Common use of Compensation Upon Change in Control Clause in Contracts

Compensation Upon Change in Control. Notwithstanding any provision in the Agreement to the contrary, at the time of a Change in Control, the Employee shall have the option to resign from his position and receive a severance payment equal to two (2) times the Employee’s Base Salary in effect at the time of the resignation. In the event that the Employee does not resign, but the Employee is then terminated or forced to resign as a result of a Change in Control, whether immediately or, at any time during the term of the Agreement pursuant to Section 8(B) or 8(C) of the Agreement, the Employee shall receive a severance payment equal to two (2) times the Employee’s Base Salary in effect at the time the termination occurs.

Compensation Upon Change in Control. Notwithstanding any provision in the Agreement to the contrary, at the time of a Change in Control, the Employee shall have the option to resign from his position and receive a severance payment equal to two (2) times the Employee’s 's Base Salary in effect at the time of the resignation. In the event that the Employee does not resign, but the Employee is then terminated or forced to resign as a result of a Change in Control, whether immediately or, at any time during the term of the Agreement pursuant to Section 8(B) or 8(C) of the Agreement, the Employee shall receive a severance payment equal to two (2) times the Employee’s 's Base Salary in effect at the time the termination occurs.