Termination Without Cause or Resignation for Good Reason, After a Change in Control. If in the twenty-four (24) month period following a Change in Control, Executive (i) Resigns for Good Reason or (ii) is otherwise Terminated Without Cause, the Bank shall pay to Executive a lump sum payment equal to eighteen (18) months base salary then in effect. Such lump sum shall be paid not later than the tenth (10th) day following the date of Termination Without Cause or a Resignation for Good Reason.
Termination Without Cause or Resignation for Good Reason, After a Change in Control. (a) If in the one (1) year period following a Change in Control, as defined below, Employee: (i) resigns for Good Reason; or (ii) is terminated without Cause, Greenland shall pay to Employee, as severance pay or liquidated damages, or both, a lump sum payment ("Severance Payment") equal to two hundred percent (200%) of Employee's average annual Base Salary and all bonuses received for the five (5) year period immediately preceding the Severance Payment, or such greater amount as the Board of Directors shall provide from time to time pursuant to terms which may not be revoked or reduced thereafter, provided, however, Employee must execute a general release of claims in a form acceptable to Greenland releasing any and all claims Employee has against Greenland arising out of his employment or the termination of said employment and Employee may not revoke the release pursuant to its terms before he shall be paid any Severance Payment pursuant to this Section 7.04. However, the total of any payment pursuant to this Section 7.04(a) shall be limited solely to the extent necessary, in the opinion of legal counsel acceptable to Employee and Greenland, to avoid the payment of an "excess parachute" payment within the meaning of Internal Revenue Code Section 280G of any similar successor provision. The Severance Payment shall be made not later than the fifth (5th) day following the date of termination without Cause or resignation for Good Reason; provided, however, that if the amount of such payments cannot be finally determined on or before such date, Greenland shall pay to Employee on such date a good faith estimate of the minimum amount of such payments, and shall pay the remainder of such payments (together with interest at the rate provided in Internal Revenue Code Section 1274(b)(2)(B) of the Code), as soon as the amount thereof can be determined, but in no event later than the thirtieth (30th) day after the applicable termination date. The Chief Financial Officer of Greenland shall calculate the good faith estimate of such payments, and Greenland shall provide reasonable written documentation regarding its good faith estimate of the minimum amount of such payments. In the event the amount of the estimated payments exceeds the amount subsequently determined to have been due, such excess shall constitute a loan by Greenland payable on the fifth (5th) day after receipt by Employee of a written demand for payment from Greenland (together with interest calculated as...
Termination Without Cause or Resignation for Good Reason, After a Change in Control. If in the twenty-four (24) month period following a Change in Control, Executive (i) Resigns for Good Reason or (ii) is otherwise Terminated Without Cause, Coast shall pay to Executive a lump sum payment equal to twelve (12) months base salary then in effect. Such lump sum shall be paid not later than the tenth (10th) day following the date of Termination Without Cause or a Resignation for Good Reason.
Termination Without Cause or Resignation for Good Reason, After a Change in Control. If in the 24 month period following a Change in Control, Executive (i) Resigns for Good Reason or (ii) is otherwise Terminated Without Cause, Bank shall pay Executive accrued compensation and benefits at the time of such termination; all vested retirement benefits will paid in accordance with the terms of the retirement plan; and, upon the execution and delivery of a full and complete release of claims by Executive (in a form acceptable to Bank and Bancorp), Bank shall pay Executive, in the aggregate, a lump sum severance payment equal to (A) thirty six (36)months base salary then in effect plus (B) three (3) times the amount of Executive's bonus for the year preceding the termination. Such lump sum shall be paid not later than the tenth (10th) day following the date of Termination Without Cause or a Resignation for Good Reason. In addition, the Bank will continue to pay the Employer portion of the health insurance continuation premiums for the Executive (COBRA) for a period of twelve (12) months following termination. Executive will be responsible for paying his or her portion of the premium, plus the 1.0% COBRA administration fee during said period.
Termination Without Cause or Resignation for Good Reason, After a Change in Control. If your employment ends due to a Covered Termination within eighteen (18) months after a Change in Control and you satisfy the Preconditions set forth in Section 10(c) below, then you will receive the following Severance Benefits:
Termination Without Cause or Resignation for Good Reason, After a Change in Control. If in the 24 month period following a Change in Control, Executive (i) Resigns for Good Reason or (ii) is otherwise Terminated Without Cause, the Bank and Bancorp shall pay to Executive, in the aggregate, a lump sum payment equal to (A) 24 months base salary then in effect and (B) two times the amount of Executive’s bonus for the year preceding the Change in Control. Such lump sum shall be paid not later than the tenth (10th) day of the seventh month following the date of Termination Without Cause or a Resignation for Good Reason. The parties acknowledge that the foregoing payment is for services to be rendered in the event of a Change in Control over and above those normally and reasonably expected of the Executive.
Termination Without Cause or Resignation for Good Reason, After a Change in Control. If in the 24 month period following a Change in Control, Executive (i) Resigns for Good Reason or (ii) is otherwise Terminated Without Cause, shall pay Executive accrued compensation and benefits at the time of such termination and, upon the execution and delivery of a full and complete release of claims by Executive (in a form acceptable to Bank and Bancorp), Bank shall pay Executive, in the aggregate, a lump sum severance payment equal to the sum of 1) eighteen (18) months base salary then in effect, and 2) an amount equal to all bonuses paid to Executive in the year prior to the Change in Control. Such lump sum shall be paid not later than the tenth (10th) day following the date of Termination Without Cause or a Resignation for Good Reason. In addition, the Bank will continue to pay the Employer portion of the health insurance continuation premiums for the Executive (COBRA) for a period of 9 months following termination. Executive will be responsible for paying his or her portion of the premium, plus the currently applicable COBRA administration fee during said period.
Termination Without Cause or Resignation for Good Reason, After a Change in Control. In the event that Your employment with the Company is terminated without Cause or You resign your employment for Good Reason within 12 months following a Change of Control, and provided You sign (and do not revoke) the Release and You return to the Company any and all Company property in Your custody or under Your control, then You shall be entitled to the payments described in Section 10 above plus the payment in a lump sum within 10 days of the effective date of the termination of Your employment of an amount equal to two times Your annual target bonus in effect at the time of Your termination, subject to standard payroll deductions and withholdings. In addition, to the extent any unvested Stock Options or other Equity Compensation previously granted to You have not otherwise already become vested as of such termination of Your employment with the Company after a Change of Control, then any such unvested Stock Options or Equity Compensation shall become fully vested on the date of termination of Your employment with the Company.
Termination Without Cause or Resignation for Good Reason, After a Change in Control. If in the twelve (12) month period following a Change in Control, Executive (i) Resigns for Good Reason or (ii) is otherwise Terminated Without Cause, Hacienda shall pay to Executive a lump sum payment equal to twelve (12) months base salary then in effect. Such lump sum shall be paid not later than the tenth (10th) day following the date of Termination Without Cause or a Resignation for Good Reason. If Executive is not offered continuing employment at the time of a Change in Control, Hacienda shall pay to Executive a lump sum payment equal to (A) twenty-four (24) months base salary then in effect and (B) the amount required to pay for family medical insurance coverage for a period of twelve (12) months. Such lump sum shall be paid not later than the tenth (10th) day following the date of Change in Control.
Termination Without Cause or Resignation for Good Reason, After a Change in Control. If your employment ends because of a Covered Termination on or within eighteen (18) months after a Change in Control, you will be eligible to receive a lump sum cash severance payment in an amount equal to six (6) months of your then current base salary (ignoring any reduction in salary that forms the basis for a resignation for Good Reason), less any applicable withholdings and deductions, and effective as of your termination date, your then-outstanding and unvested compensatory equity awards will become vested as to the number of shares subject to each such award that would have become vested, in the ordinary course, within twelve (12) months after your termination date. Additionally, you will receive six (6) months of COBRA benefits starting from your termination date.
