Common use of Termination Without CHANGE OF CONTROL Clause in Contracts

Termination Without CHANGE OF CONTROL. In the event that the employment of the EMPLOYEE is terminated before the expiration of the TERM for any reason other than JUST CAUSE or in connection with or within one year of a CHANGE OF CONTROL, the EMPLOYERS shall be obligated to continue (A) to pay on a monthly basis to the EMPLOYEE, his designated beneficiaries or his estate, his annual salary provided pursuant to Section 3(a) or (b) of this AGREEMENT until the expiration of the TERM and (B) to provide to the EMPLOYEE at the EMPLOYERS' expense, health, life, disability, and other benefits substantially equal to those being provided to the EMPLOYEE at the date of termination of his employment until the earliest to occur of the expiration of the TERM or the date the EMPLOYEE becomes employed full-time by another employer. In the event that payments pursuant to this subsection (iii) would result in the imposition of a penalty tax pursuant to SECTION 280G, such payments shall be reduced to the maximum amount which may be paid under SECTION 280G without exceeding those limits.

Termination Without CHANGE OF CONTROL. In the event that the employment of the EMPLOYEE is terminated before the expiration of the TERM for any reason other than JUST CAUSE or in connection with or within one year of a CHANGE OF CONTROL, the EMPLOYERS shall be obligated to continue (A) to pay on a monthly basis to the EMPLOYEE, his her designated beneficiaries or his her estate, his her annual salary provided pursuant to Section 3(a) or (b) of this AGREEMENT until the expiration of the TERM and (B) to provide to the EMPLOYEE at the EMPLOYERS' expense, health, life, disability, and other benefits substantially equal to those being provided to the EMPLOYEE at the date of termination of his her employment until the earliest to occur of the expiration of the TERM or the date the EMPLOYEE becomes employed full-time by another employer. In the event that payments pursuant to this subsection (iii) would result in the imposition of a penalty tax pursuant to SECTION 280G, such payments shall be reduced to the maximum amount which may be paid under SECTION 280G without exceeding those limits.