Common use of Immediately upon Clause in Contracts

Immediately upon. (A) the filing by a third-party with the United States Securities and Exchange Commission of any proxy or tender offer material evidencing an intent to gain control of the Company; (B) the mailing of a proxy statement by the Company to shareholders requesting an affirmative vote regarding a Change in Control; or (C) the receipt of information by the Company that 40 percent or more of its outstanding common stock has been acquired by any person (as defined under the 1934 Act), the Company shall contribute to an irrevocable grantor trust (a "Rabbi Trust") an amount sufficient to enable all potential amounts due to Employee under this Section to be paid. The Company shall provide Employee with a certification of the payment to such trust of all such amounts. All such amounts which are due to Employee shall be paid using the assets of said trust except to the extent its terms preclude such payment, in which event payment shall be made by the Company from its own funds, or unless the Company elects to pay any or all such amounts from its own funds.

Immediately upon. (A) the filing by a third-party with the United States Securities and Exchange Commission of any proxy or tender offer material evidencing an intent to gain control of the Company; (B) the mailing of a proxy statement by the Company to shareholders requesting an affirmative vote regarding a Change in Control; or (C) the receipt of information by the Company that 40 percent or more of its outstanding common stock has been acquired by any person (as defined under the 1934 Act), the Company shall contribute to an irrevocable grantor trust (a "Rabbi Trust") an amount sufficient to enable all potential amounts due to Employee under Paddx xxxer this Section to be paid. The Company shall provide Employee with Paddx xxxh a certification of the payment to such trust of all such amounts. All such amounts which are due to Employee shall Paddx xxxll be paid using the assets of said trust except to the extent its terms preclude such payment, in which event payment shall be made by the Company from its own funds, or unless the Company elects to pay any or all such amounts from its own funds.