Common use of Change of Control Benefits Clause in Contracts

Change of Control Benefits. Subject to the provisions of Section 6.4(d), if within the one (1) year period following the occurrence of a Change of Control, the Employer terminates the Employee's employment without Cause, or the Employee terminates his employment for Good Reason, then, in lieu of the Severance Benefits under Section 6.4(a), the Employee will be entitled to benefits (the "Change of Control Benefits") identical to those set forth in Section 6.4(a) except that the amount described in clause (ii) will be equal to thirty-six (36) monthly payments and will be paid in a lump sum within thirty (30) days following the Termination Date.

Appears in 5 contracts

Samples: Employment Agreement (Legacy Reserves L P), Employment Agreement (Legacy Reserves L P), Employment Agreement (Legacy Reserves L P)

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Change of Control Benefits. Subject to the provisions of Section 6.4(d), if within the one (1) year 1)-year period following the occurrence of a Change of Control, the Employer Company terminates the Employee's employment without Cause, or the Employee terminates his employment for Good Reason, then, in lieu of the Severance Benefits under Section 6.4(a), the Employee will be entitled to benefits (the "Change of Control Benefits") identical to those set forth in Section 6.4(a) except that the amount described in clause (ii) will be equal to thirty-six (36) monthly payments and will be paid in a lump sum within thirty (30) days following the Termination Date.

Appears in 2 contracts

Samples: Employment Agreement (Linn Energy, LLC), Employment Agreement (Linn Energy, LLC)

Change of Control Benefits. Subject to the provisions of Section 6.4(d), if within the one (1) year period following the occurrence of a Change of Control, the Employer Company terminates the Employee's ’s employment without Cause, or the Employee terminates his employment for Good ReasonReason (an “Eligible Termination”), then, in lieu of the Severance Benefits under Section 6.4(a), the Employee will be entitled to benefits (the "Change of Control Benefits") identical to those set forth in Section 6.4(a) except that the amount described in clause (ii) will be equal to thirty-six (36) monthly payments and will be paid in a lump sum within thirty (30) days following the Termination DateDate and will be equal to twenty-four monthly payments.

Appears in 1 contract

Samples: Employment Agreement (Linn Energy, LLC)

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Change of Control Benefits. Subject to the provisions of Section 6.4(d6,4(d), if within the one (1) year 1)-year period following the occurrence of a Change of Control, the Employer Company terminates the Employee's ’s employment without Cause, or the Employee terminates his her employment for Good ReasonReason (an “Eligible Termination”), then, in lieu of the Severance Benefits under Section 6.4(a), the Employee will be entitled to benefits (the "Change of Control Benefits") identical to those set forth in Section 6.4(a) except that the amount described in clause (ii) will be equal to thirty-six (36) monthly payments and will be paid in a lump sum within thirty (30) days following the Termination DateDate and will be equal to twenty-four (24) monthly payments.

Appears in 1 contract

Samples: Employment Agreement (Linn Energy, LLC)

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