Termination Related to a Change in Control. If the Participant was employed by Sunoco or any of its Affiliates at the time of the Change in Control, and the Participant’s employment relationship with Sunoco or one of its Affiliates is subsequently terminated as a result of any Qualifying Termination, then: (1) the Limited Rights shall not terminate, but shall remain fully exercisable by the Participant during the seven-month period following the Change in Control; and (2) the requirement that the Participant be terminated by reason of retirement or permanent disability or be employed by Sunoco or one of its Affiliates at the time of exercise, is waived during the seven-month period following a Change in Control of Sunoco.
Appears in 3 contracts
Sources: Stock Option and Limited Rights Agreement (Sunoco Inc), Stock Option and Limited Rights Agreement (Sunoco Inc), Stock Option and Limited Rights Agreement (Sunoco Inc)