Common use of Right Clause in Contracts

Right. If Change in Control occurs and if, in respect of the Executive, a Triggering Event occurs on or before the Expiry Date, the Executive shall be entitled to elect to terminate his employment with the Corporation and to receive a payment from the Corporation in the amount an amount represented by the formula A × (B + C) where: A = 3; B = the highest annualized rate of monthly base salary received by the Executive in the thirty-six months immediately preceding the Change in Control; and C = the highest bonus amounts received by the Executive in the calendar year of the Change in Control or in any one of the three calendar years immediately preceding the calendar year of the Change in Control; subject to the monetary limitations set out in Article 4 below.