Common use of Termination for Change of Control Clause in Contracts

Termination for Change of Control. In the event that Executive's employment is terminated other than for cause, or Executive's total compensation package and/or responsibilities are substantially reduced, within one year of a Change of Control as defined in CoorsTek, Inc.'s Stock Option and Incentive Plan, as that Plan may be amended from time to time, after Executive executes a legal release in the form attached to this agreement, as that legal release may be modified or amended from time to time to ensure a final, complete and enforceable release of all claims that Executive has or may have against CTI relating to or arising in any way from Executive's employment with CTI, and provided that Executive does not thereafter revoke that legal release as permitted by its terms, CTI shall pay Executive severance compensation equal to 24 months of Executive's current base salary, in a lump-sum, less legally required withholdings, no later than thirty days after the termination date. In addition, CTI shall pay Executive up to $25,000 in outplacement services provided to Executive by a third-party outplacement consultant or consulting service. Executive shall reasonably select the outplacement provider and contract for outplacement services, and shall forward invoices for outplacement services to CTI, which shall promptly pay the invoiced amount directly to the outplacement provider.

Termination for Change of Control. In the event that Executive's employment is terminated other than for cause, or Executive's total compensation package and/or responsibilities are substantially reduced, within one year of a Change of Control as defined in CoorsTek, Inc.'s Stock Option and Incentive Plan, as that Plan may be amended from time to time, after Executive executes a legal release in the form attached to this agreement, as that legal release may be modified or amended from time to time to ensure a final, complete and enforceable release of all claims that Executive has or may have against CTI relating to or arising in any way from Executive's employment with CTI, and provided that Executive does not thereafter revoke that legal release as permitted by its terms, CTI shall pay Executive severance compensation equal to 24 months of Executive's current base salarysalary under paragraph 2(a), above, in a lump-sum, less legally required withholdings, no later than thirty days after the termination date. In addition, CTI shall pay Executive up to $25,000 in outplacement services provided to Executive by a third-party outplacement consultant or consulting service. Executive shall reasonably select the outplacement provider and contract for outplacement services, and shall forward invoices for outplacement services to CTI, which shall promptly pay the invoiced amount directly to the outplacement provider.