Common use of Involuntary Termination in Anticipation of a Change of Control or During a Change of Control Period; Special Termination Option Clause in Contracts

Involuntary Termination in Anticipation of a Change of Control or During a Change of Control Period; Special Termination Option. If (X) Executive’s employment hereunder shall be subject to an Involuntary Termination either (i) during the period commencing on the public announcement of a transaction which if consummated will constitute a Change of Control and ending on the date of consummation of such Change of Control and if such termination (1) was at the request of a third party effecting the Change of Control or (2) otherwise arose in connection with or in anticipation of the Change of Control or (ii) during a Change of Control Period or (Y) Executive shall have delivered notice to the Company of his exercise of the Special Termination Option within one year following the first occurrence of a PostRock Ownership Event, then the Company shall, subject to Section 5(g), pay to Executive, as additional compensation for services rendered to the Company (including CEP and its subsidiaries), the following amounts and take the following actions after the last day of Executive’s employment with the Company:

Appears in 4 contracts

Samples: Employment Agreement (Constellation Energy Partners LLC), Employment Agreement (Constellation Energy Partners LLC), Employment Agreement (Constellation Energy Partners LLC)

AutoNDA by SimpleDocs

Involuntary Termination in Anticipation of a Change of Control or During a Change of Control Period; Special Termination Option. If (X) Executive’s employment hereunder shall be subject to an Involuntary Termination either (i) during the period commencing on the public announcement of a transaction which if consummated will constitute a Change of Control and ending on the date of consummation of such Change of Control and if such termination (1) was at the request of a third party effecting the Change of Control or (2) otherwise arose in connection with or in anticipation of the Change of Control or (ii) during a Change of Control Period or (Y) Executive shall have delivered notice to the Company of his exercise of the Special Termination Option within one year following the first occurrence of a PostRock Ownership Event, then the Company shall, subject to Section 5(g)5.7, pay to Executive, as additional compensation for services rendered to the Company (including CEP and its subsidiaries), the following amounts and take the following actions after the last day of Executive’s employment with the Company:

Appears in 1 contract

Samples: Employment Agreement (Constellation Energy Partners LLC)

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.