Change of Control Benefit definition

Change of Control Benefit means the benefit described in Section 2.4.

Change of Control Benefit means any payment, benefit or transfer of property in the nature of compensation paid to or for the benefit of Executive under any arrangement which is considered contingent on a Change of Control for purposes of Code Section 280G, including, without limitation, any and all of the Corporation’s salary, bonus, incentive, restricted stock, stock option, equity-based compensation or benefit plans, programs or other arrangements, and shall include benefits payable under this Agreement.

Change of Control Benefit shall have the meaning set forth in Section 4.2 hereof.

Examples of Change of Control Benefit in a sentence

• Upon a termination after a Change of Control as provided in Section 7(a), the Executive will receive a Change of Control Benefit equal to the greater of (i) two (2) times the Executive's Base Annual Compensation as defined in Section 7(c) at the date of the Change of Control assuming the individual is in good employment or (ii) the amount payable to the Executive as provided in Section 5(c).

• The Company shall pay any Change of Control Benefit payable as provided in this Section 7 in a lump sum upon the Executive's Termination of Employment.

• The Change of Control Benefit shall be paid to the Executive for fifteen (15) years.

• The annual Change of Control Benefit under this Section 2.4 is the Normal Retirement Benefit amount set forth in Section 2.1.

• If the Executive has any outstanding obligations to the Company at the time his Change of Control Benefit should become payable under this Agreement, the Executive hereby acknowledges that the Company is authorized to deduct such amounts owed to the Company from the Executive’s Change of Control Benefit.

More Definitions of Change of Control Benefit

Change of Control Benefit means the: Company Acceleration Plan.

Change of Control Benefit is defined as follows: Company Acceleration Plan applies with respect to 50% of unvested stock options vesting immediately upon a Change of Control, and the remaining unvested stock options vest in 12 equal monthly installments following the Change of Control; provided that all unvested stock options shall immediately vest upon an Involuntary Termination following the Change of Control.

Change of Control Benefit means the benefit provided to the Executive under Section 2.4 of this Agreement, and as set forth in Schedule A of this Agreement, pursuant to the terms of this Agreement. The amount of the Change of Control Benefit, as determined under Section 2.4 and as set forth in Schedule A, is an annual amount equal to the projected annual benefit to be paid to the Executive at the Executive’s Normal Retirement Age, as set forth in Section 2.1.1, which annual amount shall be paid to the Executive in equal monthly payments for each of the fifteen (15) consecutive twelve (12) month periods next following the Executive’s Normal Retirement Age.

Change of Control Benefit means the benefit set forth in Section 4.5.

Change of Control Benefit is defined as follows: Company Acceleration Plan applies except that, for these purposes, an involuntary termination shall include a Voluntary Resignation.

Change of Control Benefit means the Company Acceleration Plan applies with respect to 50% of unvested equity awards vesting immediately upon a Change of Control, and the remaining unvested equity awards vesting in twelve (12) equal monthly installments following the Change of Control; provided that all unvested equity awards shall immediately vest upon an Involuntary Termination within twelve (12) months following a Change of Control.

Change of Control Benefit means, with respect to a Change of Control, a lump sum cash payment in an amount equal to the annual base salary being paid to the Executive by all members of the Controlled Group immediately prior to his termination of employment with all members of the Controlled Group; provided, however, that if the Executive was receiving an annual base salary at any time during the two year period immediately prior to such date of termination that was higher than such annual base salary, such higher annual base salary shall be used to determine the Executive’s Change of Control Benefit.