VASCO Data Security International, Inc. Change of Control Compensation Plan for Executive Officers

Contract Categories: Human Resources › Change of Control Agreements
Summary

This agreement outlines that if VASCO Data Security International, Inc. undergoes a purchase or merger resulting in a change of control of the majority of its voting stock, certain executive officers will receive a cash payment equal to 2.99 times their annual compensation at the time of the transaction. The named executives include the CEO, Executive Vice Presidents, and the CFO. The plan was adopted by the company's Board of Directors on February 6, 2001.

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EX-10.48 3 c64509ex10-48.txt CHANGE OF CONTROL COMPENSATION PLAN 1 EXHIBIT 10.48 CHANGE OF CONTROL COMPENSATION PLAN In the event of a purchase or merger transaction that results in the change in control of the majority of the voting stock of VASCO Data Security International, Inc., the following Executive Officers of the Company shall receive cash compensation equal to 2.99 times their annualized compensation as of the date of the transaction: Mario Houthooft, CEO T. Kendall Hunt, Executive Vice President Dennis D. Wilson, Executive Vice President and Chief Financial Officer Jan Valcke, Executive Vice President Daniel Mouly, Executive Vice President Adopted Board of Directors February 6, 2001