Common use of IN CONTROL Clause in Contracts

IN CONTROL. If there is a termination of this Contract for any reason by either party, other than as a result of (i) termination by EMPLOYER for Cause (as hereinafter defined); or (ii) termination by voluntary unilateral decision by EMPLOYEE without Cause (as hereinafter defined), in addition to any damages hereunder; or (iii) due to a Change in Control (as hereinafter defined), EMPLOYEE, in addition to any other damages suffered hereunder, shall be entitled to receive (1) a lump sum in an amount equal to three times EMPLOYEE's total compensation (base salary plus bonus) paid by EMPLOYER to EMPLOYEE for the fiscal year prior to EMPLOYEE's termination; and (2) all applicable allowances and reimbursements from EMPLOYER due under Article V.

Appears in 2 contracts

Sources: Employment Contract (General Credit Corp), Employment Contract (General Credit Corp)

IN CONTROL. If there is a termination of this Contract for any reason by either party, (i) other than as a result of (i) termination by EMPLOYER for Cause (as hereinafter defined); or (ii) other than as a result of termination by voluntary unilateral decision by EMPLOYEE without Cause (as hereinafter defined), in addition to any damages hereunder; or (iii) due to a Change in Control (as hereinafter defined), EMPLOYEE, in addition to any other damages suffered hereunder, shall be entitled to receive (1) a lump sum in an amount equal to three times EMPLOYEE's total compensation (base salary plus bonus) paid by EMPLOYER to EMPLOYEE for the fiscal year prior to EMPLOYEE's termination; and (2) all applicable allowances and reimbursements from EMPLOYER due under Article V.

Appears in 1 contract

Sources: Employment Contract (General Credit Corp)