RIGHTS UPON A CHANGE IN CONTROL. If a Change in Control (as defined in the Company’s 2011 Equity Incentive Plan) occurs during the Term, then, subject to Employee signing and not rescinding a release of claims in favor of the Company in a form to be prescribed by the Company, the Company shall pay Employee an amount equal to two times Employee’s annualized Salary as of the Change in Control, less applicable withholdings, payable in a lump sum no later than 75 days after the Change in Control occurs. For avoidance of doubt, if a Change in Control (as defined in the Company’s 2011 Equity Incentive Plan) occurs during the Term, then Employee will not be eligible to receive the severance pay described in Section 8.2(iv) unless the Termination Date occurs during the Term and after the one (1) year anniversary of such Change in Control.
Appears in 4 contracts
Samples: Employment Agreement (Dakota Plains Holdings, Inc.), Employment Agreement (Dakota Plains Holdings, Inc.), Employment Agreement (Dakota Plains Holdings, Inc.)
