Common use of Payment Triggers Clause in Contracts

Payment Triggers. Upon the occurrence of any of the following as set forth in subparagraphs 10(a)(1) through (3) below, each of which is a “Triggering Event,” Executive will be entitled to receive the payment and benefits described in Section 10(b), provided that Executive shall be entitled to the payment and benefits described in Section 10(b) if and only if, within sixty (60) days after the Triggering Event, Executive has executed and delivered to the Bank and Corporation the General Release substantially in form and substance as set forth in Exhibit A attached hereto and the General Release has become effective, and only so long as Executive has not breached the provisions of the General Release or breached the provisions of subparagraphs 11 and 12 below, and any statutory or other rights that Executive may have to revoke the General Release have expired prior to the end of the 60-day period: (1) A Change in Control of the Bank and/or the Corporation is consummated while Executive is employed by the Bank and the Corporation, and Executive is not offered a Comparable Position (as defined below) with the acquiring or surviving company; (2) Within one year after accepting a Comparable Position with the acquiring or surviving company in a Change in Control, Executive’s employment is terminated (A) by the acquiring or surviving company other than termination for Cause, or (B) by Executive for Good Reason; or (3) The Bank or the Corporation terminates Executive’s employment without Cause or Executive resigns for Good Reason, and within one year thereafter the Bank and/or the Corporation enters into an agreement for a Change in Control or any party announces or is required by law to announce a prospective Change in Control of the Bank and/or the Corporation, and the Change in Control contemplated by such agreement or announcement actually occurs.

Payment Triggers. Upon the occurrence of any of the following as set forth in subparagraphs 10(a)(110.a(1) through (3) below, each of which is a “Triggering Event,” Executive will be entitled to receive the payment and benefits described in Section 10(b)10.b, provided that Executive shall be entitled to the payment and benefits described in Section 10(b) 10.b if and only if, within sixty (60) days after the Triggering Event, Executive has executed and delivered to the Bank and Corporation the General Release substantially in form and substance as set forth in Exhibit A attached hereto and the General Release has become effective, and only so long as Executive has not breached the provisions of the General Release or breached the provisions of subparagraphs 11 and 12 below, and any statutory or other rights that Executive may have to revoke the General Release have expired prior to the end of the 60-day period: (1) A Change in Control of the Bank and/or the Corporation is consummated while Executive is employed by the Bank and the Corporation, and Executive is not offered a Comparable Position (as defined below) with the acquiring or surviving company; (2) Within one year after accepting a Comparable Position with the acquiring or surviving company in a Change in Control, Executive’s employment is terminated (A) by the acquiring or surviving company other than termination for Cause, or (B) by Executive for Good Reason; or (3) The Bank or the Corporation terminates Executive’s employment without Cause or Executive resigns for Good Reason, and within one year thereafter the Bank and/or the Corporation enters into an agreement for a Change in Control or any party announces or is required by law to announce a prospective Change in Control of the Bank and/or the Corporation, and the Change in Control contemplated by such agreement or announcement actually occurs.