Common use of Change in Control Severance Plan Clause in Contracts

Change in Control Severance Plan. In consideration of the grant of the Award and acknowledging that such agreement constitutes a material inducement for the grant of such Award, the Participant hereby agrees that as of the date hereof, with respect to the Freescale Semiconductor, Inc. Officer Change in Control Severance Plan (the “CIC Plan”), in no event will there be deemed to be a Good Reason with respect to the Participant under the CIC Plan solely by reason of (a) Freescale Semiconductor, Inc. becoming privately held in connection with the consummation of the transactions contemplated by the Merger Agreement (as defined in the Investors Agreement), (b) on account of a lateral change to the Participant’s duties that does not affect the Participant’s reporting relationships or (c) the Participant ceasing to serve as an executive of a publicly held corporation. The Participant further agrees that the last sentence of Section 7.4 of the CIC Plan shall be of no force and effect.

Appears in 3 contracts

Samples: Form of Award Agreement (Freescale Semiconductor Inc), Employment Agreement (Freescale Semiconductor Inc), Employment Agreement (Freescale Semiconductor Inc)

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Change in Control Severance Plan. In consideration of the grant of the Award Option and acknowledging that such agreement constitutes a material inducement for the grant of such AwardOption, the Participant hereby agrees that as of the date hereof, with respect to the Freescale Semiconductor, Inc. Officer Change in Control Severance Plan (the “CIC Plan”), in no event will there be deemed to be a Good Reason with respect to the Participant under the CIC Plan solely by reason of (aA) Freescale Semiconductor, Inc. becoming privately held in connection with the consummation of the transactions contemplated by the Merger Agreement (as defined in the Investors Agreement), (b) on account of a lateral change to the Participant’s duties that does not affect the Participant’s reporting relationships or (c) the Participant ceasing to serve as an executive of a publicly held corporation. The Participant further agrees that the last sentence of Section 7.4 of the CIC Plan shall be of no force and effect.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (Freescale Semiconductor Holdings I, Ltd.), Nonqualified Stock Option Agreement (Freescale Semiconductor Inc)

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Change in Control Severance Plan. In consideration of the grant of the Award Option and acknowledging that such agreement constitutes a material inducement for the grant of such AwardOption, the Participant hereby agrees that as of the date hereof, with respect to the Freescale Semiconductor, Inc. Officer Change in Control Severance Plan (the “CIC Plan”), in no event will there be deemed to be a Good Reason with respect to the Participant under the CIC Plan solely by reason of (a) Freescale Semiconductor, Inc. becoming privately held in connection with the consummation of the transactions contemplated by the Merger Agreement (as defined in the Investors Agreement), (b) on account of a lateral change to the Participant’s duties that does not affect the Participant’s reporting relationships or (c) the Participant ceasing to serve as an executive of a publicly held corporation. The Participant further agrees that the last sentence of Section 7.4 of the CIC Plan shall be of no force and effect.

Appears in 2 contracts

Samples: Nonqualified Stock Option Agreement (Freescale Semiconductor Holdings I, Ltd.), Nonqualified Stock Option Agreement (Freescale Semiconductor Inc)

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