option1.js

var timer;

timer = setTimeout(function () {console.log('first timer'); timeoutRun()}, 1000);
timer = setTimeout(function () {console.log('second timer'); timeoutRun()}, 1000);

clearTimeout(timer);

function timeoutRun() {
	console.log('Timed out!');
}

option2.js

var timer;

timer = setTimeout(createTimeoutRun('first'), 1000);
timer = setTimeout(createTimeoutRun('second'), 1000);

clearTimeout(timer);

function createTimeoutRun(text) {
	return function () {
		console.log(text + ' timer Timed out!');
	}
}