Common use of Severance Payment on Change of Control Clause in Contracts

Severance Payment on Change of Control. If there is a Change of Control and if within the Covered Period as defined herein (i) a Change in Duties as defined herein occurs, or (ii) an Involuntary Termination as defined herein occurs, or (iii) the Executive voluntarily terminates employment for any reason within the 30-day period beginning on the date of a Change of Control, then in that event the Executive shall (a) be paid an amount equal to 2.99 times the annualized cash compensation being paid to the Executive in the immediately preceding twelve (12) month period (excluding board fees and bonuses), and

Severance Payment on Change of Control. If there is a Change of -------------------------------------- Control and if within the Covered Period as defined herein (i) a Change in Duties as defined herein occurs, or (ii) an Involuntary Termination as defined herein occurs, or (iii) the Executive voluntarily terminates employment for any reason within the 30-day period beginning on the date of a Change of Control, then in that event the Executive shall (a) be paid an amount equal to 2.99 times the annualized cash compensation being paid to the Executive in the immediately preceding twelve (12) month period (excluding board fees and bonuses), and

Severance Payment on Change of Control. If there is a Change of Control -------------------------------------- and if within the Covered Period as defined herein (i) a Change in Duties as defined herein occurs, or (ii) an Involuntary Termination as defined herein occurs, or (iii) the Executive voluntarily terminates employment for any reason within the 30-day period beginning on the date of a Change of Control, then in that event the Executive shall (a) be paid an amount equal to 2.99 times the annualized cash compensation being paid to the Executive in the immediately preceding twelve (12) month period (excluding board fees and bonuses), and