Example ContractsClausesChange in Control Benefit
Change in Control Benefit
Change in Control Benefit contract clause examples

Change in Control Benefit. A Participant, in connection with his or her commencement of participation in the Plan, shall have an opportunity to irrevocably elect to receive his or her vested Account Balance in the form of a lump sum payment in the event that a Change in Control occurs prior to the Participant’s Separation from Service, Disability or death (the “Change in Control Benefit”). The Benefit Distribution Date for the Change in Control Benefit, if any, shall be the date on which the Change in Control occurs.

Change in Control Benefit. Upon a Change in Control, followed by a Separation from Service, the Company shall distribute to the Director the benefit described in this Section 2.3 in lieu of any other benefit under this Article.

Change in Control Benefit. If within six (6) months prior or twelve (12) months following a change in Control of the Company or FFN, the Company shall terminate the Executive’s employment other than for Cause, or if the Executive shall terminate his employment for Good Reason, then in any such events, the Company shall pay to the Executive a benefit under this Article.

Change in Control Benefit. If within six (6) months prior or twelve (12) months following a change in Control of the Company or FFN, the Company shall terminate the Executive’s employment other than for Cause, or if the Executive shall terminate his employment for Good Reason, then in any such events, the Company shall pay to the Executive a benefit under this Article.

Change in Control Benefit. Upon the Executive's Separation from Service following a Change in Control or Potential Change in Control under circumstances whereby the Executive is entitled to benefits provided in Section 4 (iii) of the Change in Control Agreement, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

Change in Control Severance Benefit. Subject to the Executive’s satisfaction of all of the conditions set forth in Section 4 below, if, within twelve (12) months following the closing date of a Change in Control which occurs during the Term, the Company initiates the Executive’s Termination of Employment (for reasons other than a termination for Cause, Disability or death) or the Executive initiates a Termination of Employment for Good Reason, the Company shall (a) pay the Executive, in a single lump-sum cash payment, an amount equal to two (2) times the Executive’s then current annualized base salary, but in no event less than annualized base salary on the Effective Date, subject to reduction for all applicable income, employment and related taxes and other required deductions (the “Severance Payment”), and (b) notwithstanding any provision in this Agreement (or any underlying equity award agreement) to the contrary, any time-based service condition contained in any equity awards by the Company outstanding in favor of the Executive shall be deemed to have been satisfied immediately prior to such Termination of Employment (the “Vesting Benefit”). The Company shall pay the Severance Payment to the Executive and provide the Vesting Benefit as soon as administratively feasible after the Executive’s Termination of Employment and following the date on which the Executive’s Release (defined below) becomes effective (but only if such Release becomes effective within sixty (60) days following the date of such termination of employment); provided, that, the Severance Payment required under this Section 3 shall be made in the second calendar year if such 60-day period begins in one calendar year and ends in the subsequent calendar year. If the Executive does not timely sign the Release such that it does not become effective within the 60-day period following the Executive’s Termination of Employment with the Company, then the Severance Payment shall be forfeited and the Vesting Benefit shall be disregarded (with no accelerated vesting). Notwithstanding the preceding provisions, the obligation of the Company to make the Severance Payment and provide Vesting Benefit to the Executive hereunder is subject to compliance with any applicable provisions of the Federal Deposit Insurance Corporation regulations found in Part 359 (entitled “Golden Parachute a nd Indemnification Payments”) of Title 12 of the Code of Federal Regulations (or any successor provisions).

Change in Control Benefit. Upon the Executive’s Separation from Service following a Change in Control or Potential Change in Control under circumstances whereby the Executive is entitled to benefits provided in Section 4 (iii) of the Change in Control Agreement, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

Change in Control Benefit. Upon the Executive’s Separation from Service (for any reason other than death or Disability) following a Change in Control or Potential Change in Control under circumstances whereby the Executive is entitled to benefits provided in the Change in Control Agreement, the Bank shall distribute to the Executive the benefit described in this Section 1.4 in lieu of any other benefit under this Article.

Change in Control Benefit. Upon the Executive’s Separation from Service following a Change in Control or Potential Change in Control under circumstances whereby the Executive is entitled to benefits provided in Section 4 (iii) of the Change in Control Agreement, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

Change in Control Benefit. If the Executive’s employment with the Bank terminates involuntarily within 24 months after a Change in Control, or if the Executive terminates employment voluntarily for Good Reason within 24 months after a Change in Control, the Bank shall pay to the Executive the benefit described in this Section 3.5 instead of any other benefit under this Plan.

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