OBLIGATIONS OF THE COMPANY UPON A CHANGE IN CONTROL. If a Change in Control occurs during the Term of this Agreement and after the date the Company has repaid all of its obligations under the Troubled Asset Relief Program (TARP), the Company will pay to Executive a lump sum cash amount equal to the product of: (i) two times (ii) the sum of Executive’s annual base salary at the rate in effect immediately preceding the Change in Control plus the cash bonus paid to Executive with respect to the most recently closed fiscal year of the Company. Such lump sum payment shall be paid by the Company to Executive within thirty (30) days following such Change in Control. If Executive shall have become entitled to a payment under this paragraph and dies prior to his receipt thereof, then such payment will be paid to Executive’s surviving spouse (or if not survived by a spouse, then to Executive's estate).
Appears in 4 contracts
Samples: Change in Control Agreement (Blue Valley Ban Corp), Change in Control Agreement (Blue Valley Ban Corp), Change in Control Agreement (Blue Valley Ban Corp)
