Termination Without CHANGE OF CONTROL. In the event that the employment of the EMPLOYEE is terminated before the expiration of the TERM for any reason other than death, JUST CAUSE or in connection with or within one year of a CHANGE OF CONTROL, the EMPLOYERS shall be obligated to continue (A) to pay on a monthly basis to the EMPLOYEE, her dependents, beneficiaries or estate, her annual salary provided pursuant to Section 3(a) or (b) of this AGREEMENT until the expiration of the TERM and (B) to provide to the EMPLOYEE, her dependents, beneficiaries and estate at the EMPLOYERS' expense, health, life, disability and other benefits substantially equal to those being provided to the EMPLOYEE at the date of termination of her employment until the earliest to occur of the expiration of the TERM or the date the EMPLOYEE becomes employed full-time by another employer; provided, however, that in the event that payments pursuant to this subsection (III) would result in the imposition of a penalty tax pursuant to SECTION 280G, such payments shall be reduced to the maximum amount which may be paid under SECTION 280G without exceeding those limits. The EMPLOYEE shall not be required to mitigate the amount of any payment provided for in this AGREEMENT by seeking other employment or otherwise, nor shall any amounts received from other employment or otherwise by the EMPLOYEE offset in any manner the obligations of the EMPLOYERS hereunder, except as specifically stated in subparagraph (III)(B) above.
Termination Without CHANGE OF CONTROL. In the event that the employment of the EMPLOYEE is terminated before the expiration of the TERM for any reason other than JUST CAUSE or in connection with or within one year of a CHANGE OF CONTROL, the EMPLOYERS shall be obligated to continue (A) to pay on a monthly basis to the EMPLOYEE, his designated beneficiaries or his estate, his annual salary provided pursuant to Section 3(a) or (b) of this AGREEMENT until the expiration of the TERM and (B) to provide to the EMPLOYEE at the EMPLOYERS' expense, health, life, disability, and other benefits substantially equal to those being provided to the EMPLOYEE at the date of termination of his employment until the earliest to occur of the expiration of the TERM or the date the EMPLOYEE becomes employed full-time by another employer. In the event that payments pursuant to this subsection (iii) would result in the imposition of a penalty tax pursuant to SECTION 280G, such payments shall be reduced to the maximum amount which may be paid under SECTION 280G without exceeding those limits.
Termination Without CHANGE OF CONTROL. In the event that the employment of the EMPLOYEE is terminated before the expiration of the TERM other than (A) for JUST CAUSE or (B) in connection with or within one year after a CHANGE OF CONTROL, the EMPLOYERS shall be obligated to continue (1) to pay on a monthly basis to the EMPLOYEE, his designated beneficiaries of his estate, his annual salary provided pursuant to Section 3(a) or (b) of this AGREEMENT until the expiration of the TERM and (2) to provide to the EMPLOYEE, at the EMPLOYERS' expense, health, life, disability, and other benefits substantially equal to those being provided to the EMPLOYEE at the date of termination of his employment until the earliest to occur of the expiration of the TERM or the date the EMPLOYEE becomes employed full-time by another employer. In the event that payments pursuant to this subsection (iii) would result in the imposition of a penalty tax pursuant to SECTION 280G, such payments shall be reduced to the maximum amount which may be paid under SECTION 280G without exceeding those limits. Payments pursuant to this subsection also may not exceed the limit set forth in Regulatory Bulletin 27a of the Office of Thrift Supervision.
Termination Without CHANGE OF CONTROL. In the event the EMPLOYER terminates the employment of the EMPLOYEE for any reason other than JUST CAUSE, and the termination is not in connection with a CHANGE OF CONTROL pursuant to Section 4(a) of this AGREEMENT, the EMPLOYER shall be obligated to continue to (i) pay on a monthly basis to the EMPLOYEE, his designated beneficiaries or his estate, his annual salary provided pursuant to Section 3(a) of this AGREEMENT as of the date of termination for a period of 12 months; and (ii) provide to the EMPLOYEE, his eligible dependents and beneficiaries, at the EMPLOYER's expense, group health benefits, hospitalization and disability benefits substantially equal to those being provided to the EMPLOYEE at the date of termination of his employment, to the extent permitted under the terms of such plans, until the earliest to occur of (A) the first anniversary of the effective date of the EMPLOYEE's termination, or (B) the date the EMPLOYEE is included in another employer's plans providing comparable benefits and coverage.
Termination Without CHANGE OF CONTROL. In the event that the employment of the EMPLOYEE is terminated by the EMPLOYERS before the end of the TERM for any reason other than death, the inability to perform his duties because of a medically diagnosable condition as provided in Section 4(c) of this AGREEMENT, JUST CAUSE or in connection with or within six months before or one year after a CHANGE IN CONTROL, or in the event that the employment of the EMPLOYEE is terminated by the EMPLOYEE for GOOD REASON, and if the EMPLOYEE signs a general release as required by Section 4(d) of this AGREEMENT, the EMPLOYERS shall be obligated (1) to make a lump sum payment to the EMPLOYEE within two weeks after the EMPLOYEE’S termination of employment in an amount equal to one-half of the annual salary required to be paid to the EMPLOYEE under Section 3(a) of this AGREEMENT, as the amount may have been adjusted under Section 3(b) of this AGREEMENT; (2) until the earliest of (i) the EMPLOYEE and his spouse both becoming 65 years of age, (ii) the EMPLOYEE’S becoming employed full-time by another employer, or (iii) the expiration of the period of time during which the EMPLOYEE would be entitled to continuation coverage under the group health plan of BANK under Section 4980B (COBRA) of the CODE, to provide to the EMPLOYEE and/or his dependents at the EMPLOYEE’S expense life and disability benefits substantially equal to those being provided to the EMPLOYEE at the date of termination of his employment; and (3) provided the EMPLOYEE and/or any eligible dependents properly elect COBRA coverage, to provide to the EMPLOYEE and/or any eligible dependents continuation coverage under the group health plan of BANK under COBRA. The EMPLOYERS’ obligation to provide life and disability benefits shall be contingent on the EMPLOYEE and/or his dependents being insurable in the EMPLOYERS’ group insurance plans. Notwithstanding the foregoing provisions, the EMLOYEE and his spouse may only participate in a health insurance program for as long as the EMPLOYERS make available an employee group health insurance program which permits the EMPLOYERS to make coverage available for similarly situated former employees; provided, however, that the EMPLOYERS shall not be required to provide or maintain any employee group insurance program.
Termination Without CHANGE OF CONTROL. In the event that the employment of the EMPLOYEE is terminated before the expiration of the TERM other than (A) for JUST CAUSE or (B) in connection with or within one year after a CHANGE OF CONTROL, then the following shall occur:
Termination Without CHANGE OF CONTROL. In the event that the Employer terminates the employment of the Employee for any reason other than Just Cause, and the termination is not in connection with a Change of Control pursuant to Section 4(a) of this Agreement, the Employer shall be obligated to continue to (i) pay on a monthly basis to the Employee, his designated beneficiaries or his estate, his annual salary provided pursuant to Section 3(a) of this Agreement as of the date of termination for a period of 12 months (provided, however, that the amount so payable shall not exceed the lesser of (a) two times the Employee’s annualized compensation or (b) two times the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Employee terminates); and (ii) provide to the Employee, his eligible dependents and beneficiaries, at the Employer’s expense, group health benefits, hospitalization and disability benefits substantially equal to those being provided to the Employee at the date of termination of his employment, to the extent permitted under the terms of such plans, until the earliest to occur of: (A) the first anniversary of the effective date of the Employee’s termination, or (B) the Employee is included in another employer’s plans providing comparable benefits and coverage.
Termination Without CHANGE OF CONTROL. Employee shall have no ------------------------------------- right to compensation or other benefits for any period after the termination of his employment, other than a termination after a Change of Control, regardless of whether the termination is with or without cause or the termination is voluntary or involuntary.
Termination Without CHANGE OF CONTROL. In the event Camco terminates the employment of the Employee for any reason other than Just Cause and the termination is not covered by the provisions of subsection (a) of this Section 4, Camco shall be obligated to continue to pay on a monthly basis to the Employee, his designated beneficiaries or his estate, his annual salary provided pursuant to Section 3 of this Agreement for the unexpired Term. The Employee may choose, in lieu of monthly payments of the amounts set forth above, to receive a lump sum payment equal to the present value of such payments. For purposes of computing such lump-sum payment, the parties shall use a discount rate of five percent (5%).
Termination Without CHANGE OF CONTROL. In the event Camco terminates the employment of the Employee for any reason other than Just Cause and the termination is not covered by the provisions of subsection (a) of this Section 4, Camco shall be obligated to continue to (i) pay on a monthly basis to the Employee, his designated beneficiaries or his estate, his annual salary provided pursuant to Section 2 of this Agreement for the number of months remaining in the Employment Term as of the date of the termination; and (ii) provide to the Employee and his eligible dependents, at Camco's expense, health, life and disability insurance benefits substantially equal to those being provided to the Employee and his eligible dependents at the date of termination of his employment until the earliest of (A) the end of the Employment Term under this Agreement pursuant to Section 1 of this Agreement or (B) that date on which the Employee is included in another employer's benefit plans as a full-time employee. The Employee may choose, in lieu of monthly payments of the amounts set forth above, to receive a lump sum payment equal to the present value of such payments. For purposes of computing such lump-sum payment, the parties shall use a discount rate of five percent (5%) per annum.
