管理权变更及终止协议doc.docx

管理权变更及终止协议doc.docx

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管理权变更及终止协议doc

ChangeofControlSeveranceAgreement管理权变更及终止协议-

InconsiderationofthemutualcovenantshereincontainedandthecontinuedemploymentofEmployeebytheCompany,thepartiesagreeasfollows:

1.DefinitionofTerms.ThefollowingtermsreferredtointhisAgreementshallhavethefollowingmeanings:

（a）Cause.Causeshallmean（i）anyactofpersonaldishonestytakenbytheEmployeeinconnectionwithhisresponsibilitiesasanemployeewhichisintendedtoresultinsubstantialpersonalenrichmentoftheEmployee,（ii）Employee’sconvictionofafelonywhichtheBoardreasonablybelieveshashadorwillhaveamaterialdetrimentaleffectontheCompany’sreputationorbusiness,（iii）awillfulactbytheEmployeewhichconstitutesmisconductandisinjurioustotheCompany,and（iv）continuedwillfulviolationsbytheEmployeeoftheEmployee’sobligationstotheCompanyaftertherehasbeendeliveredtotheEmployeeawrittendemandforperformancefromtheCompanywhichdescribesthebasisfortheCompany’sbeliefthattheEmployeehasnotsubstantiallyperformedhisduties.

（b）ChangeofControl.ChangeofControlshallmeantheoccurrenceofanyofthefollowingevents:

（i）theapprovalbyshareholdersoftheCompanyofamergerorconsolidationoftheCompanywithanyothercorporation,otherthanamergerorconsolidationwhichwouldresultinthevotingsecuritiesoftheCompanyoutstandingimmediatelypriortheretocontinuingtorepresent（eitherbyremainingoutstandingorbybeingconvertedintovotingsecuritiesofthesurvivingentity）morethanfiftypercent（50%）ofthetotalvotingpowerrepresentedbythevotingsecuritiesoftheCompanyorsuchsurvivingentityoutstandingimmediatelyaftersuchmergerorconsolidation;

（ii）theapprovalbytheshareholdersoftheCompanyofaplanofcompleteliquidationoftheCompanyoranagreementforthesaleordispositionbytheCompanyofallorsubstantiallyalloftheCompany’sassets;or

（iii）anyperson（assuchtermisusedinSections13（d）and14（d）oftheSecuritiesExchangeActof1934,asamended）becomingthebeneficialowner（asdefinedinRule13d-3undersaidAct）,directlyorindirectly,ofsecuritiesoftheCompanyrepresenting50%ormoreofthetotalvotingpowerrepresentedbytheCompany’sthenoutstandingvotingsecurities.

（c）CompensationContinuationPeriod.CompensationContinuationPeriodshallmeantheperiodoftimecommencingwithterminationoftheEmployee’semploymentasaresultofInvoluntaryTerminationatanytimewithintwelve（12）monthsafteraChangeofControlandendingwiththeexpirationofsix（6）monthsfollowingthedateoftheEmployee’stermination.

（d）InvoluntaryTermination.InvoluntaryTerminationshallmean（i）withouttheEmployee’sexpresswrittenconsent,asignificantreductionoftheEmployee’sduties,positionorresponsibilitiesrelativetotheEmployee’sduties,positionorresponsibilitiesineffectimmediatelypriortosuchreduction,ortheremovaloftheEmployeefromsuchposition,dutiesandresponsibilities,unlesstheEmployeeisprovidedwithcomparableduties,positionandresponsibilities;provided,however,thatareductioninduties,positionorresponsibilitiessolelybyvirtueoftheCompanybeingacquiredandmadepartofalargerentity（as,forexample,whentheChiefFinancialOfficeroftheCompanyremainsassuchfollowingaChangeofControlbutisnotmadetheChiefFinancialOfficeroftheacquiringcorporation）shallnotconstituteanInvoluntaryTermination;（ii）withouttheEmployee’sexpresswrittenconsent,asubstantialreduction,withoutgoodbusinessreasons,ofthefacilitiesandperquisites（includingofficespaceandlocation）availabletotheEmployeeimmediatelypriortosuchreduction;（iii）areductionbytheCompanyoftheEmployee’sbasesalaryasineffectimmediatelypriortosuchreduction;（iv）amaterialreductionbytheCompanyinthekindorlevelofemployeebenefitstowhichtheEmployeeisentitledimmediatelypriortosuchreductionwiththeresultthattheEmployee’soverallbenefitspackageissignificantlyreduced;（v）withouttheEmployee’sexpresswrittenconsent,therelocationoftheEmployeetoafacilityoralocationmorethanthirty-five（35）milesfromhiscurrentlocation;（vi）anypurportedterminationoftheEmployeebytheCompanywhichisnoteffectedforCauseorforwhichthegroundsrelieduponarenotvalid;or（vii）thefailureoftheCompanytoobtaintheassumptionofthisAgreementbyanysuccessorscontemplatedinSection5below.

（e）TerminationDate.TerminationDateshallmeantheeffectivedateofanynoticeofterminationdeliveredbyonepartytotheotherhereunder.

2.TermofAgreement.ThisAgreementshallterminateuponthedatethatallobligationsofthepartiesheretounderthisAgreementhavebeensatisfied.

3.At-WillEmployment.TheCompanyandtheEmployeeacknowledgethattheEmployee’semploymentisandshallcontinuetobeat-will,asdefinedunderapplicablelaw.IftheEmployee’semploymentterminatesforanyreason,theEmployeeshallnotbeentitledtoanypayments,benefits,damages,awardsorcompensationotherthanasprovidedbythisAgreement,orasmayotherwisebeestablishedundertheCompany’sthenexistingemployeebenefitplansorpoliciesatthetimeoftermination.

4.SeveranceBenefits.

（a）TerminationFollowingAChangeofControl.

（i）InvoluntaryTermination.IftheEmployee’semploymentwiththeCompanyterminatesasaresultofanInvoluntaryTerminationatanytimewithintwelve（12）monthsafteraChangeofControl,theEmployeeshallbeentitledtoreceivecontinuingpaymentsofseverancepayatarateequaltothesumof:

six（6）monthsoftheEmployee’sbasesalaryortargetcommissiongoal,ifapplicable,（asineffectimmediatelypriortotheChangeofControl）.SuchseverancepaymentsshallbepaidmonthlyinaccordancewiththeCompany’snormalpayrollpracticesduringtheCompensationContinuationPeriod.Inaddition,duringtheCompensationContinuationPeriod,theCompanyshallcontinuetomakeavailabletotheEmployeeandEmployee’sspouseanddependentscoveredunderanygrouphealth,lifeorothersimilarinsuranceplansoftheCompanyonthedateofsuchtermination（theCoveredDependents）,andpayfor,tothesameextentaspaidpriortoterminationofemployment,allgrouphealth,lifeandothersimilarinsuranceplansinwhichEmployeeorsuchCoveredDependentsparticipateonthedateoftheEmployee’stermination.

（ii）OtherTermination.IftheEmployee’semploymentwiththeCompanyterminatesotherthanasaresultofanInvoluntaryTerminationatanytimewithintwelve（12）monthsafteraChangeofControl,thentheEmployeeshallnotbeentitledtoreceiveseveranceorotherbenefitshereunder,butmaybeeligibleforthosebenefits（ifany）asmaythenbeestablishedundertheCompany’sthenexistingseveranceandbenefitsplansandpoliciesattheTerminationDate.

（b）TerminationApartfromaChangeofControl.IftheEmployee’semploymentwiththeCompanyterminatesforanyornoreasonotherthanwithinthetwelve（12）monthsfollowingaChangeofControl,thentheEmployeeshallnotbeentitledtoreceiveseveranceorotherbenefitshereunder,butmaybeeligibleforthosebenefits（ifany）asmaythenbeestablishedundertheCompany’sthenexistingseveranceandbenefitsplansandpoliciesatthetimeofsuchtermination.

（c）AccruedWagesandVacation;Expenses.Withoutregardtothereasonfor,orthetimingof,Employee’sterminationofemployment:

（i）theCompanyshallpaytheEmployeeanyunpaidbasesalarydueforperiodspriortotheTerminationDate;（ii）theCompanyshallpaytheEmployeealloftheEmployee’saccruedandunusedvacationthroughtheTerminationDate;and（iii）followingsubmissionofproperexpensereportsbytheEmployee,theCompanyshallreimbursetheEmployeeforallexpensesreasonablyandnecessarilyincurredbytheEmployeeinconnectionwiththebusinessoftheCompanypriortotheTerminationDate.Thesepaymentsshallbemadepromptlyuponterminationandwithintheperiodoftimemandatedbylaw.

5.OptionAcceleration.IftheEmployee’semploymentwiththeCompanyterminatesasaresultofanInvoluntaryTerminationatanytimewithintwelve（12）monthsafteraChangeofControl,thevestingandexercisabilityofonehundredpercent（100%）ofanyunvestedoptionsgrantedtotheEmployeebytheCompanyshallbecomevestedandexercisableasofthedateoftheEmployee’sInvoluntaryTermination.

6.Successors.

（a）Company’sSuccessors.AnysuccessortotheCompany（whetherdirectorindirectandwhetherbypurchase,lease,merger,consolidation,liquidationorotherwise）toallorsubstantiallyalloftheCompany’sbusinessand/orassetsshallassumetheCompany’sobligationsunderthisAgreementandagreeexpresslytoperformtheCompany’sobligationsunderthisAgreementinthesamemannerandtothesameextentastheCompanywouldberequiredtoperformsuchobligationsintheabsenceofasuccession.ForallpurposesunderthisAgreement,thetermCompanyshallincludeanysuccessortotheCompany’sbusinessand/orassetswhichexecutesanddeliverstheassumptionagreementdescribedinthissubsection（a）orwhichbecomesboundbythetermsofthisAgreementbyoperationoflaw.

（b）Employee’sSuccessors.WithoutthewrittenconsentoftheCompany,EmployeeshallnotassignortransferthisAgreementoranyrightorobligationunderthisAgreementtoanyotherpersonorentity.Notwithstandingtheforegoing,thetermsofthisAgreementandallrightsofEmployeehereundershallinuretothebenefitof,andbeenforceableby,Employee’spersonalorlegalrepresentatives,executors,administrator