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Document Preview Change in Control Agreement |
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Title: |
Change in Control Agreement |
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Entities: |
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Date: |
2004 |
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Size: |
13KB total |
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Price: |
$39 |
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ID: |
#407773 |
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CHANGE IN CONTROL AGREEMENT
FOR
JOHN T. WYATT
This Agreement is entered into this 11th day of December 2004, by and between Cutter & Buck Inc. (the Company) and John T. Wyatt (Executive). The parties wish to provide Executive with severance benefits if Executives employment is terminated in connection with a change in control of the Company. The Company is willing to provide such benefits in consideration of Executive entering into an employment relationship with the Company upon the terms and conditions contained in that certain Employment Agreement between Executive and the Company of even date herewith (the Employment Agreement) and the assumption by Executive of the obligations contained in the Employment Agreement.
NOW, THEREFORE, in consideration of the foregoing recitals and the covenants and conditions contained herein, the parties hereby agree as follows:
1. CHANGE IN CONTROL.
(a) If, within the period commencing 90 days prior to the date of occurrence (the Event Date) of a Control Event and ending on the date twelve (12) months after the Event Date (the Window), the Company terminates Executives employment (other than for Cause) or Executive resigns for Good Reason, the Company shall pay to Executive the Severance Payment in immediately available funds. If the termination occurs prior to the Control Event, the Severance Payment is due on the twentieth business day following the Event Date; if the termination occurs on or subsequent to the Event Date, the Severance Payment is due on the twentieth business day following the date of termination (the Termination Date).
(b) The Severance Payment shall be equal to 200% of Executives annual base salary as of the Termination Date. If the Termination Date occurs during the Window but prior to the Control Event, the Severance Payment shall be reduced by the sum of any Separation Benefit previously received by Executive from the Company (but not below zero). If the Termination Date occurs during the Window but after the Control Event, Executive shall be entitled to the full Severance Payments provided for in this Change in Control Agreement, but Executive shall not be entitled to any additional Separation Benefit under the Employment Agreement.
(c) Each of the following shall constitute a Control Event:
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