SEVERANCE; CHANGE IN CONTROL. 7.01 If (a) the Executive’s employment is involuntarily terminated by the Company without Cause, is terminated by the Executive for Good Reason, or Executive’s employment terminates at the conclusion of the Initial Term due to non-renewal by the Company; or (b) there has been a Change of Control and (i) Executive is an active and full-time employee at the time of the Change of Control, and (ii) within twenty-four (24) months following the date of the Change of Control, Executive’s employment is involuntarily terminated by the Company without Cause, is terminated by the Executive for Good Reason, or Executive’s employment terminates at the conclusion of the Initial Term due to non-renewal by the Company, and in all cases the Executive signs a customary mutual release provided by the Company (the “Release”), then the Executive shall be eligible for severance benefits as described in this Article 7. The Release shall not release or in any way affect any obligations the Company may have (i) to indemnify Executive as an employee, officer or director of the Company, including but not limited to under any directors’ and officers’ liability policy maintained by or for the benefit of the Company and its officers and directors, (ii) with respect to post-termination rights held by Executive as a holder of the Company’s capital stock or options to purchase such capital stock, including but not limited to under the LTIP and any award under such plan, (iii) with respect to payment of the Severance Payment or other post-termination rights or benefits of Executive under the terms of this Agreement or (iv) with respect to any benefit or payment of amounts due to Executive after Executive’s termination of employment under the terms of any of the Company’s employee benefit plans that Executive was participating in immediately prior to Executive’s termination of employment. The Company, its successors or assigns, will pay Executive an amount (the “Severance Payment”) equal to:
Appears in 4 contracts
Samples: Employment Agreement (Welsh Property Trust, Inc.), Employment Agreement (Welsh Property Trust, Inc.), Employment Agreement (Welsh Property Trust, Inc.)
