Common use of Continued Compensation Clause in Contracts

Continued Compensation. If a Change In Control occurs and the Corporation or its successor does not desire that Employee remain in his employment with the Corporation or its successor, the Corporation or its successor agrees to pay Employee his salary in effect at the termination date for a term of one (1) year from the termination date or until Employee obtains new employment, whichever is earlier, subject to withholding, deductions and taxation in accordance with applicable law.

Continued Compensation. If a Change In Control occurs and the Corporation or its successor does not desire that Employee remain in his employment with the Corporation or its successor, the Corporation or its successor agrees to pay Employee his salary in effect at the termination date for a term of one (1) year from the termination date or until Employee obtains new employment, whichever is earlierplus benefits continued for one year, subject to withholding, deductions and taxation in accordance with applicable law.