Common use of Effect of Termination or Change in Control upon Equity-Based Incentives Clause in Contracts

Effect of Termination or Change in Control upon Equity-Based Incentives. (i) In the event the Executive’s employment hereunder is terminated by the Company for any reason other than for Cause or Disability (including, without limitation, by giving the Executive a Non-Renewal Notice pursuant to Section 1(b) hereof), or in the event the Executive should terminate her employment for Good Reason, then any Equity-Based Incentives held by the Executive which have not vested prior to the effective date of such termination shall immediately vest and shall remain exercisable until the earlier to occur of (x) the first anniversary of the effective date of such termination and (y) the final stated expiration date of the Equity-Based Incentive. In addition, in the event of such a termination, any Equity-Based Incentives held by the Executive which have vested prior to the effective date of such termination shall remain exercisable until the earlier to occur of (x) the first anniversary of the effective date of such termination and (y) the final stated expiration date of the Equity-Based Incentive.

Appears in 2 contracts

Samples: Employment Agreement (Key Energy Services Inc), Employment Agreement (Key Energy Services Inc)

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Effect of Termination or Change in Control upon Equity-Based Incentives. (i) In the event the Executive’s employment hereunder is terminated by the Company for any reason other than for Cause or Disability (including, without limitation, by giving the Executive a Non-Renewal Notice pursuant to Section 1(b1(a) hereof), or in the event the Executive should terminate her his employment for Good Reason, then any Equity-Based Incentives held by the Executive which have not vested prior to the effective date of such termination shall immediately vest and shall remain exercisable until the earlier to occur of (x) the first anniversary of the effective date of such termination and (y) the final stated expiration date of the Equity-Based Incentive. In addition, in the event of such a termination, any Equity-Based Incentives held by the Executive which have vested prior to the effective date of such termination shall remain exercisable until the earlier to occur of (x) the first anniversary of the effective date of such termination and (y) the final stated expiration date of the Equity-Based Incentive.

Appears in 2 contracts

Samples: Austin Employment Agreement (Key Energy Services Inc), Wilson Iii Employment Agreement (Key Energy Services Inc)

Effect of Termination or Change in Control upon Equity-Based Incentives. (i) In the event the Executive’s 's employment hereunder is terminated by the Company for any reason other than for Cause or Disability (including, without limitation, by giving the Executive a Non-Renewal Notice pursuant to Section 1(b) hereof), or in the event the Executive should terminate her his employment for Good Reason, then any Equity-Based Incentives held by the Executive which have not vested prior to the effective date of such termination shall immediately vest and shall remain exercisable until the earlier to occur of (x) the first anniversary of the effective date of such termination and (y) the final stated expiration date of the Equity-Based Incentive. In addition, in the event of such a termination, any Equity-Based Incentives held by the Executive which have vested prior to the effective date of such termination shall remain exercisable until the earlier to occur of (x) the first anniversary of the effective date of such termination and (y) the final stated expiration date of the Equity-Based Incentive.

Appears in 1 contract

Samples: Employment Agreement (Key Energy Services Inc)

Effect of Termination or Change in Control upon Equity-Based Incentives. (i) In the event the Executive’s 's employment hereunder is terminated by the Company for any reason other than for Cause or Disability (including, without limitation, by giving the Executive a Non-Renewal Notice pursuant to Section 1(b1(a) hereof), or in the event the Executive should terminate her his employment for Good Reason, then any Equity-Based Incentives held by the Executive which have not vested prior to the effective date of such termination shall immediately vest and shall remain exercisable until the earlier to occur of (x) the first anniversary of the effective date of such termination and (y) the final stated expiration date of the Equity-Based Incentive. In addition, in the event of such a termination, any Equity-Based Incentives held by the Executive which have vested prior to the effective date of such termination shall remain exercisable until the earlier to occur of (x) the first anniversary of the effective date of such termination and (y) the final stated expiration date of the Equity-Based Incentive.

Appears in 1 contract

Samples: Employment Agreement (Key Energy Services Inc)

Effect of Termination or Change in Control upon Equity-Based Incentives. (i) In the event the Executive’s employment hereunder is terminated by the Company during the Employment Term for any reason (including a termination by giving a Non-Renewal Notice) other than for Cause or Disability (including, without limitation, by giving the Executive a Non-Renewal Notice pursuant to Section 1(b) hereof), or in the event the Executive should terminate her terminates his employment during the Employment Term for Good Reason, then any Equity-Based Incentives held by the Executive which have not vested prior to the effective date of such termination shall immediately vest and shall remain exercisable until the earlier to occur of (xA) the first anniversary of the effective date of such termination and (yB) the final stated expiration date of the Equity-Based Incentive. In addition, in the event of such a termination, any Equity-Based Incentives held by the Executive which have vested prior to the effective date of such termination shall remain exercisable until the earlier to occur of (xA) the first anniversary of the effective date of such termination and (yB) the final stated expiration date of the Equity-Based Incentive.

Appears in 1 contract

Samples: Employment Agreement (Key Energy Services Inc)

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Effect of Termination or Change in Control upon Equity-Based Incentives. (i) In the event the Executive’s 's employment hereunder is terminated by the Company during the Employment Term for any reason (including a termination by giving a Non-Renewal Notice) other than for Cause or Disability (including, without limitation, by giving the Executive a Non-Renewal Notice pursuant to Section 1(b) hereof), or in the event the Executive should terminate her terminates his employment during the Employment Term for Good Reason, then any Equity-Based Incentives held by the Executive which have not vested prior to the effective date of such termination shall immediately vest and shall remain exercisable until the earlier to occur of (xA) the first anniversary of the effective date of such termination and (yB) the final stated expiration date of the Equity-Based Incentive. In addition, in the event of such a termination, any Equity-Based Incentives held by the Executive which have vested prior to the effective date of such termination shall remain exercisable until the earlier to occur of (xA) the first anniversary of the effective date of such termination and (yB) the final stated expiration date of the Equity-Equity­ Based Incentive.

Appears in 1 contract

Samples: Employment Agreement (Key Energy Services Inc)

Effect of Termination or Change in Control upon Equity-Based Incentives. (i) In the event the Executive’s employment hereunder is terminated by the Company for any reason other than for Cause or Disability (including, without limitation, by giving the Executive a Non-Renewal Notice pursuant to Section 1(b1(a) hereof), or in the event the Executive should terminate her employment for Good Reason, then any Equity-Based Incentives held by the Executive which have not vested prior to the effective date of such termination shall immediately vest and shall remain exercisable until the earlier to occur of (x) the first anniversary of the effective date of such termination and (y) the final stated expiration date of the Equity-Based Incentive. In addition, in the event of such a termination, any Equity-Based Incentives held by the Executive which have vested prior to the effective date of such termination shall remain exercisable until the earlier to occur of (x) the first anniversary of the effective date of such termination and (y) the final stated expiration date of the Equity-Based Incentive.

Appears in 1 contract

Samples: Employment Agreement (Key Energy Services Inc)

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