SeveranceProtectionAgreement离职保护协定doc.docx
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SeveranceProtectionAgreement离职保护协定doc.docx
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SeveranceProtectionAgreement离职保护协定doc
SeveranceProtectionAgreement离职保护合同-
SEVERANCEPROTECTIONAGREEMENTdated_________,byandbetweenAAA,a_________(STATE)corporation(theCompany),and_________(theExecutive).
TheBoardofDirectorsoftheCompany(theBoard)recognizesthatthepossibilityofaChangeinControl(ashereinafterdefined)oftheCompanyexistsandthatthethreatoroccurrenceofaChangeinControlmayresultinthedistractionofitskeymanagementpersonnelbecauseoftheuncertaintiesinherentinsuchasituation.
TheBoardhasdeterminedthatitisessentialandinthebestinterestsoftheCompanyanditsstockholderstoretaintheservicesoftheExecutiveintheeventofthethreatoroccurrenceofaChangeinControlandtoensuretheExecutivescontinueddedicationandeffortsinsucheventwithoutundueconcernfortheExecutivespersonalfinancialandemploymentsecurity.
InordertoinducetheExecutivetoremainintheemployoftheCompany,particularlyintheeventofthethreatoroccurrenceofaChangeinControl,theCompanydesirestoenterintothisAgreementtoprovidetheExecutivewithcertainbenefitsintheeventtheExecutivesemploymentisterminatedasaresultof,orinconnectionwith,aChangeinControl.
NOW,THEREFORE,inconsiderationoftherespectiveagreementsofthepartiescontainedherein,itisagreedasfollows:
Section1.Definitions.ForpurposesofthisAgreement,thefollowingtermshavethemeaningssetforthbelow:
AccountingFirmhasthemeaningsetforthinSection5.2.
AccruedCompensationmeansanamountwhichincludesallamountsearnedoraccruedbytheExecutivethroughandincludingtheTerminationDatebutnotpaidtotheExecutiveonorpriortosuchdate,including(a)allbasesalary,(b)reimbursementforallreasonableandnecessaryexpensesincurredbytheExecutiveonbehalfoftheCompanyduringtheperiodendingontheTerminationDate,(c)allvacationpayand(d)allbonusesandincentivecompensation(otherthantheProRataBonus).
BaseAmountmeansthegreateroftheExecutivesannualbasesalary(a)attherateineffectontheTerminationDateand(b)atthehighestrateineffectatanytimeduringthe180-dayperiodpriortoaChangeinControl,andwillincludeallamountsoftheExecutivesbasesalarythataredeferredunderanyqualifiedornon-qualifiedemployeebenefitplanoftheCompanyoranyotheragreementorarrangement.
BeneficialOwnerhasthemeaningasusedinRule13d-3promulgatedundertheSecuritiesExchangeAct.ThetermBeneficiallyOwnedhasacorrelativemeaning.
BoardmeanstheBoardofDirectorsoftheCompany.
BonusAmountmeansthecurrentportionoftheannualbonusawardedpursuanttotheincentivecompensationplan,andpaidorpayableattheconclusionofeachfiscalyear.ThetermexcludestheequityincentiveprogramportionoftheincentivecompensationplanandtheProRataBonus.
CausefortheterminationoftheExecutivesemploymentwiththeCompanywillbedeemedtoexistiftheExecutivehasbeenconvictedofafelonyoriftheBoarddeterminesbyaresolutionadoptedingoodfaithbyatleasttwo-thirdsoftheBoardthattheExecutivehas(a)intentionallyandcontinuallyfailedtoperforminallmaterialrespectstheExecutivesreasonablyassigneddutieswiththeCompany(otherthanafailureresultingfromtheExecutivesincapacityduetophysicalormentaldisabilityorillnessorfromtheExecutivesassignmentofdutiesthatwouldconstituteGoodReasonfortheExecutivesterminationofemploymentwiththeCompany)whichfailurehascontinuedforaperiodofatleast_________daysafterawrittennoticeofdemandforperformancehasbeendeliveredtotheExecutivespecifyingthemannerinwhichtheExecutivehasfailedinallmaterialrespectstosoperformor(b)intentionallyengagedinconductwhichisdemonstrablyandmateriallyinjurioustotheCompany;providedthatnoterminationoftheExecutivesemploymentwillbeforCauseassetforthinclause(b)hereofunless(i)therehasbeendeliveredtotheExecutiveawrittennoticespecifyinginreasonabledetailtheconductoftheExecutiveofthetypedescribedinclause(b)and(ii)theExecutivehasbeenprovidedanopportunitytobeheardinpersonbytheBoard(withtheassistanceoftheExecutivescounseliftheExecutivesodesires).Noact,norfailuretoact,ontheExecutivespartwillbeconsideredintentionalunlesstheExecutivehasacted,orfailedtoact,withalackofgoodfaithandwithalackofreasonablebeliefthattheExecutivesactionorfailuretoactwasinornotopposedtothebestinterestsoftheCompany.
ChangeinControlmeansanyfollowingevents:
(a)Anacquisition(otherthandirectlyfromtheCompany)ofanyvotingsecuritiesoftheCompanybyanyPersonimmediatelyafterwhichsuchPersonistheBeneficialOwnerof40%ormoreofthecombinedvotingpoweroftheCompanysthenoutstandingvotingsecurities;providedthatindeterminingwhetheraChangeinControlhasoccurred,votingsecuritieswhichareacquiredby(i)anemployeebenefitplan(oratrustformingapartthereof)maintainedbytheCompanyoranySubsidiaryoftheCompany,(ii)theCompanyoranySubsidiaryoftheCompanyor(iii)anyPersoninconnectionwithaNon-ControlTransaction(ashereinafterdefined),willnotconstituteanacquisitionwhichresultsinaChangeinControl.
(b)ConsummationbytheCompanyof:
(i)amerger,consolidationorreorganizationinvolvingtheCompany,unless:
(A)thestockholdersoftheCompany,immediatelybeforesuchmerger,consolidationorreorganization,willown,directlyorindirectly,immediatelyfollowingsuchmerger,consolidationorreorganization,atleast50%ofthecombinedvotingpoweroftheoutstandingvotingsecuritiesofthecorporationresultingfromsuchmerger,consolidationorreorganization(theSurvivingCorporation)insubstantiallythesameproportionastheirownershipofthevotingsecuritiesoftheCompanyimmediatelybeforesuchmerger,consolidationorreorganization;
(B)theindividualswhoweremembersoftheIncumbentBoardimmediatelypriortotheexecutionoftheagreementprovidingforsuchmerger,consolidationorreorganizationconstituteatleast50%ofthemembersoftheboardofdirectorsoftheSurvivingCorporation;and
(C)noPerson(otherthantheCompany,anySubsidiaryoftheCompany,anyemployeebenefitplan(oranytrustformingapartthereof)maintainedbytheCompany,theSurvivingCorporation,anySubsidiaryoftheSurvivingCorporation,oranyPersonwho,immediatelypriortosuchmerger,consolidationorreorganization,wastheBeneficialOwnerof20%ormoreofthethenoutstandingvotingsecuritiesoftheCompany)istheBeneficialOwnerof20%ormoreofthecombinedvotingpoweroftheSurvivingCorporationsthenoutstandingvotingsecurities.
(D)atransactiondescribedinclauses(A)through(C)aboveisreferredtohereinasa‘‘Non-ControlTransaction
(ii)thecompleteliquidationordissolutionoftheCompany;or
(iii)anagreementforsaleorotherdispositionofallorsubstantiallyalloftheassetsoftheCompanytoanyPerson(otherthanatransfertoaSubsidiaryoftheCompany).
(c)Notwithstandingtheforegoing,aChangeinControlwillnotbedeemedtooccursolelybecauseanyPerson(aSubjectPerson)acquiresBeneficialOwnershipofmorethanthepermittedamountoftheoutstandingvotingsecuritiesoftheCompanyasaresultoftheacquisitionofvotingsecuritiesbytheCompanywhich,byreducingthenumberofvotingsecuritiesoutstanding,increasestheproportionalnumberofsharesBeneficiallyOwnedbytheSubjectPerson,providedthatifaChangeinControlwouldoccur(butfortheoperationofthissentence)asaresultoftheacquisitionofvotingsecuritiesbytheCompany,andaftersuchshareacquisitionbytheCompany,theSubjectPersonbecomestheBeneficialOwnerofanyadditionalvotingsecuritieswhichincreasesthepercentageofthethenoutstandingvotingsecuritiesBeneficiallyOwnedbytheSubjectPerson,thenaChangeinControlwillbedeemedtohaveoccurred.
(d)NotwithstandinganythingcontainedinthisAgreementtothecontrary,iftheExecutivesemploymentwiththeCompanyisterminatedpriortoaChangeinControlandtheExecutivereasonablydemonstratesthatsuchtermination(i)wasattherequestofaPersonwhohasindicatedanintentionortakenstepsreasonablycalculatedtoeffectaChangeinControlandwhosubsequentlyeffectsaChangeinControlor(ii)otherwiseoccurredinconnectionwith,orinanticipationof,aChangeinControlwhichsubsequentlyoccurs,thenforallpurposesofthisAgreement,thedateofsuchChangeinControlwithrespecttotheExecutivewillmeanthedateimmediatelypriortothedateofsuchterminationoftheExecutivesemployment.
CodemeanstheInternalRevenueCodeof1986,asamended.
CompanymeansAAA,a_________(STATE)corporation,andincludesitsSuccessors.
ContinuationPeriodhasthemeaningsetforthinSection3.1(b)(iii).
DeterminationhasthemeaningsetforthinSection5.2.
DisabilitymeansaphysicalormentaldisabilityorillnesswhichsubstantiallyimpairstheExecutivesabilitytoperformtheExecutivesregulardutieswiththeCompanyforaperiodof180consecutivedaysorforaperiodof270daysinany365-dayperiod.
DisputehasthemeaningsetforthinSection5.2.
ExcessPaymenthasthemeaningsetforthinSection5.3.
ExciseTaxhasthemeaningsetforthinSection5.1.
FinalDeterminationhasthemeaningsetforthinSection5.3.
GoodReasonmeanstheoccurrenceafteraChangeinControlofanyoftheeventsorconditionsdescribedinclauses(a)through(h)hereof:
(a)any(i)changeinthe
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