HOSTILE TRANSACTION PROVISION. Notwithstanding anything elsewhere in this Agreement to the contrary: (a) In the event of consummation of a Hostile Transaction, the provisions of Section 11 hereof and Section 12 hereof shall not be applicable to the Executive. (b) For purposes, hereof, a "Hostile Transaction" shall be any Reorganization Event which has, at any time prior to the consummation thereof, been designated such by a resolution of the incumbent Board.
Appears in 4 contracts
Samples: Merger Severance Agreement (Parent Holding Corp), Severance Agreement (Promus Hotel Corp/De/), Merger Severance Agreement (Parent Holding Corp)
