Common use of Change in Control Bonus Clause in Contracts

Change in Control Bonus. (a) In the event the LTIP OP Units held by the Executive are redeemed or otherwise cashed-out in connection with the occurrence of a Change-in-Control, the Executive shall be entitled to receive from the Company a cash bonus determined as follow: A = (B minus C), multiplied by D, where: A equals the amount of the cash bonus to be paid to the Executive by the Company; B equals the per OPU consideration received by a holder of an OPU in connection with the Change-in-Control;