CHANGE IN CONTROL OF THE BANK a. In the event of a "change in control" of the Employer, as defined herein, and only to the extend permitted by applicable statutes and regulations, Executive shall be entitled, for a period of thirty (30) days from the date of closing of the transaction effecting such change in control and at his election, to give written notice to Employer of termination of this Agreement and to receive a cash payment equal to one time (100%) the compensation, including incentive compensation, if any, received by Executive in the one-year period immediately preceding the change in control. The severance payments provided for in this Section 10.a. shall be paid in cash, commencing not later than ten (10) days after the date of notice of termination by Executive under this Section 10 or ten (10) days after the date of closing of the transaction effecting the change in control of the Employer, whichever is later.
CHANGE IN CONTROL OF THE BANK. In the event of a "Change in Control" of the Bank during the Term of Employment, as defined herein, and if as a result of any such Change in Control Executive either (i) is terminated (except "for Cause" as defined in Section 4.2 above), during both the Term of Employment and the one-year period after the Change in Control becomes effective, from his employment hereunder and before he reaches age 75, or (ii) has a "Change in Duties or Salary" as defined below and resigns, during both the Term of Employment and the one-year period after the Change in Control becomes effective, as a result of such change, then Executive shall be entitled to receive severance compensation in an amount equal to one hundred fifty percent (150%) of his Base Salary then in effect and any other amounts owing to Executive at the time of such termination date, which shall be paid in a lump sum within 14 days following the date of termination or resignation. For purposes of this Section 5, "Change in Control" of the Bank shall mean:
CHANGE IN CONTROL OF THE BANK. (i) In the event of a Change in Control of the Bank (as defined in paragraph 5(d)(vi) below), and provided that Executive does not voluntarily terminate his employment with the Bank (or its successor) within the three (3) month period following the consummation of the Change in Control, Executive shall be paid a lump sum payment (the "Change in Control Payment") equal to:
CHANGE IN CONTROL OF THE BANK. (a) If at the effective time of, or any time within 36 months following, a “Change in Control” (as defined below):
CHANGE IN CONTROL OF THE BANK. Subject to the limitations set forth in Sections 9 and 10, in the event of a “Change in Control” (as defined below) during the Term of Employment, and the Employee (i) is terminated by the Bank from his employment (except “for Cause” as defined in Section 4.2 above) during the one-year period after the Change in Control becomes effective; (ii) voluntarily resigns during the 90 day period following the Change in Control1; or (iii) resigns for Good Reason within 30 days after the effective date the event giving rise to Good Reason (provided that the resignation must also fall within the one-year period after the Change in Control becomes effective), then Employee shall be entitled to receive severance compensation in an amount equal to two hundred percent (200%) of his Base Salary then in effect and any other amounts owing to Employee at the time of such termination date, which shall be paid in a lump sum within fourteen (14) days following the date of termination or resignation. For purposes of this Section 5, “Change in Control” of the Bank shall mean the occurrence of any of the following events that does not also constitute a Non-Control Transaction:
CHANGE IN CONTROL OF THE BANK. In the event of a “Change in Control” of the Bank during the Term of Employment, as defined herein, Executive shall be entitled to receive incentive compensation in an amount equal to one hundred percent (100%) of his Base Salary then in effect, which shall be paid in a lump sum at the closing of a transaction resulting in a Change in Control. In addition, all incentives contemplated by Section 3.2 shall be immediately due and payable upon the occurrence of a Change in Control. For purposes of this Section 5, “Change in Control” of the Bank shall mean:
CHANGE IN CONTROL OF THE BANK. For purposes of this Agreement, a Change in Control of the Bank shall be deemed to have occurred if:
CHANGE IN CONTROL OF THE BANK. For purposes of this Agreement, a ------ -- ------- -- --- ---- "change in control of the Bank" shall be deemed to have occurred if (i) any person or any combination of persons, partnerships, associations or other non- corporate entities acting as a group in concert, (other than the Bank, the Board of Directors of the Bank or the Board of Directors of the Holding Company, which for purposes hereof shall not without more be considered a group), owns or becomes the beneficial owner, directly or indirectly, of securities of the Bank or securities of the Holding Company representing 51% or more of the combined voting power of the Bank's or the Holding Company's then outstanding securities, or (ii) if the Bank or the Holding Company is acquired by a corporation or the Bank's assets or the Holding Company's assets are combined with or transferred to another bank or bank holding company, as the case may be, and less than a majority of the outstanding voting shares of the acquiring or surviving bank or holding company, as the case may be, after such acquisition, combination or transfer are owned, immediately after such acquisition, combination or transfer, by the owners of the voting shares of the Bank and Holding Company outstanding immediately prior to such acquisition, combination or transfer.
CHANGE IN CONTROL OF THE BANK. In the event of a “Change in Control” during the Term of Employment, as defined herein, and the Employee either (i) is terminated by the Bank (except “for Cause” as defined in Section 4.2 above), or the Employee voluntarily resigns during the one-year period after the Change in Control, but before he reaches age 75, then Employee shall be entitled to receive severance compensation in an amount equal to three (3) times the sum of: (i) his Base Salary then in effect and (ii) the bonus paid to Employee for the previous year. Employee shall also be entitled to any other amounts owing to Employee at the time of such termination date. All amounts payable to Employee pursuant to this Section 5 shall be paid in a lump sum within 14 days following the date of termination or resignation. For purposes of this Section 5, “Change in Control” of the Bank shall mean the occurrence of any of the following events that does not also constitute a Non-Control Transaction:
CHANGE IN CONTROL OF THE BANK. Section 5 and Schedule 3 of the original Agreement shall be replaced in their entirety by the following:
