Common use of Supplemental Payment in Lieu of Certain Benefits Clause in Contracts

Supplemental Payment in Lieu of Certain Benefits. In the event of a termination pursuant to Section 3 (b) at the time of or following the occurrence of a Change in Control or a termination pursuant to Section 5 (c), in lieu of continued pension, welfare and other benefits, a lump sum cash payment of $22,000 will be paid to the Executive within 30 days following the date of termination of employment.

Appears in 2 contracts

Samples: Employment Agreement (Main Street Bancorp Inc), Employment Agreement (Main Street Bancorp Inc)

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Supplemental Payment in Lieu of Certain Benefits. In the ------------------------------------------------ event of a termination pursuant to Section 3 (b) at the time of or following the occurrence of a Change in Control or a termination pursuant to Section 5 (c), in lieu of continued pension, welfare and other benefits, a lump sum cash payment of $22,000 75,000 will be paid to the Executive within 30 days following the date of termination of employment.

Appears in 1 contract

Samples: Employment Agreement (Main Street Bancorp Inc)

Supplemental Payment in Lieu of Certain Benefits. In the event of a termination pursuant to Section section 3 (b) at the time of or following the occurrence of a Change in Control or a termination pursuant to Section 5 (c), in lieu of continued pension, welfare and other benefits, a lump sum cash payment of $22,000 will be paid to the Executive within 30 days following the date of termination of employment.

Appears in 1 contract

Samples: Employment Agreement (Main Street Bancorp Inc)

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Supplemental Payment in Lieu of Certain Benefits. In the event of a termination pursuant to Section 3 (b3(b) at the time of or following the occurrence of a Change in Control or a termination pursuant to Section 5 (c5(c), in lieu of continued pension, welfare and other benefits, a lump sum cash payment of $22,000 will be paid to the Executive within 30 days following the date of termination of employment.

Appears in 1 contract

Samples: Employment Agreement (Main Street Bancorp Inc)

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