Common use of Termination of Executive Within Two Years After a Change in Control Clause in Contracts

Termination of Executive Within Two Years After a Change in Control. If a Change in Control occurs during the term of this Agreement and if either of the following occurs, the Executive shall be entitled to severance benefits specified in Section 2 of this Agreement - 1) Termination by NewMil Bancorp or Subsidiary: the Executive’s employment with NewMil Bancorp or its Subsidiaries is involuntarily terminated within two years after a Change in Control, except for termination under Section 4 of this Agreement. For purposes of this Agreement, “Subsidiary” means an entity in which NewMil Bancorp directly or indirectly beneficially owns 50% or more of the outstanding voting securities, or 2) Termination by the Executive for Good Reason: the Executive terminates employment with NewMil Bancorp or Subsidiaries for Good Reason (as defined in Section 3) within two years after a Change in Control. If the Executive’s employment terminates after discussions with a third party regarding a Change in Control commence, and if those discussions ultimately conclude with a Change in Control, then for purposes of this Agreement termination of the Executive’s employment shall be deemed to have occurred after the Change in Control.