Common use of Termination by Company Without Cause or by Executive for Good Reason Following Change in Control Clause in Contracts

Termination by Company Without Cause or by Executive for Good Reason Following Change in Control. If at any time within two (2) years after a Change in Control, Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason, then Executive shall be entitled to the payments and benefits provided in Section 7(a) hereof, subject to the terms and conditions thereof (including, without limitation, the requirement that a condition to Executive’s right to receive the amounts provided for thereunder is that Executive execute, deliver and not revoke the Release as set forth in Section 10 below), except that for purposes of this Section 7(b), the Severance Multiple shall equal 2; provided, however, that if such Change of Control occurs as a result of the sale or other disposition of all or substantially all of the Company’s assets, then the severance payment described in Section 7(a)(ii) hereof shall be payable in the form of a lump sum within sixty (60) days of the Date of Termination.

Appears in 6 contracts

Samples: Employment Agreement (Chaparral Energy, Inc.), Employment Agreement (Chaparral Energy, Inc.), Employment Agreement (Chaparral Energy, Inc.)

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Termination by Company Without Cause or by Executive for Good Reason Following Change in Control. If at any time within two (2) years after a Change in Control, Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason, then Executive shall be entitled to the payments and benefits provided in Section 7(a) hereof, subject to the terms and conditions thereof (including, without limitation, the requirement that a condition to Executive’s right to receive the amounts provided for thereunder is that Executive execute, deliver and not revoke the Release as set forth in Section 10 below), except that for purposes of this Section 7(b), the Severance Multiple shall equal 22.5; provided, however, that if such Change of Control occurs as a result of the sale or other disposition of all or substantially all of the Company’s assets, then the severance payment described in Section 7(a)(ii) hereof shall be payable in the form of a lump sum within sixty (60) days of the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Chaparral Energy, Inc.)

Termination by Company Without Cause or by Executive for Good Reason Following Change in Control. If at any time within two (2) years after a Change in Control, Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason, then Executive shall be entitled to the payments and benefits provided in Section 7(a) hereof, subject to the terms and conditions thereof (including, without limitation, the requirement that a condition to Executive’s right to receive the amounts provided for thereunder is that Executive execute, deliver and not revoke the Release as set forth in Section 10 below), except that for purposes of this Section 7(b), the Severance Multiple shall equal 2; provided, however, that if such Change of Control occurs as a result of the sale or other disposition of all or substantially all of the Company’s assets, then the severance payment described in Section 7(a)(ii) hereof shall be payable in the form of a lump sum within sixty (60) days of the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Chaparral Energy, Inc.)

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Termination by Company Without Cause or by Executive for Good Reason Following Change in Control. If at any time within two (2) years after a Change in Control, Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason, then Executive shall be entitled to the payments and benefits provided in Section 7(a) hereof, subject to the terms and conditions thereof (including, without limitation, the requirement that a condition to Executive’s right to receive the amounts provided for thereunder is that Executive execute, deliver and not revoke the Release as set forth in Section 10 below), except that for purposes of this Section 7(b), the Severance Multiple shall equal 23; provided, however, that if such Change of Control occurs as a result of the sale or other disposition of all or substantially all of the Company’s assets, then the severance payment described in Section 7(a)(ii) hereof shall be payable in the form of a lump sum within sixty (60) days of the Date of Termination.

Appears in 1 contract

Samples: Employment Agreement (Chaparral Energy, Inc.)

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