Termination on Account of or After a Change in Control. In the event: (i) the Executive's employment with the Bank is terminated by the Bank in conjunction with, or by reason of, a "Change in Control" (as defined in subparagraph 1.3 above) whether or not the Executive favored or opposed the Change in Control; or (ii) by reason of the Bank's actions any adverse and material change occurs in the scope of the Executive's position, responsibilities, duties, salary, benefits, or location of employment after a Change in Control occurs; or (iii) the Bank causes an event to occur which reasonably constitutes or results in a demotion, a significant diminution of responsibilities or authority, or a constructive termination (by forcing a resignation or otherwise) of the Executive's employment after a Change in Control occurs, then the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined above, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive attains fifty-five (55) years of age or any month thereafter, as requested in writing by the Executive and delivered to the Bank or its successor thirty (30) days prior to the commencement of installment payments; provided, however, that in the event the Executive does not request a commencement date as specified, such installments shall be paid on the first day of each month, beginning with the month following the month in which the Executive attains sixty-two (62) years of age. The installments shall be payable until the Executive's death.
Termination on Account of or After a Change in Control. In the event: (i) the Executive’s employment with the Bank is terminated by the Bank in conjunction with, or by reason of, a “Change in Control” (as defined in subparagraph 1.3 above) or (ii) there is a Constructive Termination of Employment after the Change in Control, then the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as described in Schedule B, in substantially equal monthly installments on the first day of each month, beginning the month following the termination of employment by the Bank or the Constructive Termination of Employment, payable until the Executive’s death. The commencement date for payments is subject to Paragraph 10 below.”
7. Paragraph 6 shall be amended to add the following sentence and shall otherwise remain in its entirety: “All efforts by the Bank and the Executive to minimize the amount of excise tax imposed by Section 4999 of the Code shall be in accordance with Section 409A of the Code.”
8. Paragraph 10 shall be amended in its entirety to read:
Termination on Account of or After a Change in Control. In the event the Executive’s employment with the Employer is terminated by the Employer in conjunction with, or by reason of, a “Change in Control” (as defined in subparagraph 1.3 above then the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined above, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Change in Control has occurred, as requested in writing by the Executive and delivered to the Bank or its successor thirty (30) days prior to the commencement of installment payments; provided, however, that in the event the Executive does not request a commencement date as specified, such installments shall be paid on the first day of each month, beginning with the month following the month in which the Executive attains fifty-five (55) years of age. The installments shall be payable for a period of one hundred and eighty (180) months.
Termination on Account of or After a Change in Control. A termination shall be deemed to be in Connection with a Change in Control if within three (3) years following a Change in Control:
(A) The Executive’s employment with the Employer is terminated by the Bank and such termination is not a Termination for Cause; or
(B) Executive is “Constructively Terminated”. For the purposes of this Agreement, the terms “Constructively Terminated” and “Constructive Termination” are defined as a voluntary election to resign or a forced resignation resulting from (i) Employer actions, in conjunction with, or by reason of a Change in Control, which actions result in any adverse and material change in the scope of the Employee’s position, responsibilities, duties, salary, benefits or location of employment; or (ii) any event caused by the Employer which reasonably constitutes or results in a demotion or a significant diminution of Executive’s responsibilities or authority.
Termination on Account of or After a Change in Control. In the event: (i) the Executive's employment with the Employer is terminated by the Employer in conjunction with, or by reason of, a "Change in Control" (as defined in subparagraph 1.3 above); or (ii) by reason of the Employer's actions any adverse and material change occurs in the scope of the Executive's position, responsibilities, duties, salary, benefits, or location of employment after a Change in Control occurs; or (iii) the Employer causes an event to occur which reasonably constitutes or results in a demotion, a significant diminution of responsibilities or authority, or a constructive termination (by forcing a resignation or otherwise) of the Executive's employment after a Change in Control occurs, then the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined above, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive attains sixty (60) years of age or any month thereafter, as requested in writing by the Executive and delivered to the Employer or its successor thirty (30) days prior to the commencement of installment payments; provided, however, that in the event the Executive does not request a commencement date as specified, such installments shall be paid on the first day of each month, beginning with the month following the month in which the Executive attains the Normal Retirement Date. The installments shall be payable until the Executive's death.
Termination on Account of or After a Change in Control. In the event the Executive’s employment with the Employer is terminated by the Employer in conjunction with, or by reason of, a Change in Control (as defined in subparagraph 1.3, above), then the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined above, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Change in Control has occurred, as requested in writing by the Executive and delivered to the Bank or its successor thirty (30) days prior to the commencement of installment payments; provided, however, that in the event the Executive does not request a commencement date as specified, such installments shall be paid on the first day of each month, beginning with the month following the month in which the Executive attains sixty-two (62) years of age. The installments shall be payable until the Executive’s death.
Termination on Account of or After a Change in Control. In the event the Executive’s Employment with the Employer is terminated in Connection With or After a Change in Control (as defined in Paragraphs 1.12 or 1.13 above) then the Executive shall be entitled to be paid the same benefit as if the Executive had been continuously employed by Bank until his Normal Retirement, as specified in paragraph 3.1. In addition, no sale, merger or consolidation of the Bank shall take place unless the new or surviving entity expressly acknowledges the obligations under this plan Agreement and agrees to abide by its terms.
Termination on Account of or After a Change in Control. In the event: (i) the Executive's employment with the Employer is terminated by the Employer in conjunction with, or by reason of, a "Change in Control" (as defined in subparagraph 1.3 above); or (ii) by reason of the Employer's actions any adverse and material change occurs in the scope of the Executive's position, responsibilities, duties, salary, benefits, or location of employment after a Change in Control occurs; or (iii) the Employer causes an event to occur which reasonably constitutes or results in a demotion, a significant diminution of responsibilities or authority, or a constructive termination (by forcing a resignation or otherwise) of the Executive's employment after a Change in Control occurs, then the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined above, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Change in Control has occurred, as requested in writing by the Executive and delivered to the Bank or its successor thirty (30) days prior to the commencement of installment payments; provided, however, that in the event the Executive does not request a commencement date as specified, such installments shall be paid on the first day or each month, beginning with the month following the month in which the Executive attains sixty-two (62) years of age. The installments shall be payable until the Executive's death.
Termination on Account of or After a Change in Control. In the event: (i) the Executive's employment with the Employer is terminated by the Employer in conjunction with, or by reason of, a "Change in Control" (as defined in subparagraph 1.3 above); or (ii) by reason of the Employer's actions any adverse and material change occurs in the scope of the Executive's position, responsibilities, duties, salary, benefits, or location of employment after a Change in Control occurs; or (iii) the Employer causes an event to occur which reasonably constitutes or results in a demotion, a significant diminution of responsibilities or authority, or a constructive termination (by forcing a resignation or otherwise) of the Executive's employment after a Change in Control occurs, then the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined above, in substantially equal monthly installments on the first day of each month, beginning with the first month after which both of the following events have occurred: the Executive has attained sixty (60) years of age and the Executive has terminated full time employment with the Bank.
Termination on Account of or After a Change in Control. In the event: (i) the Executive's Employment with the Employer is terminated by the Employer in conjunction with, or by reason of, a "Change in Control" (as defined in Paragraph 1.3 above); or (ii) by reason of the Employer's actions any adverse and material change occurs in the scope of the Executive's position, responsibilities, duties, salary, benefits, or location of Employment after a Change in Control occurs; or (iii) the Employer causes an event to occur which reasonably constitutes or results in a demotion, a significant diminution of responsibilities or authority, or a constructive termination (by forcing a resignation or otherwise) of the Executive's Employment after a Change in Control occurs, then, subject to Paragraph 6, the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined above, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive attains fifty-five (55) years of age, unless a later date has been elected by the Executive pursuant to Paragraph 1.6.
