Common use of Establishment, Term, and Purpose Clause in Contracts

Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and shall continue in effect for one (1) full year. However, at the end of such one (1) year period and, if extended, at the end of each additional year thereafter, the term of this Agreement shall be extended automatically for one (1) additional year, unless the Committee delivers written notice thirty (30) days prior to the end of such term, or extended term, to each Executive, that the Agreement will not be extended. In such case, the Agreement will terminate at the end of the term, or extended term, then in progress. However, in the event a Change in Control occurs during the original or any extended term, this Agreement will remain in effect for the longer of: (i) twenty-four (24) months beyond the month in which such Change in Control occurred; or (ii) until all obligations of the Company hereunder have been fulfilled, and until all benefits required hereunder have been paid to the Executive.

Appears in 14 contracts

Samples: Severance Agreement (Cullen/Frost Bankers, Inc.), Severance Agreement (Cullen/Frost Bankers, Inc.), Severance Agreement (Cullen/Frost Bankers, Inc.)

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Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and shall continue in effect for one three (13) full yearyears. However, at the end of such one three (13) year period and, if extended, at the end of each additional year thereafter, the term of this Agreement shall be extended automatically for one (1) additional year, unless the Committee delivers written notice thirty six (306) days months prior to the end of such term, or extended term, to each the Executive, that the Agreement will not be extended. In such case, the Agreement will terminate at the end of the term, or extended term, then in progress. However, in the event a Change in Control occurs during the original or any extended term, this Agreement will remain in effect for the longer of: (i) twenty-four (24) months beyond the month in which such Change in Control occurred; or (ii) until all obligations of the Company hereunder have been fulfilled, and until all benefits required hereunder have been paid to the Executive.

Appears in 3 contracts

Samples: Severance Agreement (Lee Sara Corp), Earthgrains Co /De/, Earthgrains Co /De/

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Establishment, Term, and Purpose. This Agreement will commence on the Effective Date and shall continue in effect for one three (13) full yearcalendar years. However, at the end of such one three (13) year period and, if extended, at the end of each additional year thereafter, the term of this Agreement shall be extended automatically for one (1) additional year, unless the Committee delivers written notice thirty six (306) days months prior to the end of such term, or extended term, to each Executive, that the Agreement will not be extended. In such case, the Agreement will terminate at the end of the term, or extended term, then in progress. However, in the event a Change in Control occurs during the original or any extended term, this Agreement will remain in effect for the longer of: (i) twenty-four (24) months beyond the month in which such Change in Control occurred; or (ii) until all obligations of the Company hereunder have been fulfilled, and until all benefits required hereunder have been paid to the Executive.

Appears in 2 contracts

Samples: Executive Severance Agreement (Old Kent Financial Corp /Mi/), Executive Severance Agreement (Old Kent Financial Corp /Mi/)

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