Common use of Payments Upon a Change in Control Clause in Contracts

Payments Upon a Change in Control. (a) If during the term of this Agreement there is a change in control of the Bank or the Holding Company and within 12 months following such change in control there is a voluntary or an involuntary termination of the Employee’s employment with the Bank, whether or not such termination occurs during the term of this Agreement, the Bank shall pay to the Employee in a lump sum in cash within 31 business days after the termination of employment an amount equal to 300 percent of the Employee’s “base amount” of compensation, as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended (“Code”). (b) If during the term of this Agreement there is a change in control, and within 12 months following such change in control there is a voluntary or an involuntary termination of the Employee’s employment, whether or not such termination occurs during the term of this Agreement, the Bank shall cause to be continued life, health and disability coverage substantially identical to the coverage maintained by the Bank for the Employee prior to his severance. Subject to applicable federal and state laws, such coverage shall cease upon the earlier of the Employee’s obtaining similar coverage by another employer or twelve (12) months from the date of the Employee’s termination. In the event the Employee obtains new employment and receives less coverage for life, health or disability, the Bank shall provide coverage substantially identical to the coverage maintained by the Bank for the Employee prior to termination for the balance of the twelve (12) month period.

Payments Upon a Change in Control. (a) If during the term of this Agreement there is a change in control of the Bank or the Holding Company Company, and within 12 months following such change in control there is a voluntary or an involuntary termination of the Employee’s 's employment with the Bank, other than for cause, whether or not such termination occurs during the term of this Agreement, the Bank shall pay to the Employee in a lump sum in cash within 31 25 business days after the termination date of severance of employment an amount equal to 300 100 percent of the Employee’s “'s "base amount” " of compensation, as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended (“"Code”"). (b) If during the term of this Agreement there is a change in control, and within 12 months following such change in control there is a voluntary or an involuntary termination of the Employee’s 's employment, whether or not such termination occurs during the term of this Agreement, the Bank shall cause to be continued life, health and disability coverage substantially identical to the coverage maintained by the Bank for the Employee prior to his severance. Subject to applicable federal and state laws, such coverage shall cease upon the earlier of the Employee’s 's obtaining similar coverage by another employer or twelve (12) months from the date of the Employee’s 's termination. In the event the Employee obtains new employment and receives less coverage for life, health or disability, the Bank shall provide coverage substantially identical to the coverage maintained by the Bank for the Employee prior to termination for the balance of the twelve (12) month period.

Payments Upon a Change in Control. (a) If during the term of this Agreement there is a change in control of the Bank or the Holding Company Company, and within 12 months following such change in control there is a voluntary or an involuntary termination of the Employee’s 's employment with the Bank, whether or not such termination occurs during the term of this Agreement, the Bank shall pay to the Employee in a lump sum in cash within 31 25 business days after the termination date of severance of employment an amount equal to 300 100 percent of the Employee’s “'s "base amount” " of compensation, as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended (“"Code”"). (b) If during the term of this Agreement there is a change in control, and within 12 months following such change in control there is a voluntary or an involuntary termination of the Employee’s 's employment, whether or not such termination occurs during the term of this Agreement, the Bank shall cause to be continued life, health and disability coverage substantially identical to the coverage maintained by the Bank for the Employee prior to his severance. Subject to applicable federal and state laws, such coverage shall cease upon the earlier of the Employee’s 's obtaining similar coverage by another employer or twelve (12) months from the date of the Employee’s 's termination. In the event the Employee obtains new employment and receives less coverage for life, health or disability, the Bank shall provide coverage substantially identical to the coverage maintained by the Bank for the Employee prior to termination for the balance of the twelve (12) month period.