Common use of Control Change Clause in Contracts

Control Change. Notwithstanding subsection 5.2(d) above, if within twelve (12) months of a Control Change the Employee’s employment is terminated by the Employer (other than for Just Cause) or by the Employee, the Corporation shall pay, on the date of termination, to or to the order of the Employee by certified cheque the aggregate of the following amounts: (i) if not theretofore paid, the Employee’s annual compensation for the then current fiscal year of the Corporation for the period to and including the date of termination; (ii) an amount equal to two (2) times the annual compensation, at the date of termination. For greater certainty, annual compensation shall refer to the aggregate of annual salary at date of termination, together with an amount equal to the bonus and benefits received during the twelve (12) month period prior to termination; and (iii) an amount equal to all outstanding and accrued vacation pay to the date of termination.”

Control Change. Notwithstanding subsection 5.2(d) above, if within twelve (12) months of a Control Change the Employee’s employment is terminated by the Employer (other than for Just Cause) or by the Employee, the Corporation shall pay, on the date of termination, to or to the order of the Employee by certified cheque the aggregate of the following amounts: (i) if not theretofore paid, the Employee’s annual compensation for the then current fiscal year of the Corporation for the period to and including the date of termination; (ii) an amount equal to two (2) times the annual compensation, at the date of termination. For greater certainty, annual compensation shall refer to the aggregate of annual salary at date of termination, together with an amount equal to the bonus and benefits received during the twelve (12) month period prior to termination; and (iii) an amount equal to all outstanding and accrued vacation pay to the date of termination.”

Control Change. Notwithstanding subsection 5.2(d) above, if within twelve (12) months of a Control Change the Employee’s employment is terminated by the Employer (other than for Just Cause) or by the Employee, the Corporation shall pay, on the date of termination, to or to the order of the Employee by certified cheque the aggregate of the following amounts: (i) if not theretofore paid, the Employee’s annual compensation for the then current fiscal year of the Corporation for the period to and including the date of termination; (ii) an amount equal to two (2) times the annual compensation, at the date of termination. For greater certainty, annual compensation shall refer to the aggregate of annual salary salary/fees at date of termination, together with an amount equal to the bonus and benefits received during the twelve (12) month period prior to termination; and (iii) an amount equal to all outstanding and accrued vacation pay to the date of termination.”