Payment Triggering Event Clause Samples

Payment Triggering Event. In the event the Company undergoes a Change of Control transaction, then the Employee will receive the Change of Control Payment, if either (i) the Employee is not offered Comparable Employment with the successor upon such Change of Control transaction, or (ii) the Employee begins employment with the successor, but such employment is terminated within twelve (12) months following such Change of Control transaction by the successor without Cause or by the Employee for Good Reason (in either case, the "Payment Triggering Event").