Common use of Change in Control Agreements Clause in Contracts

Change in Control Agreements. Effective as of the Effective Time and contingent on the applicable individual’s termination of employment as of the Effective Time, each Share issuable upon termination of employment as of or following the Effective Time pursuant to a Change in Control Agreement (the “Change in Control Shares”), shall be cancelled and, in consideration of such cancellation and subject to the execution of a waiver and release as required by the Change in Control Agreement, the person to whom such Change in Control Shares would be issued shall be entitled to receive as soon as practicable following the Effective Time, but no later than the date that is 30 days following the Effective Time, an amount in cash (without interest, and subject to deduction for any required withholding Tax) equal to the Merger Consideration in consideration for each such Change in Control Share so cancelled.

Appears in 2 contracts

Sources: Merger Agreement (EQT Corp), Agreement and Plan of Merger (Trans Energy Inc)