Common use of Termination of Employment Following a Change of Control Clause in Contracts

Termination of Employment Following a Change of Control. 7.1 If the employment of the Executive is terminated by the Corporation within twelve (12) months following a Change of Control, without Cause by the Corporation or by the Executive for Good Reason, the whole as defined in Appendix 1, the Executive shall receive the following: (a) An amount equivalent to eighteen (18) months of his annual Base Salary; (b) An amount equivalent to 1.5 times the Annual Bonus, if any, which the Executive would have been entitled to receive in the year during which the Change of Control occurred; and (c) An amount equivalent to eighteen (18) months of the cost of the benefits which were in force at the time of termination of the Executive’s employment, calculated on a yearly basis, including the car allowance, but excluding operating costs. However, Stock Options are expressly excluded from this provision and the Executive shall be treated, in this regard, in accordance with the terms of the Plan.

Termination of Employment Following a Change of Control. 7.1 If the employment of the Executive is terminated by the Corporation within twelve (12) months following a Change of Control, without Cause by the Corporation or by the Executive for Good Reason, the whole as defined in Appendix 1, the Executive shall receive the following: (a) An amount equivalent to eighteen (18) months of his annual Base Salary; (b) An amount equivalent to 1.5 1 .5 times the Annual Bonus, if any, which the Executive would have been entitled to receive in the year during which the Change of Control occurred; and (c) An amount equivalent to eighteen (18) months of the cost of the benefits which were in force at the time of termination of the Executive’s employment, calculated on a yearly basis, including the car allowance, but excluding operating costs. However, Stock Options are expressly excluded from this provision and the Executive shall be treated, in this regard, in accordance with the terms of the Plan.

Termination of Employment Following a Change of Control. 7.1 6.1 If the employment of the Executive is terminated by the Corporation within twelve (12) months following a Change of Control, without Cause by the Corporation or by the Executive for Good Reason, the whole as defined in Appendix 1, the Executive shall receive the following: (a) An amount equivalent to eighteen twenty-four (1824) months of his annual Base Salary;; and (b) An amount equivalent to 1.5 times twice the Annual Bonus, if any, which the Executive would have been entitled to receive in the year during which the Change of Control occurred; and (c) An amount equivalent to eighteen twenty-four (1824) months of the cost of the benefits which were in force at the time of termination of the Executive’s employment, calculated on a yearly basis, including the car allowance, but excluding operating costs. However, Stock Options are expressly excluded from this provision and the Executive shall be treated, in this regard, in accordance with the terms of the Plan.

Termination of Employment Following a Change of Control. 7.1 If the employment of the Executive is terminated by the Corporation within twelve (12) months following a Change of Control, without Cause by the Corporation or by the Executive for Good Reason, the whole as defined in Appendix 1, the Executive shall receive the following: (a) An amount equivalent to eighteen twenty-four (1824) months of his annual Base Salary;; and (b) An amount equivalent to 1.5 times twice the Annual Bonus, if any, which the Executive would have been entitled to receive in the year during which the Change of Control occurred; and (c) An amount equivalent to eighteen twenty-four (1824) months of the cost of the benefits which were in force at the time of termination of the Executive’s employment, calculated on a yearly basis, including the car allowance, but excluding operating costs. However, Stock Options are expressly excluded from this provision and the Executive shall be treated, in this regard, in accordance with the terms of the Plan.