Common use of Involuntary Termination Other than for Cause or Voluntary Termination for Good Reason Following a Change of Control Clause in Contracts

Involuntary Termination Other than for Cause or Voluntary Termination for Good Reason Following a Change of Control. If within twenty-four (24) months following a Change of Control (i) the Employee terminates his or her employment with the Company (or any parent or subsidiary of the Company) for Good Reason or (ii) the Company (or any parent or subsidiary of the Company) terminates the Employee’s employment for other than Cause, or (iii) the Employee dies or terminates employment due to Disability, and, in all cases except the Employee’s death, he or she signs and does not revoke a standard release of claims with the Company in a form reasonably acceptable to the Company within the period required by the release and in no event later than sixty (60) days following the Employee’s termination of employment, inclusive of any revocation period set forth in the release of claims (collectively, the “Release Deadline Date”), then the Employee shall receive from the Company the severance payments and benefits described in this Section 5(a). If the release does not become effective by the Release Deadline Date, the Employee will forfeit any rights to severance payments and benefits in Section 5(a) and under this Agreement. No severance will be paid or provided until the release becomes effective. The Company must provide the form of release to the Employee in a reasonable period of time following termination of employment so that the Employee has a reasonable opportunity to have the release become effective before the Release Deadline Date.

Appears in 1 contract

Samples: Change of Control Severance Agreement (Polycom Inc)

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Involuntary Termination Other than for Cause or Voluntary Termination for Good Reason Following a Change of Control. If within twenty-four [NUMBER (24) XX)] months following a Change of Control (i) the Employee terminates his or her employment with the Company (or any parent or subsidiary of the Company) for Good Reason or (ii) the Company (or any parent or subsidiary of the Company) terminates the Employee’s employment for other than Cause, or (iii) the Employee dies or terminates employment due to Disability, and, in all cases except the Employee’s death, he or she signs and does not revoke a standard release of claims with the Company in a form reasonably acceptable to the Company within the period required by the release and in no event later than sixty (60) days following the Employee’s termination of employment, inclusive of any revocation period set forth in the release of claims (collectively, the “Release Deadline Date”), then the Employee shall receive from the Company the severance payments and benefits described in this Section 5(a). If the release does not become effective by the Release Deadline Date, the Employee will forfeit any rights to severance payments and benefits in Section 5(a) and under this Agreement. No severance will be paid or provided until the release becomes effective. The Company must provide the form of release to the Employee in a reasonable period of time following termination of employment so that the Employee has a reasonable opportunity to have the release become effective before the Release Deadline Date.

Appears in 1 contract

Samples: Change of Control Severance Agreement (Polycom Inc)

Involuntary Termination Other than for Cause or Voluntary Termination for Good Reason Following a Change of Control. If within twenty-four (24) months following a Change of Control (i) the Employee terminates his or her employment with the Company (or any parent or subsidiary of the Company) for Good Reason or (ii) the Company (or any parent or subsidiary of the Company) terminates the Employee’s employment for other than Cause, or (iii) the Employee dies or terminates employment due to Disability, andthen the Employee shall receive from the Company the severance payments and benefits described in this Section 5(a), in all cases except subject to the Employee’s death, he or she signs Employee signing and does not revoke revoking a standard release of claims with the Company in a form reasonably acceptable to the Company (“Release”) within the period required by the release Release and in no event later than sixty (60) days following the Employee’s termination of employment, inclusive of any revocation period set forth in the release of claims (collectively, the “Release Deadline Date”), then provided that the Employee Release shall receive from not be required in the Company the severance payments and benefits described in this Section 5(a)event of Employee’s death. If the release Release does not become effective by the Release Deadline Date, the Employee will forfeit any rights to severance payments and benefits in Section 5(a) and under this Agreement. No severance will be paid or provided until the release Release becomes effective. The Company must provide the form of release Release to the Employee in a reasonable period of time following termination of employment so that the Employee has a reasonable opportunity to have the release Release become effective before the Release Deadline Date.

Appears in 1 contract

Samples: Change of Control Severance Agreement (Polycom Inc)

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Involuntary Termination Other than for Cause or Voluntary Termination for Good Reason Following a Change of Control. If within twenty-four [NUMBER (24) XX)] months following a Change of Control (i) the Employee terminates his or her employment with the Company (or any parent or subsidiary of the Company) for Good Reason or (ii) the Company (or any parent or subsidiary of the Company) terminates the Employee’s employment for other than Cause, or (iii) the Employee dies or terminates employment due to Disability, andthen the Employee shall receive from the Company the severance payments and benefits described in this Section 5(a), in all cases except subject to the Employee’s death, he or she signs Employee signing and does not revoke revoking a standard release of claims with the Company in a form reasonably acceptable to the Company (“Release”) within the period required by the release Release and in no event later than sixty (60) days following the Employee’s termination of employment, inclusive of any revocation period set forth in the release of claims (collectively, the “Release Deadline Date”), then provided that the Employee Release shall receive from not be required in the Company the severance payments and benefits described in this Section 5(a)event of Employee’s death. If the release Release does not become effective by the Release Deadline Date, the Employee will forfeit any rights to severance payments and benefits in Section 5(a) and under this Agreement. No severance will be paid or provided until the release Release becomes effective. The Company must provide the form of release Release to the Employee in a reasonable period of time following termination of employment so that the Employee has a reasonable opportunity to have the release Release become effective before the Release Deadline Date.

Appears in 1 contract

Samples: Change of Control Severance Agreement (Polycom Inc)

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