Retention Agreement续聘协议完整篇doc.docx
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Retention Agreement续聘协议完整篇doc.docx
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RetentionAgreement续聘协议完整篇doc
RetentionAgreement续聘协议-
WHEREAS,ParentconsidersitessentialtothebestinterestsofitsstockholderstofosterthecontinuousemploymentofExecutivebyBBBLP(theCompany)andtoencourageandreinforcethededicationandeffortsofExecutive;and
WHEREAS,ParenthasdeterminedtoofferExecutivethebenefitsdescribedinthisAgreementtoprovideanincentivetoencourageExecutivetoremainintheemployoftheCompanysothattheCompanymayreceivehiscontinueddedicationandassurethecontinuedavailabilityofhisadviceandcounselandtoassurethathewillnotprovideservicesforacompetingbusinessinaccordancewiththetermshereof;and
WHEREAS,ExecutivehasagreedtoservetheCompanypursuanttothetermsandconditionshereinaftersetforth.
NOW,THEREFORE,forgoodandvaluableconsideration,thereceiptofwhichisherebyacknowledged,ParentandExecutiveherebyagreeasfollows:
1.DEFINITIONS.
AsusedinthisAgreement,thefollowingtermsshallhavetherespectivemeaningssetforthbelow:
(a)Affiliatemeansanyentitythatdirectlyorindirectlyiscontrolledby,controlsorisundercommoncontrolwiththeCompanyorParent.
(b)CausemeansExecutive’sconvictionofafelonythatismateriallyanddemonstrablyinjurioustotheCompanyoranyofitsAffiliates,monetarilyorotherwise.TheCompanymustnotifyExecutiveofaneventconstitutingCausewithin90daysfollowingtheBoard’sknowledgeofitsexistenceorsucheventshallnotconstituteCauseunderthisAgreement.
(c)ChangeinControlmeansthefirsttooccurofanyofthefollowingevents:
(1)Anyperson(asthattermisusedinSections13and14(d)
(2)oftheSecuritiesExchangeActof1934(ExchangeAct))becomesthebeneficialowner(asthattermisusedinSection13(d)oftheExchangeAct),directlyorindirectly,of30%ormoreofParent’scapitalstockentitledtovoteintheelectionofdirectors;
(2)Personswho,asoftheEffectiveDateconstitutetheBoard(theIncumbentDirectors)ceaseforanyreason,including,withoutlimitation,asaresultofatenderoffer,proxycontest,mergerorsimilartransaction,toconstituteatleastamajoritythereof,providedthatanypersonbecomingadirectorofParentsubsequenttotheEffectiveDateshallbeconsideredanIncumbentDirectorifsuchperson’selectionornominationforelectionwasapprovedbyavoteofatleastthree-quartersoftheIncumbentDirectors;butprovidedfurther,thatanysuchpersonwhoseinitialassumptionofofficeisinconnectionwithanactualorthreatenedelectioncontestrelatingtotheelectionofmembersoftheBoardorotheractualorthreatenedsolicitationofproxiesorconsentsbyoronbehalfofaperson(asthattermisusedinSections13and14(d)
(2)oftheExchangeAct)otherthantheBoard,includingbyreasonofagreementintendedtoavoidorsettleanysuchactualorthreatenedcontestorsolicitation,shallnotbeconsideredanIncumbentDirector;
(3)TheshareholdersofParentapproveanyconsolidationormergerofParent,otherthanamergerofParentinwhichtheholdersofthecommonstockofParentimmediatelypriortothemergerholdmorethan50%ofthecommonstockofthesurvivingcorporationimmediatelyafterthemerger;
(4)TheshareholdersofParentapproveanyplanorproposalfortheliquidationordissolutionofParent;or
(5)SubstantiallyalloftheassetsofParentaresoldorotherwisetransferredtopartiesthatarenotwithinacontrolledgroupofcorporations(asdefinedinSection1563oftheInternalRevenueCodeof1986,asamended(theCode))inwhichParentisamember.
(d)CompanymeansBBBLPandthesuccessorto,ortransfereeofallorsubstantiallyalloftheassetsof,theCompany.
(e)DateofTerminationmeans
(1)theeffectivedateonwhichExecutive’semploymentbytheCompanyterminatesasspecifiedinaNoticeofTerminationbytheCompanyorExecutive,asthecasemaybe,or
(2)ifExecutive’semploymentbytheCompanyterminatesbyreasonofdeath,thedateofdeathofExecutive.Notwithstandingtheprevioussentence,(i)ifExecutive’semploymentisterminatedforDisability(asdefinedinSection3(b)),thensuchDateofTerminationshallbenoearlierthan30daysfollowingthedateonwhichaNoticeofTerminationisreceived,and(ii)ifExecutive’semploymentisterminatedbytheCompanyotherthanforCauseorbyExecutiveotherthanforGoodReason,thensuchDateofTerminationshallbenoearlierthan30daysfollowingthedateonwhichaNoticeofTerminationisreceived.
(f)EffectiveDatemeanstheexecutiondateofthisAgreement.
(g)GoodReasonmeans,withoutExecutive’sexpresswrittenconsent,theoccurrenceofanyofthefollowingevents:
(1)amaterialandadversechangeinExecutive’stitles,offices,dutiesorresponsibilitieswiththeCompanyasineffectontheEffectiveDate;
(2)areductionbytheCompanyinExecutive’srateofannualbasesalaryasineffectimmediatelypriortotheEffectiveDateorasthesamemaybeincreasedfromtimetotimethereafter;
(3)thefailureoftheCompanytoprovideExecutiveandhisdependentswithemployeeandfringebenefitsatleastasgenerousasthoseineffectontheEffectiveDate;
(4)thefailureoftheCompanytoobtaintheassumptionagreementfromanysuccessorascontemplatedinSection13;or
(5)therelocationofExecutive’sprincipalplaceofemploymenttoalocationmorethan60milesfromExecutive’sprincipalplaceofemploymentimmediatelypriortotheEffectiveDateortheCompany’srequiringExecutivetobebasedanywhereotherthansuchprincipalplaceofemployment(orpermittedrelocationthereof)exceptforrequiredtravelontheCompany’sbusinesstoanextentsubstantiallyconsistentwithExecutive’spresentbusinesstravelobligations.
Notwithstandingtheforegoing,anisolatedandinadvertentactiontakeningoodfaithandwhichisremediedbytheCompanywithintendaysafterreceiptofnoticethereofgivenbyExecutiveshallnotconstituteGoodReason.
(h)NoticeofTerminationmeansthewrittennoticedescribedinSection14(b).
(i)ParentmeansAAALtd.,aBermudacorporation,andthesuccessorto,ortransfereeofallorsubstantiallyalloftheassetsof,Parent.
2.RETENTIONPERIOD.
POSITION.ExecutiveagreestocontinuetoserveasPresidentoftheCompanyfromtheEffectiveDateuntil_________,_________,_________(M/D/Y)or,ifearlier,theDateofTermination(theRetentionPeriod).
3.TERMINATIONOFEMPLOYMENT.
Executive’semploymenthereundermaybeterminatedonorpriorto_________,_________,_________(M/D/Y)underthefollowingcircumstances:
(a)DEATH.Executive’semploymentwiththeCompanyshallterminateuponhisdeath.
(b)DISABILITY.If,asaresultofExecutive’sincapacityduetophysicalormentalillness,ExecutiveshallhavebeenabsentfromhisdutiesfortheCompanyonafull-timebasisfor180calendardaysintheaggregateinany12-monthperiod,theCompanymayterminateExecutive’semploymentwiththeCompanyforDisability.AnyquestionastotheexistenceofanyphysicalormentalillnessreferredtoabovewhichtheCompanyandExecutivecannotagreeshallbedeterminedbyaqualifiedindependentphysicianselectedbytheCompanyandreasonablyacceptabletoExecutive.ThedeterminationofsuchaphysicianmadeinwritingtotheCompanyandtoExecutiveshallbefinalandconclusiveforpurposesofthisAgreement.
(c)TERMINATIONBYCOMPANYFORCAUSE.SubjecttotheprovisionsofSection1(b)hereofanduponaNoticeofTerminationtoExecutive,theCompanymayterminateExecutive’semploymentwiththeCompanyforCause.
(d)TERMINATIONBYCOMPANYWITHOUTCAUSE.UponaNoticeofTerminationtoExecutive,theCompanymayterminateExecutive’semploymentwiththeCompanywithoutCause.
(e)TERMINATIONBYEXECUTIVE.UponaNoticeofTerminationtotheCompany,ExecutivemayterminatehisemploymentwiththeCompanyforanyreason,includingbutnotlimitedtoGoodReason.
4.COMPENSATIONUPONTERMINATION.
(a)TERMINATIONGENERALLY.IfExecutive’semploymentwiththeCompanyisterminatedforanyreasononorpriorto_________,_________,_________(M/D/Y),theCompanyshallpayorprovidetoExecutive(ortohisauthorizedrepresentativesorestate)anyearnedbutunpaidbasesalary,incentivecompensationearnedbutnotyetpaid,unpaidexpensereimbursements,accruedbutunusedvacationandanyvestedbenefitsthatExecutivemayhaveunderanyemployeebenefitplanoftheCompany,includingwithoutlimitation,executivecompensation,insuranceandretirementplansorarrangements(theAccruedBenefits).
(b)TERMINATIONBYTHECOMPANYWITHOUTCAUSEORBYEXECUTIVEFORGOODREASON.IntheeventofaterminationbytheCompanywithoutCauseoruponExecutive’sDisabilityorbyExecutiveforGoodReasonpriorto_________,_________,_________(M/D/Y),subjecttosigningbyExecutiveofageneralreleaseofemploymentclaimsinaformandmannersatisfactorytotheCompanyandtheexpirationofanylegallyrequiredwaitingperiod,theCompanyshallpaytoExecutive(inadditiontotheAccruedBenefits)notlaterthanten(10)daysfollowingtheDateofTermination,(i)anamountequaltothreetimesthesumof(x)Executive’sthencurrentannualbasesalaryplus(y)theaverageofthecashbonusreceivedbyExecutiveforfourprecedingfiscalyearsoftheCompany,plus(z)thegreateroftenpercent(10%)ofExecutive’sthencurrentbasesalaryor$_________,and(ii)anamountequaltotheproductof(A)themaximumannualbonusthatExecutivewouldhavebeeneligibletoearnundertheCompany’sannualbonusplanforthebonusmeasurementperiodduringwhichtheDateofTerminationo
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