Common use of Termination After a Change of Control Clause in Contracts

Termination After a Change of Control. If, during the Employment Period, the Executive's employment is terminated pursuant to Section 6.1 and the Date of Termination is within the twelve (12) month period following a Change of Control, the Company shall pay to the Executive, instead of the amounts provided in 6.1.1 and 6.1.2, an amount that is equal to the sum of eighteen (18) month's Base Salary at the rate in effect immediately prior to the termination plus the Target Bonus established for the Executive with respect to the year in which termination occurs.

Appears in 3 contracts

Samples: Employment Agreement (Devx Energy Inc), Employment Agreement (Corrida Resources Inc), Employment Agreement (Devx Energy Inc)

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Termination After a Change of Control. If, during the Employment Period, the Executive's employment is terminated by the Company pursuant to Section 6.1 and the Date of Termination is within the twelve (12) month period following months of a Change of Control and a Notice of Termination was not delivered to the Executive prior to such Change of Control, the Company shall pay to the Executive, instead of the amounts provided in 6.1.1 and 6.1.2, an amount that is equal to the sum of eighteen (18) month's Base Salary at the rate in effect immediately prior to the termination plus the Target Bonus established for the Executive with respect to the year in which termination occurs.

Appears in 1 contract

Samples: Employment Agreement (Corrida Resources Inc)

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