Change of Control Agreement管理权变更协议 docx.docx
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Change of Control Agreement管理权变更协议 docx.docx
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ChangeofControlAgreement管理权变更协议docx
ChangeofControlAgreement管理权变更协议
THISEMPLOYMENTAGREEMENT(the"Agreement")enteredintobetweenAAA,INC.,an_________(Placename)corporation(the"Company"),and,anindividual(the"Executive"),datedasof_________(M/D/Y).
TheBoardofDirectorsoftheCompany(the"Board"),hasdeterminedthatitisinthebestinterestsoftheCompanyanditsshareholderstoassurethattheCompanywillhavethecontinueddedicationoftheExecutive,notwithstandingthepossibility,threat,oroccurrenceofa"ChangeofControl"(asdefinedinSection2ofthisAgreement)oftheCompany.TheBoardbelievesitisimportanttodiminishtheinevitabledistractionoftheExecutivebyvirtueofthepersonaluncertaintiesandriskscreatedbyapendingorthreatenedChangeofControl,andtoencouragetheExecutive'sfullattentionanddedicationtotheaffairsoftheCompanyduringthetermofthisAgreementandupontheoccurrenceofsuchevent.TheBoardalsobelievestheCompanyisbestservedbyprovidingtheExecutivewithcompensationarrangementsuponaChangeofControlwhichprovidetheExecutivewithindividualfinancialsecurityandwhicharecompetitivewiththoseofothercorporations.Inordertoaccomplishtheseobjectives,theBoardhascausedtheCompanytoenterintothisAgreement.
NOW,THEREFORE,ITISHEREBYAGREEDASFOLLOWS:
1.CERTAINDEFINITIONS.
(a)The"EffectiveDate"shallbethefirstdateduringthe"ChangeofControlPeriod"(asdefinedinSection1(b)ofthisAgreement)onwhichaChangeofControl(asdefinedbelow)occurs.AnythinginthisAgreementtothecontrarynotwithstanding,iftheExecutive'semploymentwiththeCompanyisterminatedpriortothedateonwhichaChangeofControloccurs,anditisreasonablydemonstratedthatsuchtermination(i)wasattherequestofathirdpartywhohastakenstepsreasonablycalculatedtoeffectaChangeofControlor(ii)otherwisearoseinconnectionwithoranticipationofaChangeofControl,thenforallpurposesofthisAgreementthe"EffectiveDate"shallmeanthedateimmediatelypriortothedateofsuchtermination.
(b)The"ChangeofControlPeriod"istheperiodcommencingonthedatehereofandendingontheearliertooccurof(i)thethirdanniversaryofsuchdateor(ii)thefirstdayofthemonthnextfollowingtheExecutive'sattainmentofage_________("NormalRetirementDate");PROVIDED,HOWEVER,thatcommencingonthedateoneyearafterthedatehereof,andoneachannualanniversaryofsuchdate(suchdateandeachannualanniversarythereofishereinafterreferredtoasthe"RenewalDate"),theChangeofControlPeriodshallbeautomaticallyextendedsoastoterminateontheearlierof(i)threeyearsfromsuchRenewalDateor(ii)thefirstdayofthemonthcoincidingwithornextfollowingtheExecutive'sNormalRetirementDate,unlessatleast_________dayspriortotheRenewalDate,theCompanyshallgivenoticethattheChangeofControlPeriodshallnotbesoextendedinwhicheventthisAgreementshallcontinuefortheremainderofitsthencurrenttermandterminateasprovidedherein.
2.CHANGEOFCONTROL.ForthepurposeofthisAgreement,a"ChangeofControl"shallmean:
(i)Theacquisitionbyanyindividual,entityorgroup(withinthemeaningofSection13(d)(3)or14(d)
(2)oftheSecuritiesExchangeActof_________(YEAR),asamended(the"ExchangeAct"))(a"Person")ofbeneficialownership(withinthemeaningofRule13d-3promulgatedundertheExchangeAct)of_________%ormore(the"TriggeringPercentage")ofeither(i)thethenoutstandingsharesofcommonstockoftheCompany(the"OutstandingCompanyCommonStock")or(ii)thecombinedvotingpowerofthethenoutstandingvotingsecuritiesoftheCompanyentitledtovotegenerallyintheelectionofdirectors(the"OutstandingCompanyVotingSecurities");provided,however,intheeventthe"IncumbentBoard"(assuchtermishereinafterdefined)pursuanttoSection7oftheRightsAgreementbetweentheCompanyandTheLibertyNationalBankandTrustCompanyof_________(address)Citydatedasof_________(M/D/Y)togetherwithanyadditionalamendmentsthereto(the"RightsAgreement")lowersthethresholdamountssetforthinSection1(a)or3(a)oftheRightsAgreement,theTriggeringPercentageshallbeautomaticallyreducedtoequalthethresholdsetpursuanttoSection7oftheRightsAgreement;andprovided,further,however,thatthefollowingacquisitionsshallnotconstituteaChangeofControl:
(i)anyacquisitiondirectlyfromtheCompany,(ii)anyacquisitionbytheCompany;(iii)anyacquisitionbyanyemployeebenefitplan(orrelatedtrust)sponsoredormaintainedbytheCompanyoranycorporationcontrolledbytheCompany,(iv)anyacquisitionpreviouslyapprovedbyatleastamajorityofthemembersoftheIncumbentBoard,(v)anyacquisitionapprovedbyatleastamajorityofthemembersoftheIncumbentBoardwithinfive(5)businessdaysaftertheCompanyhasnoticeofsuchacquisition,or(vi)anyacquisitionbyanycorporationpursuanttoatransactionwhichcomplieswithclauses(x),(y),and(z)ofsubsection(iii)ofthisSection2;or
(ii)Individualswho,asofthedatehereof,constitutetheBoard(the"IncumbentBoard")ceaseforanyreasontoconstituteatleastamajorityoftheBoard;provided,however,thatanyindividualbecomingadirectorsubsequenttothedatehereofwhoseelection,appointmentornominationforelectionbytheCompany'sshareholders,wasapprovedbyavoteofatleastamajorityofthedirectorsthencomprisingtheIncumbentBoardshallbeconsideredasthoughsuchindividualwereamemberoftheIncumbentBoard,butexcluding,forpurposesofthisdefinition,anysuchindividualwhoseinitialassumptionofofficeoccursasaresultofanactualorthreatenedelectioncontestwithrespecttotheelectionorremovalofdirectorsorotheractualorthreatenedsolicitationofproxiesorconsentsbyoronbehalfofaPersonotherthantheBoard;or
(iii)ApprovalbytheshareholdersoftheCompanyofareorganization,shareexchange,mergerorconsolidation(a"BusinessCombination"),ineachcase,unless,followingsuchBusinessCombination,(x)allorsubstantiallyalloftheindividualsandentitieswhowerethebeneficialowners,respectively,oftheOutstandingCompanyCommonStockandOutstandingCompanyVotingSecuritiesimmediatelypriortosuchBusinessCombinationbeneficiallyown,directlyorindirectly,morethan70%of,respectively,thethenoutstandingsharesofcommonstockandthecombinedvotingpowerofthethenoutstandingvotingsecuritiesentitledtovotegenerallyintheelectionofdirectors,asthecasemaybe,ofthecorporationresultingfromsuchBusinessCombination(including,withoutlimitation,acorporationwhichasaresultofsuchtransactionownstheCompanythroughoneormoresubsidiaries)insubstantiallythesameproportionsastheirownership,immediatelypriortosuchBusinessCombinationoftheOutstandingCompanyCommonStockandOutstandingCompanyVotingSecurities,asthecasemaybe,(y)noPerson(excludinganyemployeebenefitplan(orrelatedtrust)oftheCompanyorsuchcorporationresultingfromsuchBusinessCombination)beneficiallyowns,directlyorindirectly,20%ormoreof,respectively,thethenoutstandingsharesofcommonstockofthecorporationresultingfromsuchBusinessCombinationorthecombinedvotingpowerofthethenoutstandingvotingsecuritiesofsuchcorporationexcepttotheextentthatsuchownershipexistedpriortotheBusinessCombination,and(z)atleastamajorityofthemembersoftheboardofdirectorsofthecorporationresultingfromsuchBusinessCombinationweremembersoftheIncumbentBoardatthetimeoftheexecutionoftheinitialagreement,oroftheactionoftheBoard,providingforsuchBusinessCombinationorwereelected,appointedornominatedbytheBoard;or
(iv)ApprovalbytheshareholdersoftheCompanyof(x)acompleteliquidationordissolutionoftheCompanyor,(y)thesaleorotherdispositionofallorsubstantiallyalloftheassetsoftheCompany,otherthantoacorporation,withrespecttowhichfollowingsuchsaleorotherdisposition,(A)morethan70%of,respectively,thethenoutstandingsharesofcommonstockofsuchcorporationandthecombinedvotingpowerofthethenoutstandingvotingsecuritiesofsuchcorporationentitledtovotegenerallyintheelectionofdirectorsisthenbeneficiallyowned,directlyorindirectly,byallorsubstantiallyalloftheindividualsandentitieswhowerethebeneficialowners,respectively,oftheOutstandingCompanyCommonStockandOutstandingCompanyVotingSecuritiesimmediatelypriortosuchsaleorotherdispositioninsubstantiallythesameproportionastheirownership,immediatelypriortosuchsaleorotherdisposition,oftheOutstandingCompanyCommonStockandOutstandingCompanyVotingSecurities,asthecasemaybe,(B)lessthan_________%of,respectively,thethenoutstandingsharesofcommonstockofsuchcorporationandthecombinedvotingpowerofthethenoutstandingvotingsecuritiesofsuchcorporationentitledtovotegenerallyintheelectionofdirectorsisthenbeneficiallyowned,directlyorindirectly,byanyPerson(excludinganyemployeebenefitplan(orrelatedtrust)oftheCompanyorsuchcorporation),excepttotheextentthatsuchPersonowned20%ormoreoftheOutstandingCompanyCommonStockorOutstandingCompanyVotingSecuritiespriortothesaleordisposition,and(C)atleastamajorityofthemembersoftheboardofdirectorsofsuchcorporationweremembersoftheIncumbentBoardatthetimeoftheexecutionoftheinitialagreement,oroftheactionoftheBoard,providingforsuchsaleorotherdispositionofassetsoftheCompanyorw
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