Change in Control Severance Payments. The Company shall pay Executive a lump—sum amount equal to the sum of (A) (i) three times his Base Salary, if the Change in Control occurred on or before December 31, 2009 or (ii) two times his Base Salary, if the Change in Control occurred on or after January 1, 2010 and (B) any unreimbursed business expenses or other amounts due to Executive from the Company as of the Termination Date; in addition, all stock options, restricted stock awards or other types of equity-based compensation then held by the Executive which were not previously vested or exercised shall become fully vested and/or exercisable.
Appears in 2 contracts
Sources: Employment Agreement (Specialty Underwriters Alliance, Inc.), Employment Agreement (Specialty Underwriters Alliance, Inc.)