Termination of Employment During a Change in Control Period Clause Samples
The 'Termination of Employment During a Change in Control Period' clause defines the rights and obligations of both the employer and employee if the employee's job ends during a specified timeframe surrounding a change in the company's ownership or control. Typically, this clause outlines what constitutes a qualifying termination, such as being let go without cause or resigning for good reason, and details the severance benefits or protections the employee is entitled to in such cases. Its core function is to provide job security and financial assurance to employees during periods of corporate transition, addressing the risk of sudden or unfair job loss due to organizational changes.
Termination of Employment During a Change in Control Period. If Executive’s employment is terminated under circumstances that would entitle Executive to payment of benefits under Section 5(b)(iii) and such termination of employment occurs during the period that begins three months prior to a Change in Control and ends on the date that is 18 months after a Change in Control, then Executive will receive the benefits described in Section 5(b)(iii), but the payment in Section 5(b)(iii)(3) will be equal to 150% of target Annual Bonus, the payment in Section 5(b)(iii)(4) will be equal to 150% of annual Base Salary in effect on the termination date (or the date immediately prior to the Change in Control if higher), and the health insurance coverage payment in Section 5(b)(iii)(5) will be for 18 months.
Termination of Employment During a Change in Control Period. If Executive’s employment is terminated under circumstances that would entitle Executive to payment of benefits under Section 5(b)(iii) and such termination of employment occurs during the period that begins three months prior to a Change in Control and ends on the date that is 18 months after a Change in Control, then Executive will receive the benefits described in Section 5(b)(iii), but the payment in Section 5(b)(iii)(3) will be equal to 150% of target Annual Bonus, the payment in Section 5(b)(iii)(4) will be equal to 150% of annual Base Salary in effect on the termination date (or the date immediately prior to the Change in Control if higher), the health insurance coverage payment in Section 5(b)(iii)(5) will be for 18 months, and the vesting acceleration benefit in Section 5(iii)(6) will apply to 100% of the then-unvested portion of Executive’s time-based and performance-based GoDaddy equity awards (with vesting of Executive’s performance-based GoDaddy equity awards to be determined assuming attainment of the greater of target level performance or actual performance and with any individual performance criteria deemed fully satisfied).
Termination of Employment During a Change in Control Period. Notwithstanding anything herein to the contrary, the effects of a termination of employment by the Company without Cause (other than due to death or Total Disability) or by Executive with Good Reason during a Change in Control Period shall be determined in accordance with the Amended and Restated Change in Control Agreement. In the event that, within 180 days following a termination by the Company without Cause (other than due to death or Total Disability) or by Executive with Good Reason, there occurs a Change in Control of the Company that is a “change in control event” within the meaning of Section 409A, the Executive shall be entitled to the payments and benefits as set forth in the Amended and Restated Change in Control Agreements; provided that such payments and benefits shall be made without duplication of (i.e., shall be reduced by) the amount of any payments or benefits paid or provided under Section 6(a) of this Agreement, on or within thirty (30) days following the date of such Change in Control.
Termination of Employment During a Change in Control Period. If Executive’s employment is terminated under circumstances that would entitle Executive to payment of benefits under Section 5(b)(ii), or Executive’s employment terminates due to Executive’s death or Disability, and such termination of employment occurs during the Change in Control Period, then Executive will receive the benefits described in Section 5(b)(ii), but, (1) rather than the vesting acceleration of Company equity awards described in Section 5(b)(ii)(3) and Section 5(b)(ii)(4), 100% of all of Executive’s outstanding Company equity awards will become vested and fully exercisable effective as of the later of the date of termination or the date of the consummation of the Change in Control (and with respect to any Company performance-based equity awards, for which the applicable performance period has (x) been completed as of Executive’s termination date, based on actual achievement of the applicable performance objectives or (y) not been completed as of Executive’s termination date, assuming achievement of the applicable performance objectives at target), and (2) the payments provided in Section 5(b)(ii)(5) will be calculated with a multiplier of 24. (iv)
Termination of Employment During a Change in Control Period. If Executive’s employment is terminated under circumstances that would entitle Executive to payment of benefits under Section 5(b)(ii), or Executive’s employment terminates due to Executive’s death or Disability, and such termination of employment occurs during the Change in Control Period, then Executive will receive the benefits described in Section 5(b)(ii), but the payment in Section 5(b)(ii)(2) will be equal to 200% of target Annual Bonus plus 200% of Executive’s Base Salary in effect on the termination date (or the date immediately prior to the Change in Control if higher), rather than the vesting acceleration of Company equity awards described in Section 5(b)(ii)(3), 100% of all Company equity awards will become vested and fully exercisable effective as of the later of the date of termination or the date of the consummation of the Change in Control, and the payments provided in Section 5(b)(ii)(4) will be calculated with a multiplier of 24.
Termination of Employment During a Change in Control Period. Notwithstanding anything herein to the contrary, the effects of a termination of employment during a Change in Control Period shall be determined in accordance with the Change in Control Agreement.