Common use of TERMINATION BY THE COMPANY FOLLOWING CHANGE OF CONTROL Clause in Contracts

TERMINATION BY THE COMPANY FOLLOWING CHANGE OF CONTROL. Notwithstanding Sections 9(b), 9(c) and 9(d) above, in the event that, at any time within 90 days following a Change of Control (as hereinafter defined), either (i) the Company shall terminate the Employee's employment without Good Cause as defined in Section 9(a) or (ii) the Employee shall terminate the Employee's employment without there being a Good Cause termination by the Company pending, then and in either such event, such termination shall be treated as a termination pursuant to this Section 9(g) rather than Section 9(b), 9(c) or 9(d), as the case may be, and the Employee shall be entitled to receive until the later of (A) two (2) years after the Termination Date or (B) the Expiration Date, his Base Salary at the rate then in effect (plus cost of living adjustments as provided above). The Employee shall also be paid any accrued vacation pay to the date of such termination for the applicable year only, and any sick leave for appropriate sick day absences then accrued but unpaid or unpaid expense reimbursements that may then be properly due. The amounts payable to the Employee shall not be subject to any credit or set-off resulting from the obtaining of any part-time or full-time employment or consulting assignments by the Employee during such period.

Appears in 2 contracts

Samples: Employment Agreement (Hanover Capital Mortgage Holdings Inc), Employment Agreement (Hanover Capital Mortgage Holdings Inc)

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TERMINATION BY THE COMPANY FOLLOWING CHANGE OF CONTROL. Notwithstanding Sections 9(b), 9(c) and 9(d) above, in the event that, at any time within 90 days following a Change of Control (as hereinafter defined), either (i) the Company shall terminate the Employee's employment without Good Cause as defined in Section 9(a) or (ii) the Employee shall terminate the Employee's employment without there being a Good Cause termination by the Company pending, then and in either such event, such termination shall be treated as a termination pursuant to this Section 9(g) rather than Section 9(b), 9(c) or 9(d), as the case may be, and the Employee shall be entitled to receive until the later of (A) two (2) years after the Termination Date or (B) the Expiration Date, his her Base Salary at the rate then in effect (plus cost of living adjustments as provided above). The Employee shall also be paid any accrued vacation pay to the date of such termination for the applicable year only, and any sick leave for appropriate sick day absences then accrued but unpaid or unpaid expense reimbursements that may then be properly due. The amounts payable to the Employee shall not be subject to any credit or set-off resulting from the obtaining of any part-time or full-time employment or consulting assignments by the Employee during such period.any

Appears in 2 contracts

Samples: Employment Agreement (Hanover Capital Holdings Inc), Employment Agreement (Hanover Capital Holdings Inc)

TERMINATION BY THE COMPANY FOLLOWING CHANGE OF CONTROL. Notwithstanding Sections 9(b), 9(c) and 9(d) above, in the event that, at any time within 90 days following a Change of Control (as hereinafter defined), either (i) the Company shall terminate the Employee's employment without Good Cause as defined in Section 9(a) or (ii) the Employee shall terminate the Employee's employment without there being a Good Cause termination by the Company pending, then and in either such event, such termination shall be treated as a termination pursuant to this Section 9(g) rather than Section 9(b), 9(c) or 9(d), as the case may be, and the Employee shall be entitled to receive until the later of (A) two (2) years after the Termination Date or (B) the Expiration Date, his her Base Salary at the rate then in effect (plus cost of living adjustments as provided above). The Employee shall also be paid any accrued vacation pay to the date of such termination for the applicable year only, and any sick leave for appropriate sick day absences then accrued but unpaid or unpaid expense reimbursements that may then be properly due. The amounts payable to the Employee shall not be subject to any credit or set-off resulting from the obtaining of any part-time or full-time employment or consulting assignments by the Employee during such period.

Appears in 2 contracts

Samples: Employment Agreement (Hanover Capital Mortgage Holdings Inc), Employment Agreement (Hanover Capital Mortgage Holdings Inc)

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TERMINATION BY THE COMPANY FOLLOWING CHANGE OF CONTROL. Notwithstanding Sections 9(b), 9(c) and 9(d) above, in the event that, at any time within 90 days following a Change of Control (as hereinafter defined), either (i) the Company shall terminate the Employee's employment without Good Cause as defined in Section 9(a) or (ii) the Employee shall terminate the Employee's employment without there being a Good Cause termination by the Company pending, then and in either such event, such termination shall be treated as a termination pursuant to this Section 9(g) rather than Section 9(b), 9(c) or 9(d), as the case may be, and the Employee shall be entitled to receive until the later of (A) two (2) years after the Termination Date or (B) the Expiration Date, his Base Salary at the rate then in effect (plus cost of living adjustments as provided above). The Employee shall also be paid any accrued vacation pay to the date of such termination for the applicable year only, and any sick leave for appropriate sick day absences then accrued but unpaid or unpaid expense reimbursements that may then be properly due. The amounts payable to the Employee shall not be subject to any credit or set-off resulting from the obtaining of any part-time or full-time employment or consulting assignments by the Employee during such period.any

Appears in 1 contract

Samples: Employment Agreement (Hanover Capital Holdings Inc)

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