Change In Control Agreement管理权变更协议1完整篇doc.docx
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Change In Control Agreement管理权变更协议1完整篇doc.docx
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ChangeInControlAgreement管理权变更协议1完整篇doc
ChangeInControlAgreement管理权变更协议-
1.TERMOFAGREEMENT.ThisAgreementshallbeeffectivefromthedatefirstwrittenaboveand,subjecttotheprovisionsofSection4,shallextendto(andthereuponautomaticallyterminate)one
(1)dayafterExecutive’sterminationofemploymentwiththeCompanyforanyreason.NoterminationofthisAgreementshalllimit,alterorotherwiseaffectExecutive’srightshereunderwithrespecttoaChangeinControlwhichhasoccurredpriortosuchtermination,includingwithoutlimitationExecutive’srighttoreceivethevariousbenefitshereunder.
2.PURPOSEOFAGREEMENT.ThepurposeofthisAgreementistoprovidethat,intheeventofaChangeinControl,Executivemaybecomeentitledtoreceivecertainadditionalbenefits,asdescribedherein,intheeventofhisterminationunderspecifiedcircumstances.
3.CHANGEINCONTROL.AsusedinthisAgreement,thephraseChangeinControlshallmean:
(a)Exceptasprovidedbysubparagraph(iii)hereof,theacquisition(otherthanfromtheCompany)byanyperson,entityorgroup,withinthemeaningofSection13(d)(3)or14(d)
(2)oftheSecuritiesExchangeActof1934,asamended(theExchangeAct)(excluding,forthispurpose,theCompanyoritssubsidiaries,oranyexecutivebenefitplanoftheCompanyoritssubsidiarieswhichacquiresbeneficialownershipofvotingsecuritiesoftheCompany),ofbeneficialownership(withinthemeaningofRule13d-3promulgatedundertheExchangeAct)oftwenty-fivepercent(25%)ormoreofeitherthethenoutstandingsharesofcommonstockorthecombinedvotingpoweroftheCompany’sthenoutstandingvotingsecuritiesentitledtovotegenerallyintheelectionofdirectors;or
(b)Individualswho,asofthedatehereof,constitutetheBoardofDirectorsoftheCompany(asofthedatehereoftheIncumbentBoard)ceaseforanyreasontoconstituteatleastamajorityoftheBoardofDirectorsoftheCompany,providedthatanypersonbecomingadirectorsubsequenttothedatehereofwhoseelection,ornominationforelectionbytheCompany’sstockholders,isorwasapprovedbyavoteofatleastamajorityofthedirectorsthencomprisingtheIncumbentBoard(otherthananelectionornominationofanindividualwhoseinitialassumptionofofficeisinconnectionwithanactualorthreatenedelectioncontestrelatingtotheelectionoftheDirectorsoftheCompany)shallbe,forpurposesofthisAgreement,consideredasthoughsuchpersonwereamemberoftheIncumbentBoard;or
(c)ApprovalbythestockholdersoftheCompanyofareorganization,mergerorconsolidationwithanyotherperson,entityorcorporation,otherthan
(1)amergerorconsolidationwhichwouldresultinthevotingsecuritiesoftheCompanyoutstandingimmediatelypriortheretocontinuingtorepresent(eitherbyremainingoutstandingorbybeingconvertedintovotingsecuritiesofanotherentity)morethanfiftypercent(50%)ofthecombinedvotingpowerofthevotingsecuritiesoftheCompanyorsuchotherentityoutstandingimmediatelyaftersuchmergerorconsolidation,or
(2)amergerorconsolidationeffectedtoimplementarecapitalizationoftheCompany(orsimilartransaction)inwhichnopersonacquirestwenty-fivepercent(25%)ormoreofthecombinedvotingpoweroftheCompany’sthenoutstandingvotingsecurities;or
(d)ApprovalbythestockholdersoftheCompanyofaplanofcompleteliquidationoftheCompanyoranagreementforthesaleorotherdispositionbytheCompanyofallorsubstantiallyalloftheCompany’sassets.
4.EFFECTOFACHANGEINCONTROL.IntheeventofaChangeinControl,Sections6through11ofthisAgreementshallbecomeapplicabletoExecutive.TheseSectionsshallcontinuetoremainapplicableuntilthesecondanniversaryofthedateuponwhichtheChangeinControloccurs.Onsuchsecondanniversarydate,andprovidedthattheemploymentofExecutivehasnotbeenterminatedonaccountofaQualifyingTermination(asdefinedinSection5below),thisAgreementshallterminateandbeofnofurtherforceoreffect.
5.QUALIFYINGTERMINATION.Ifwithintwelve(12)monthsfollowingaChangeinControlExecutivevoluntarilyterminateshisemploymentwiththeCompanyanditsaffiliatedcompanies,oriffollowingorwithinninety(90)dayspriortoaChangeinControlExecutive’semploymentwiththeCompanyanditsaffiliatedcompaniesisterminated,suchterminationshallbeconclusivelyconsideredaQualifyingTerminationunless:
(a)ExecutivevoluntarilyterminateshisemploymentwiththeCompanyanditsaffiliatedcompaniesonadatethatismorethantwelve(12)monthsaftertheChangeinControl.Executive,however,shallNOTbeconsideredtohavevoluntarilyterminatedhisemploymentwiththeCompanyanditsaffiliatedcompaniesif,following,orwithinninety(90)dayspriorto,theChangeinControl,Executive’soverallcompensationisreducedoradverselymodifiedinanymaterialrespectorhisauthorityordutiesaremateriallychangedandheelectstoterminatehisemploymentwithinsixty(60)daysfollowingsuchreduction,modificationorchange.Forsuchpurposes,Executive’sauthorityordutiesshallconclusivelybeconsideredtohavebeenmateriallychangedif,withoutExecutive’sexpressandvoluntarywrittenconsent,thereisanysubstantialdiminutionoradversemodificationinExecutive’stitle,status,overallposition,responsibilities,reportingrelationship,generalworkingenvironment(includingwithoutlimitationsecretarialandstaffsupport,offices,andfrequencyandmodeoftravel),orif,withoutExecutive’sexpressandvoluntarywrittenconsent,Executive’sjoblocationistransferredtoasitemorethanfifty(50)milesawayfromhisplaceofemployment.Inthisregardaswell,Executive’sauthorityanddutiesshallconclusivelybeconsideredtohavebeenmateriallychangedif,withoutExecutive’sexpressandvoluntarywrittenconsent,Executivenolongerholdsthesametitleornolongerhasthesameauthorityandresponsibilitiesornolongerhasthesamereportingresponsibilities,ineachcasewithrespectandastoapubliclyheldparentcompanywhichisnotcontrolledbyanotherentityorperson.
(b)TheterminationisonaccountofExecutive’sdeathorDisability.Forsuchpurposes,DisabilityshallmeanaphysicalormentalincapacityasaresultofwhichExecutivebecomesunabletocontinuetheperformanceofhisresponsibilitiesfortheCompanyanditsaffiliatedcompaniesandwhich,atleastthree(3)monthsafteritscommencement,isdeterminedtobetotalandpermanentbyaphysicianagreedtobytheCompanyandExecutive,orintheeventofExecutive’sinabilitytodesignateaphysician,Executive’slegalrepresentative.IntheabsenceofagreementbetweentheCompanyandExecutive,eachpartyshallnominateaqualifiedphysicianandthetwophysicianssonominatedshallselectathirdphysicianwhoshallmakethedeterminationastoDisability.
(c)ExecutiveisinvoluntarilyterminatedforCause.Forthispurpose,Causeshallbelimitedtoonlythreetypesofevents:
(1)therefusalofExecutivetocomplywithalawful,writteninstructionoftheBoardofDirectorsorExecutive’simmediateordepartmentalsupervisor,whichrefusalisnotremediedbyExecutivewithinareasonableperiodoftimeafterhisreceiptofwrittennoticefromtheCompanyidentifyingtherefusal,solongastheinstructionisconsistentwiththescopeandresponsibilitiesofExecutive’spositionpriortotheChangeinControl;
(2)anactoractsofpersonaldishonestybyExecutivewhichwereintendedtoresultinsubstantialpersonalenrichmentofExecutiveattheexpenseoftheCompanyoranyofitsaffiliatedcompanies;or
(3)Executivesconvictionofanymisdemeanorinvolvinganactofmoralturpitudeoranyfelony.
6.SEVERANCEPAYMENT.IfExecutive’semploymentisterminatedasaresultofaQualifyingTermination,theCompanyshallpayExecutivewithinthirty(30)daysaftertheQualifyingTerminationacashlumpsumequaltoone
(1)timesExecutive’sCompensation,ashereinafterdefined(theSeverancePayment).Notwithstandinganythingtothecontraryherein,thesumoftheaggregatepresentvalueof(i)suchSeverancePayment,(ii)anyandalladditionalamountsorbenefitswhichmaybepaidorconferredtooronbehalfofExecutiveinaccordancewithsubsections(a)or(b)ofSection7hereof,and(iii)anyandallotheramountsorbenefitspaidorconferredtooronbehalfofExecutivethatconstituteaparachutepayment(parachutepayment,asdefinedinSection280G(b)
(2),oranysuccessorthereto,oftheInternalRevenueCodeof1986,asamended(theCode)),shallnotexceedanamountequaltoonedollarlessthanthree(3)timesExecutive’sbaseamount(baseamount,asdefinedinSection280G(b)(3),oranysuccessorthereto,oftheCode).Fortheavoidanceofdoubt,thepurposeandintentoftheforegoingsentenceistoavoidgivingrisetoanyobligationoftheCompanytoreimbursetheExecutivefor(orotherwisepayonExecutive’sbehalf)anyExciseTax(hereinafterdefined)pursuanttoSection8hereof,totheextentofthen-currentapplicablelaw.TheSeverancePaymentpayablebytheCompanytotheExecutiveshallbereducedtotheextentnecessarytofulfilltherequirementofthetwoimmediatelyprecedingsentencesthatpaymentofamountsincludableinExecutive’sbaseamountshallnotexceedanamountequaltoonedollarlessthanthree(3)timesExecutive’sbaseAmount.
(a)ForpurposesofthisAgreement,Executive’sCompensationshallequalthesumof(i)Executive’shighestannualsalaryratewiththeCompany,oranyofitsaffiliatedcompanies,withinthethree(3)yearperiodendingonthedateofExecutive’sQualifyi
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