Termination of Agreement by Reason of Changes in Law. The Corporation is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in substantially their current form. In the event of any changes in such federal laws, the Corporation shall have an option to terminate or modify this Agreement. Provided, however, that the Executive shall be entitled to at least the same amount as he would have been entitled to under Section 4.2 relating to disability. The payment of said amount shall be made upon such terms and conditions and at such time as the Corporation shall determine, but in no event commencing later than age seventy (70).
Appears in 3 contracts
Samples: Continuation Agreement (East Ridge Bancshares Inc), Executive Salary Continuation Agreement (East Ridge Bancshares Inc), Continuation Agreement (East Ridge Bancshares Inc)
Termination of Agreement by Reason of Changes in Law. The Corporation is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in substantially their current form. In the event of any changes in such federal laws, laws the Corporation shall have an option to terminate or modify this Agreement. Provided, however, that the Executive shall be entitled to at least the same amount as he would have been entitled to under Section 4.2 relating to disability. The payment of said amount shall be made upon such terms and conditions and at such time as the Corporation shall determine, but in no event commencing later than age seventy sixty-five (7065).
Appears in 3 contracts
Samples: Continuation Agreement (United Security Bancorporation), Executive Salary Continuation Agreement (Coast Bancorp), Executive Salary Continuation Agreement (Coast Bancorp)
Termination of Agreement by Reason of Changes in Law. The Corporation is entering into this Agreement upon the assumption that certain existing tax laws will continue in effect in substantially their current form. In the event of any changes in such federal laws, the Corporation shall have an option to terminate or modify this Agreement. Provided, however, that the Executive shall be entitled to at least the same amount as he would have been entitled to under Section 4.2 relating to disability. The payment of said amount shall be made upon such terms and conditions and at such time as the Corporation shall determine, but in no event commencing later than age seventy sixty-five (7065).
Appears in 1 contract
