Common use of Trust Deposit Clause in Contracts

Trust Deposit. Upon the occurrence of a Proposed Change in Control during the Change in Control Period, the Company shall deposit in trust or escrow with a third party cash in an amount sufficient to provide all of the benefits and other payments to which the Executive would be entitled hereunder if a Change in Control occurred on the date of the Proposed Change in Control and the Executive's employment were terminated by the Company without Cause immediately thereafter. Upon such deposit, references hereunder to any payment by the Company shall be deemed to refer to a payment from such trust or escrow; provided, however, that nothing contained herein shall relieve the Company of its obligations to make the payments required of them hereunder in the event any such payment is not made from the trust or escrow. If the Proposed Change in Control does not occur within 24 months following such deposit, the Company may recover any funds deposited.