Common use of Payment of Change in Control Bonus Clause in Contracts

Payment of Change in Control Bonus. If a Change in Control occurs on or before the third anniversary of the effective date of this Agreement (“Change in Control Period”) and provided that the Executive Officer remains in the continuous employment of the Company through the occurrence of such Change in Control, then the Company shall pay the Executive Officer a lump-sum cash payment equal to fifty percent (50%) of the Executive Officer’s annual salary for the year in which the Change in Control occurs (the “Change in Control Bonus”) within forty-five (45) days following the occurrence of such Change in Control. The Change in Control Period may be extended by the Compensation Committee of the Board at any time prior to the end of such period.

Payment of Change in Control Bonus. If a Change in Control occurs on or before the third anniversary of the effective date of this Agreement (the “Change in Control Period”) and and, provided that the Executive Officer remains in the continuous employment of the Company through the occurrence of such Change in Control, then the Company shall pay the Executive Officer a lump-sum cash payment equal to fifty seventy-five percent (5075%) of the Executive Officer’s annual salary for the year in which the Change in Control occurs (the “Change in Control Bonus”) within forty-five (45) days following the occurrence of such Change in Control. The Change in Control Period may be extended by the Compensation Committee of the Board at any time prior to the end of such period.