Common use of Certain Other Terms Clause in Contracts

Certain Other Terms. In the event payments are being made to Executive under this Section 8, no payments shall be due under Section 3.4(b)(i) with respect to any termination of Executive’s employment following a Change of Control. At the option of the Company, the Company may require Executive to execute the release attached hereto as Exhibit A; provided, however, that this requirement shall not in any way alter the timing of the payments to be made under Section 8.2. In the event that the Company announces that it has signed a definitive agreement with respect to a Change of Control, the provisions of this Section 8 shall continue to apply to Executive if, during the period after the public announcement and immediately preceding the date such transaction is consummated or terminated, the Company terminates Executive’s employment without Cause or due to a disability; provided, however, that, in such event, any amount payable under this Section 8 shall be reduced by any payments received pursuant to Section 3.4(b)(i).

Appears in 8 contracts

Samples: Employment Agreement (Penn National Gaming Inc), Employment Agreement (Penn National Gaming Inc), Employment Agreement (Penn National Gaming Inc)

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Certain Other Terms. In the event payments are being made to Executive under this Section 8, no payments shall be due under Section 3.4(b)(i) of this Agreement with respect to any termination of Executive’s employment following a Change of Control. At the option of the Company, the Company may require Executive to execute the release attached hereto as Exhibit A; provided, however, that this requirement shall not in any way alter the timing of the payments to be made under Section 8.2. In the event that the Company publicly announces that it has signed a definitive agreement with respect to a Change of Control, the provisions of this Section 8 shall continue to apply to Executive if, during the period after commencing on the public date of such announcement and immediately preceding ending on the date such transaction is consummated or terminatedTrigger Date, the Company terminates Executive’s employment without Cause or due to a disabilityCause; provided, however, that, in such event, any amount payable payments due under this Section 8 shall be reduced by any prior payments received pursuant to made under Section 3.4(b)(i).

Appears in 1 contract

Samples: Employment Agreement (Penn National Gaming Inc)

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