained for executive officers the Employee at the Date of Termination on terms as favorable to him the Employee as applied as of at the Date of Termination.