Severance Benefits Upon Termination of Employment. If, within three (3) years after a Change in Control, the Officer's employment is terminated by the Company without Cause or by the Officer due to a Quit With Good Reason, the Company shall pay to the Officer, a Termination Payment in a lump sum cash payment within thirty (30) days following the later of the Officer's termination of employment or the occurrence of the Change in Control. Payments made to the Officer hereunder as a Termination Payment shall be subject to applicable federal, state and local tax withholding requirements. If the Officer's employment is terminated due to his death or Disability, that will not be deemed a termination of employment by the Company without Cause or by a Quit With Good Reason.
Severance Benefits Upon Termination of Employment. If, while this --------------------------------------------------- Agreement is in effect, the Employee: (a) is involuntarily terminated by the Company and the Bank without Cause during the Post-Change in Control Period; (b) resigns her employment with the Company and the Bank for Good Reason during the Post-Change in Control Period; or (c) resigns for any reason during the thirteenth (13th) month of the Post-Change in Control Period (each, a "Qualifying Termination of Employment"), the Bank shall pay to the Employee in a lump-sum an amount equal to two times the sum of (a) the Employee's salary as in effect at the effective time of the termination of employment and (b) the amount of the bonus earned by the Employee during the prior calendar year (the "Lump Sum Payment"). The Lump Sum Payment is sometimes referred to in this Agreement as the "Severance Benefit." If the aggregate present value (determined as of the date of the Change in Control in accordance with the provisions of Section 280G of the Internal Revenue Code, as amended, and the rules and regulations promulgated thereunder (collectively, the "Code")) of both the Severance Benefit and all other payments to the Employee in the nature of compensation which are contingent on a change in ownership or effective control of the Company or the Bank or in the ownership of a substantial portion of the assets of the Company or the Bank (the "Aggregate Severance") would result in a "parachute payment," as defined under Section 280G of the Code, then the Aggregate Severance shall not be greater than an amount equal to 2.99 multiplied by Employee's "base amount" for the "base period," as those terms are defined under Section 280G. In the event the Aggregate Severance is required to be reduced pursuant to this Section 3, the Employee shall be entitled to determine which portions of the Aggregate Severance are to be reduced so that the Aggregate Severance satisfies the limit set forth in the preceding sentence. The Lump Sum Payment shall be paid to the Employee as soon as practicable following the effective date of the Qualifying Termination of Employment. The Employer shall be entitled to withhold appropriate employment and income taxes, if required by applicable law, from any Severance Benefit that becomes payable.
Severance Benefits Upon Termination of Employment not Associated with a Change of Control. If the Employee's employment is terminated prior to a Change of Control (as defined herein) or more than twenty-four (24) months after a Change of Control for any of the reasons set forth below in this paragraph 3(b), then the Employee shall be entitled to receive severance pay in the form of equal monthly payments yielding in aggregate an amount equal to one hundred fifty percent (150%) of the Employee's Annual Compensation (as defined herein), plus a pro rata portion of the bonus that would otherwise be payable to Employee for the year in which termination occurs based on the number of full calendar months of his employment during the fiscal year in which termination occurs. A termination of employment for any of the following reasons shall trigger the severance benefits specified in this paragraph 3(b): (A) voluntarily termination of employment by Employee for Good Reason (as defined herein); (B) involuntarily termination of employment by the Company other than for Cause (as defined herein); or (C) termination of employment due to Employee's death or "permanent and total disability" (as such term is defined under Internal Revenue Code Section 22(e)(3) or its successor provision).
Severance Benefits Upon Termination of Employment. The Company will pay and/or provide you with the following in connection with the termination of your employment with the Company, however none of the payments or benefits provided for in this letter agreement will commence until you have signed the Mutual Release attached hereto as Exhibit A, and the rescission period for the Mutual Release has expired.
Severance Benefits Upon Termination of Employment. In the event Executive's employment terminates for any reason (including the expiration of Executive's term of employment with the Company) except to the extent provided in Section 2(b) of this Addendum in connection with a Change of Control, then Executive shall be entitled to receive severance benefits as follows:
Severance Benefits Upon Termination of Employment. In the event of a Qualifying Termination within two (2) years from the date from a Change Of Control, the Bank shall pay or provide the following Severance Benefits to the Employee:
Severance Benefits Upon Termination of Employment. In the event of a qualifying termination within two (2) years from the date from a change of control, the Bank shall pay or provide the following severance benefits to the Employee: A On the fifth (5th) business day following the date of termination, a lump sum cash payment in the amount of two (2) times the Employee's base annual compensation immediately preceding a change of control or immediately prior to the date of termination, whichever is higher; and
Severance Benefits Upon Termination of Employment
