Change of Control Agreement管理权变更协议

-24-ChangeofControlAgreement管理权变更协议核心提示：ThisChangeofControlAgreement(theAgreement)ismadeandenteredintoeffectiveasof_________,_________,_________(M,D,Y)(theEffectiveDate),byandbetween_________(Name)(theEmployee)andAAA,Inc.,a_________(PLACENAME)corporation(theThisChangeofControlAgreement(theAgreement)ismadeandenteredintoeffectiveasof_________,_________,_________(M,D,Y)(theEffectiveDate),byandbetween_________(Name)(theEmployee)andAAA,Inc.,a_________(PLACENAME)corporation(theCompany).RECITALSA.ItisexpectedthattheCompanyfromtimetotimewillconsiderthepossibilityofanacquisitionbyanothercompanyorotherchangeofcontrol.TheBoardofDirectorsoftheCompany(theBoard)recognizesthatsuchconsiderationcanbeadistractiontotheEmployeeandcancausetheEmployeetoconsideralternativeemploymentopportunities.TheBoardhasdeterminedthatitisinthebestinterestsoftheCompanyanditsstockholderstoassurethattheCompanywillhavethecontinueddedicationoftheEmployee,notwithstandingthepossibility,threatoroccurrenceofachangeofcontrol(asdefinedbelow)oftheCompany.B.TheBoardbelievesthatitisinthebestinterestsoftheCompanyanditsshareholderstoprovidetheEmployeewithanincentivetocontinuehisemploymentandtomaximizethevalueoftheCompanyuponaChangeofControlforthebenefitofitsshareholders.C.TheBoardbelievesthatitisimperativetoprovidetheEmployeewithcertainseverancebenefitsupontheEmployee’sterminationofemploymentfollowingaChangeofControlandtherebyprovidetheEmployeewithenhancedfinancialsecurityandsufficientencouragementtoremainwiththeCompanynotwithstandingthepossibilityofaChangeofControl.D.Toaccomplishtheforegoingobjectives,theBoardofDirectorshasdirectedtheCompany,uponexecutionofthisAgreementbytheEmployee,toagreetothetermsprovidedherein.E.CertaincapitalizedtermsusedintheAgreementaredefinedinSection8below.AGREEMENTInconsiderationofthemutualcovenantshereincontained,andinconsiderationofthecontinuingemploymentofEmployeebytheCompany,thepartiesagreeasfollows:1.DutiesandScopeofEmployment.(a)Position.TheCompanyshallemploytheEmployeeinthepositionofChiefExecutiveOfficerwithsuchduties,responsibilitiesandcompensationasineffectasoftheEffectiveDate;provided,however,thattheBoardshallhavetheright,priortotheoccurrenceofaChangeofControl,torevisesuchresponsibilitiesandcompensationfromtimetotimeastheBoardmaydeemnecessaryorappropriate.(b)Obligations.TheEmployeeshalldevotehisfullbusinesseffortsandtimetotheCompanyanditssubsidiaries.Theforegoing,however,shallnotprecludetheEmployeefromengaginginsuchactivitiesandservicesasdonotinterfereorconflictwithhisresponsibilitiestotheCompany.2.At-WillEmployment.TheCompanyandtheEmployeeacknowledgethattheEmployee’semploymentisandshallcontinuetobeat-will,asdefinedunderapplicablelaw.IftheEmployee’semploymentterminatesforanyreason,including(withoutlimitation)anyterminationpriortoaChangeofControl,theEmployeeshallnotbeentitledtoanypayments,benefits,damages,awardsorcompensationotherthanasprovidedbythisAgreement,orasmayotherwisebeavailableinaccordancewiththeCompany’sestablishedEmployeeplansandpoliciesatthetimeoftermination.ThetermsofthisAgreementshallterminateupontheearlierof(i)thedatethatallobligationsofthepartieshereunderhavebeensatisfiedor(ii)thedateuponwhichthisAgreementterminatesbyconsentofthepartieshereto.AterminationofthetermsofthisAgreementpursuanttotheprecedingsentenceshallbeeffectiveforallpurposes,exceptthatsuchterminationshallnotaffectthepaymentorprovisionofcompensationorbenefitsonaccountofaterminationofemploymentoccurringpriortotheterminationofthetermsofthisAgreement.3.CompensationandBenefits.(a)BaseCompensation.TheCompanyshallpaytheEmployeeascompensationforservicesabasesalaryattheannualizedrateagreeduponbytheCompanyandtheEmployeeasoftheEffectiveDateineffectatthetimeoftheChangeofControl(asdefinedherein).SuchsalaryshallbereviewedatleastannuallyandshallbeincreasedfromtimetotimesubjecttoaccomplishmentofsuchperformanceandcontributiongoalsandobjectivesasmaybeestablishedfromtimetotimebytheBoardofDirectors.SuchsalaryshallbepaidperiodicallyinaccordancewithnormalCompanypayrollpractices.TheannualcompensationspecifiedinthisSection3(a),togetherwithanyincreasesinsuchcompensationthattheBoardmaygrantfromtimetotime,isreferredtointhisAgreementasBaseCompensation.(b)Bonus.BeginningwiththeCompany’snextfiscalyearandforeachfiscalyearthereafterduringthetermofthisAgreement,iftheBoardimplementsabonusprogram,theEmployeeshallbeeligibletoreceiveanannualbonus(theBonus)basedupontargetsapprovedpriortothebeginningofeachfiscalyearbytheBoard(theTargetBonus).TheBonuspayablehereundershallbepaidinaccordancewiththeCompany’snormalpracticesandpolicies.(c)EmployeeBenefits.TheEmployeeshallbeeligibletoparticipateintheEmployeebenefitplansandexecutivecompensationprogramsmaintainedbytheCompanyapplicabletootherkeyexecutivesoftheCompany,including(withoutlimitation)retirementplans,savingsorprofit-sharingplans,deferredcompensationplans,supplementalretirementorexcess-benefitplans,stockoption,incentiveorotherbonusplans,life,disability,health,accidentandotherinsuranceprograms,paidvacations,andsimilarplansorprograms,subjectineachcasetothegenerallyapplicabletermsandconditionsoftheplanorprograminquestionandtothedeterminationofanycommitteeadministeringsuchplanorprogram.4.ChangeofControl.(a)AcceleratedVestingUponaChangeofControl.IntheeventofaChangeofControl,inadditiontoanyportionoftheEmployee’srestrictedstockandoptionsthatwerevestedimmediatelypriortosuchChangeofControl,sharesofrestrictedstockshallbereleasedfromtherepurchaseoptionandoptionsshallbecomevestedandexercisableastoanadditionalamountasthoughtheEmployeehadremainedcontinuouslyemployedforaperiodofeighteen(18)monthsfollowingsuchChangeofControl.Inaddition,ataChangeofControl,sharesofrestrictedstockandoptionsshallbereleasedfromtherepurchaseoptionandoptionsshallbecomevestedandexercisableataratewhichis1.5timestherateotherwisesetforthintheAgreementforaperiodoftwelve(12)fullcalendarmonthsfollowingtheChangeofControl;providedhowever,iftheEmployee’semploymentwiththeCompanyterminatesatanytimewithinsuchtwelve(12)monthperiodafteraChangeofControlasaresultofInvoluntaryTerminationotherthanforCause,thenuponsuchtermination,sharesofrestrictedstockshallbereleasedfromtherepurchaseoptionsandoptionsshallbecomevestedandexercisablewithrespecttoalloftheshareswhichotherwisewouldvestduringsuchtwelve(12)monthperiodunderthissection;providedfurtherthatifsuchInvoluntaryTerminationresultsfromaneventdescribedinSection8(b)(i),(ii),(iii),(iv)or(v),EmployeeshallagreetoprovidetransitionservicespursuanttoSection5hereofandduringsuchtransitionperiod,sharesofrestrictedstockshallbereleasedfromtherepurchaseoptionandoptionsshallbecomevestedandexercisableataratewhichis1.5timestherateotherwisesetforthintheAgreement.(b)Compensation.Inadditiontotheabove,ifEmployee’semploymentwiththeCompanyisterminatedasaresultofanInvoluntaryTerminationotherthanforCause,uponaChangeofControl,EmployeeshallbeentitledtoreceiveBaseCompensationandBenefitsforaperiodofthree(3)months.5.TransitionServices.FollowingaChangeofControl,iftheBoardofDirectorssorequests,Employeeshallcontinuehisemploymentforaperiodnottoexceedtwelve(12)monthstoassistinthetransition.Employee’sdutiesandobligationsunderthisSection5arelimitedsolelytoprovidetransitionservices.Anyadditionalorotherdutiesorobligationsmustbenegotiatedseparately.Duringsuchtime,EmployeeshallcontinuetoreceiveanamountequaltotheBaseCompensation(includingbonus)andBenefitsfortheyearinwhichtheChangeofControloccurs.6.TerminationApartfromaChangeofControl.IfEmployee’semploymentisterminatedasaresultofInvoluntaryTerminationotherthanforCause,heshallbeentitledtoreceivethree(3)monthsBaseCompensationandBenefits,regardlessofwhethertherehasbeenaChangeofControl.Inaddition,ifnoChangeofControlhasoccurred,Employee’srestrictedstockshallbereleasedfromtherepurchaseoptionandoptionsshallbecomevestedandexercisableastoanadditionalamountasthoughtheEmployeehadremainedcontinuouslyemployedforaperiodofthree(3)months.7.CertainBusinessCombinations.IntheeventitisdeterminedbytheBoardofDirectors,uponreceiptofawrittenopinionoftheCorporation’sindependentpublicaccountants,thattheenforcementofanySectionorsubsectionofthisAgreement,including,butnotlimitedto,Section4(a)hereof,whichallowsfortheaccelerationofthereleaseoftherepurchaseoptionwithrespecttorestrictedsharesoftheCorporation’scommonstockuponaterminationinconnectionwithaChangeofControl,wouldprecludeaccountingforanyproposedbusinesscombinationoftheCorporationinvolvingaChangeofControlasapoolingofinterests,andtheBoardotherwisedesirestoapprovesuchaproposedbusinesstransactionwhichrequiresasaconditiontotheclosingofsuchtransactionthatitbeaccountedforasapoolingofinterests,thenanysuchSectionorsubsectionofthisStatementshallbenullandvoid.ForpurposesofthisSection7,theBoard’sdeterminationshallrequiretheunanimousapprovalofthedisinterestedBoardmembers.8.DefinitionofTerms.ThefollowingtermsreferredtointhisAgreementshallhavethefollowingmeanings:(a)ChangeofControl.ChangeofControlshallmeantheoccurrenceofanyofthefollowingevents:(i)Anyperson(assuchtermisusedinSections13(d)and14(d)oftheSecuritiesExchangeActof1934,asamended)becomingthebeneficialowner(asdefinedinRule13d-3undersaidAct),directlyorindirectly,ofsecuritiesoftheCompanyrepresenting50%ormoreofthetotalvotingpowerrepresentedbytheCompany’sthenoutstandingvotingsecurities,otherthaninaprivatefinancingwheresecuritiesareacquireddirectlyfromtheCompany;(ii)AchangeinthecompositionoftheBoardofDirectorsoftheCompanyoccurringwithinatwo-yearperiod,asaresultofwhichfewerthanamajorityofthedirectorsareIncumbentDirectors.IncumbentDirectorsshallmeandirectorswhoeither(A)aredirectorsoftheCompanyasofthedatehereof,or(B)areelected,ornominatedforelection,totheBoardofDirectorsoftheCompanywiththeaffirmativevotesofatleastamajorityoftheIncumbentDirectorsatthetimeofsuchelectionornomination(butshallnotincludeanindividualnototherwiseanIncumbentDirectorwhoseelectionornominationisinconnectionwithanactualorthreatenedproxycontestrelatingtotheelectionofdirectorstotheCompany);or(iii)TheapprovalbyshareholdersoftheCompanyofamergerorconsolidationoftheCompanywithanyothercorporation,otherthanamergerorconsolidationwhichwouldresultinthevotingsecuritiesoftheCompanyoutstandingimmediatelypriortheretocontinuingtorepresent(eitherbyremainingoutstandingorbybeingconvertedintovotingsecuritiesofthesurvivingentity)atleastfiftypercent(50%)ofthetotalvotingpowerrepresentedbythevotingsecuritiesoftheCompanyorsuchsurvivingentityoutstandingimmediatelyaftersuchmergerorconsolidation,ortheapprovalbytheshareholdersoftheCompanyapproveaplanofcompleteliquidationoftheCompanyoranagreementforthesaleordispositionbytheCompanyofallorsubstantiallyalltheCompany’sassets.(b)InvoluntaryTermination.InvoluntaryTerminationshallmean(i)withouttheEmployee’sexpresswrittenconsent,asignificantreductionoftheEmployee’sduties,positionorresponsibilities,ortheremovaloftheEmployeefromsuchpositionandresponsibilities,unlesstheEmployeeisprovidedwithacomparableposition(i.e.,apositionofequalorgreaterorganizationallevel,duties,authority,compensationandstatus);(ii)withouttheEmployee’sexpresswrittenconsent,asubstantialreduction,withoutgoodbusinessreasons,ofthefacilitiesandperquisites(includingofficespaceandlocation)availabletotheEmployeeimmediatelypriortosuchreduction;(iii)asignificantreductionbytheCompanyintheBaseCompensationoftheEmployeeasineffectimmediatelypriortosuchreduction;(iv)amaterialreductionbytheCompanyinthekindorlevelofEmployeebenefitstowhichtheEmployeeisentitledimmediatelypriortosuchreductionwiththeresultthattheEmployee’soverallbenefitspackageissignificantlyreduced;(v)withouttheEmployee’sexpresswrittenconsent,therelocationoftheEmployeetoafacilityoralocationmorethan50milesfromtheEmployee’sthenpresentlocation;(vi)anypurportedterminationoftheEmployeebytheCompanywhichisnoteffectedforDisabilityorforCause,oranypurportedterminationforwhichthegroundsrelieduponarenotvalid;or(vii)thefailureoftheCompanytoobtaintheassumptionofthisAgreementbyanysuccessorscontemplatedinSection10below.(c)Cause.Causeshallmean(i)anyactofpersonaldishonestytakenbytheEmployeeinconnectionwithhisresponsibilitiesasanEmployeeandintendedtoresultinsubstantialpersonalenrichmentoftheEmployee,(ii)theconvictionofafelonywhichtheBoardreasonablybelieveshadorwillhaveamaterialdetrimentaleffectontheCompany’sreputationorbusiness,(iii)awillfulactbytheEmployeewhichconstitutesgrossmisconductandwhichisinjurioustotheCompany,and(iv)continuedviolationsbytheEmployeeoftheEmployee’sobligationswhicharedemonstrablywillfulanddeliberateontheEmployee’spartaftertherehasbeendeliveredtotheEmployeeawrittendemandforperformancefromtheCompanywhichdescribesthebasisfortheCompany’sbeliefthattheEmployeehasnotsubstantiallyperformedhisduties.(d)Disability.DisabilityshallmeanthattheEmployeehasbeenunabletoperformhisdutiesunderthisAgreementastheresultofhisincapacityduetophysicalormentalillness,andsuchinability,atleast26weeksafteritscommencement,isdeterminedtobetotalandpermanentbyaphysicianselectedbytheCompanyoritsinsurersandacceptabletotheEmployeeortheEmployee’slegalrepresentative(suchagreementastoacceptabilitynottobeunreasonablywithheld).(e)TerminationDate.TerminationDateshallmeanthedateonwhicheitherpartydeliversanoticeofterminationtotheother.9.Successors.(a)Company’sSuccessors.AnysuccessortotheCompany(whetherdirectorindirectandwhetherbypurchase,lease,merger,consolidation,liquidationorotherwise)toallorsubstantiallyalloftheCompany’sbusinessand/orassetsshallassumetheobligationsunderthisAgreementandagreeexpresslytoperformtheobligationsunderthisAgreementinthesamemannerandtothesameextentastheCompanywouldberequiredtoperformsuchobligationsintheabsenceofasuccession.ForallpurposesunderthisAgreement,thetermCompanyshallincludeanysuccessortotheCompany’sbusinessand/orassetswhichexecutesanddeliverstheassumptionagreementdescribedinthissubsection(a)orwhichbecomesboundbythetermsofthisAgreementbyoperationoflaw.(b)Employee’sSuccessors.ThetermsofthisAgreementandallrightsoftheEmployeehereundershallinuretothebenefitof,andbeenforceableby,theEmployee’spersonalorlegalrepresentatives,executors,administrators,successors,heirs,distributees,deviseesandlegatees.10.Notice.(a)General.NoticesandallothercommunicationscontemplatedbythisAgreementshallbeinwritingandshallbedeemedtohavebeendulygivenwhenpersonallydeliveredorwhenmailedbyU.S.registeredorcertifiedmail,returnreceiptrequestedandpostageprepaid.InthecaseoftheEmployee,mailednoticesshallbeaddressedtohimatthehomeaddresswhichhemostrecentlycommunicatedtotheCompanyinwriting.InthecaseoftheCompany,mailednoticesshallbeaddressedtoitscorporateheadquarters,andallnoticesshallbedirectedtotheattentionofitsSecretary.(b)NoticeofTermination.AnyterminationbytheCompanyforCauseorbytheEmployeeasaresultofavoluntaryresignationoranInvoluntaryTerminationshallbecommunicatedbyanoticeofterminationtotheotherpartyheretogiveninaccordancewithSection10ofthisAgreement.SuchnoticeshallindicatethespecificterminationprovisioninthisAgreementreliedupon,shallsetforthinreasonabledetailthefactsandcircumstancesclaimedtoprovideabasisforterminationundertheprovisionsoindicated,andshallspecifytheterminationdate(whichshallbenotmorethan30daysafterthegivingofsuchnotice).ThefailurebytheEmployeetoincludeinthenoticeanyfactorcircumstancewhichcontributestoashowingofInvoluntaryTerminationshallnotwaiveanyrightoftheEmployeehereunderorprecludetheEmployeefromassertingsuchfactorcircumstanceinenforcinghisrightshereunder.11.Arbitration.Attheoptionofeitherparty,anyandalldisputesorcontroversieswhetheroflaworfactandofanynaturewhatsoeverarisingfromorrespectingthisAgreementshallbedecidedbyarbitrationinaccordancewiththerulesandregulationsoftheAmericanArbitrationAssociation.Thearbitratorshallbeselectedasfollows:intheeventtheCompanyandtheEmployeeagreeononearbitrator,thearbitrationshallbeconductedbysucharbitrator.IntheeventtheCompanyandtheEmployeedonotsoagree,theCompanyandtheEmployeeshalleachselectoneindependent,qualifiedarbitratorandthetwoarbitratorssoselectedshallselectthethirdarbitrator.TheCompanyreservestherighttoobjecttoanyindividualarbitratorwhoshallbeemployedbyoraffiliatedwithacompetingorganization.ArbitrationshalltakeplaceatSantaClaraCounty,_________(PLACENAME),oranyotherlocationmutuallyagreeabletotheparties.Attherequestofeitherparty,arbitrationproceedingswillbeconductedintheutmostsecrecy;insuchcasealldocuments,testimonyandrecordsshallbereceived,heardandmaintainedbythearbitratorsinsecrecyunderseal,availablefortheinspectiononlyoftheCompanyortheEmployeeandtheirrespectiveattorneysandtheirrespectiveexpertswhoshallagreeinadvanceandinwritingtoreceiveallsuchinformationconfidentiallyandtomaintainsuchinformationinsecrecyuntilsuchinformationshallbecomegenerallyknown.Thearbitrator,whoshallactbymajorityvote,shallbeabletodecreeanyandallreliefofanequitablenature,includingbutnotlimitedtosuchreliefasatemporaryrestrainingorder,atemporaryand/orapermanentinjunction,andshallalsobeabletoawarddamages,withorwithoutanaccountingandcosts,providedthatpunitivedamagesshallnotbeawarded.Thedecreeorjudgmentofanawardrenderedbythearbitratorsmaybeenteredinanycourthavingjurisdictionthereof.Reasonablenoticeofthetimeandplaceofarbitrationshallbegiventoallpersons,otherthantheparties,asshallberequiredbylaw,inwhichcasesuchpersonsorthoseauthorizedrepresentativesshallhavetherighttoattendand/orparticipateinallthearbitrationhearingsinsuchmannerasthelawshallrequire.12.MiscellaneousProvisions.(a)NoDutytoMitigate.TheEmployeeshallnotberequiredtomitigatetheamountofanypaymentcontemplatedbythisAgreement,norshallanysuchpaymentbereducedbyanyearningsthattheEmployeemayreceivefromanyothersource.(b)Waiver.NoprovisionofthisAgreementshallbemodified,waivedordischargedunlessthemodification,waiverordischargeisagreedtoinwritingandsignedbytheEmployeeandbyanauthorizedofficeroftheCompany(otherthantheEmployee).Nowaiverbyeitherpartyofanybreachof,orofcompliancewith,anycond