Examples of Change of Control Plan in a sentence
The Change of Control Plan calls for severance benefits in the event of a change of control and a qualified termination.
The Change of Control Plan was amended in 2009 to eliminate reimbursement and gross-up payments in connection with any excise taxes that may be imposed on benefits received by any officers who first become designated as entitled to receive benefits under the Change of Control Plan on or after October 1, 2009.
The foregoing terms are equivalent to the terms offered to each executive officer pursuant to the 2006 Change of Control Plan described above.
The purpose of the Change of Control Plan is intended to keep participants in the plan neutral to the possibility of change of control transactions, thereby reducing the risk that a participant’s actions would not be in the best interests of the Company and its Shareholders.
The Change of Control Plan also includes, for all executives, non-disclosure covenants that do not expire, certain trade secret protections, two year non-solicitation covenants andnon-disparagement covenants that do not expire.