RetentionAgreement续聘协议完整篇doc.docx

RetentionAgreement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’sannualbonusplanforthebonusmeasurementperiodduringwhichtheDateofTerminationoc