Common use of Control Change Clause in Contracts

Control Change. Notwithstanding subsections 5.2(d) above, if within twelve months after a Control Change the Employee’s employment is terminated by the Corporation (other than for Just Cause) or by the Employee for Good Reason, the Corporation shall pay, on the date of termination, to or to the order of the Employee by certified check the aggregate of the following amounts: (i) if not therefore paid, the Employee’s annual compensation for the current fiscal year of the Corporation for the period to and including the date of termination; (ii) an amount equal to two (2) times the annual salary in effect on the date of termination plus two (2) times the average annual bonus paid to the Employee in the previous two (2) years; and (iii) an amount equal to all outstanding and accrued vacation pay to the date of termination.”

Control Change. Notwithstanding subsections 5.2(d) above, if within twelve months after a Control Change the Employee’s employment is terminated by the Corporation (other than for Just Cause) or by the Employee for Good Reason, the Corporation shall pay, on the date of termination, to or to the order of the Employee by certified check the aggregate of the following amounts: (i) if not therefore paid, the Employee’s annual compensation for the current fiscal year of the Corporation for the period to and including the date of termination; (ii) an amount equal to two one (21) times the annual salary in effect on the date of termination plus two one (21) times the average annual bonus paid to the Employee in the previous two (2) years; and (iii) an amount equal to all outstanding and accrued vacation pay to the date of termination.”