Common use of Termination Without CHANGE OF CONTROL Clause in Contracts

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 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 EMPLOYER shall be obligated to continue (1) to pay on a monthly basis to the EMPLOYEE, his designated beneficiaries of or 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' EMPLOYER's 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 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 or 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 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 EMPLOYER shall be obligated to continue (1) to pay on a monthly basis to the EMPLOYEE, his her designated beneficiaries of his or her estate, his her 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' EMPLOYER'S expense, health, life, disability, and other benefits substantially equal to those being provided to the EMPLOYEE at the date of termination of his 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. 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.