Certain Terminations Following a Change in Control. Notwithstanding the provisions of Section 6.5(b) above, in the event the Company terminates Executive’s employment without Cause, or Executive terminates his employment with Good Reason, concurrently with or within twelve (12) months following a Change in Control, then, in lieu of the payments specified in Section 6.5(b), Executive shall be entitled to all payments allowed pursuant to subsection 6.5(a) above and severance pay in the amount of eighteen (18) months’ annual base salary as specified in Exhibit A, plus 1.5 times the amount of Executive’s bonus for the last complete calendar year prior to Executive’s termination of employment. In such event, all unvested options to purchase Company stock held by Executive shall immediately vest and become exercisable and all restricted stock granted to Executive shall immediately vest and the legend providing restrictions on the sale or transfer of such stock related to such vesting shall be removed at the request of the Executive.
Appears in 9 contracts
Samples: Executive Employment Agreement (Comverge, Inc.), Executive Employment Agreement (Comverge, Inc.), Executive Employment Agreement (Comverge, Inc.)
Certain Terminations Following a Change in Control. Notwithstanding the provisions of Section 6.5(b7.5(b) above, in the event the Company terminates Executive’s employment without Cause, or Executive terminates his employment with Good Reason, concurrently with or within twelve (12) months following a Change in Control, then, in lieu of the payments specified in Section 6.5(b7.5(b), Executive shall be entitled to all payments allowed pursuant to subsection 6.5(a7.5(a) above and severance pay in the amount of eighteen (18) months’ annual base salary as specified in Exhibit A, plus 1.5 one and one- half times (1.5x) the amount of Executive’s bonus payment for the last complete calendar year prior to Executive’s termination of employment. In such event, all unvested options to purchase Company stock held by Executive shall immediately vest and become exercisable and all restricted stock granted to Executive shall immediately vest and the legend providing restrictions on the sale or transfer of such stock related to such vesting shall be removed at the request of the Executive.
Appears in 4 contracts
Samples: Executive Employment Agreement (Comverge, Inc.), Executive Employment Agreement (Comverge, Inc.), Executive Employment Agreement (Comverge, Inc.)
Certain Terminations Following a Change in Control. Notwithstanding the provisions of Section 6.5(b7.5(b) above, in the event the Company terminates Executive’s employment without Cause, or Executive terminates his employment with Good Reason, concurrently with or within twelve (12) months following a Change in Control, then, in lieu of the payments specified in Section 6.5(b7.5(b), Executive shall be entitled to all payments allowed pursuant to subsection 6.5(a7.5(a) above and severance pay in the amount of eighteen (18) months’ annual base salary as specified in Exhibit A, plus 1.5 one and one- half times (1.5x) the amount of Executive’s bonus payment for the last complete calendar year prior to Executive’s termination of employment. In such event, all unvested options to purchase Company stock held by Executive shall immediately vest and become exercisable and all restricted stock granted to Executive shall immediately vest and the legend providing restrictions on the sale or transfer of such stock related to such vesting shall be removed at the request of the Executive.. STANDARD EXECUTIVE EMPLOYMENT AGREEMENT
Appears in 2 contracts
Samples: Executive Employment Agreement (Comverge, Inc.), Executive Employment Agreement (Comverge, Inc.)
Certain Terminations Following a Change in Control. Notwithstanding the provisions of Section 6.5(b7.5(b) above, in the event the Company terminates Executive’s employment without Cause, or Executive terminates his employment with Good Reason, concurrently with or within twelve (12) months following a Change in Control, then, in lieu of the payments specified in Section 6.5(b7.5(b), Executive shall be entitled to all payments allowed pursuant to subsection 6.5(a7.5(a) above and severance pay in the amount of eighteen (18) months’ annual base salary as specified in Exhibit A, plus 1.5 one and one.half times (1.5x) the amount of Executive’s bonus payment for the last complete calendar year prior to Executive’s termination of employment. In such event, all unvested options to purchase Company stock held by Executive shall immediately vest and become exercisable and all restricted stock granted to Executive shall immediately vest and the legend providing restrictions on the sale or transfer of such stock related to such vesting shall be removed at the request of the Executive.
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