This excerpt taken from the CBAK DEF 14A filed Jan 28, 2010.
We do not have change-in-control or severance agreements with our named executive officers. However, (i) each named executive officers employment agreement provides a payment to the named executive officer on account of the Companys termination of his employment without cause and (ii) the Stock Option Plan provides that all outstanding options will automatically accelerate and become fully exercisable upon a change in control, except to the extent that those options are to be assumed or replaced by the successor company. In addition, the committee administering the Stock Option Plan has the authority to accelerate vesting of the shares of Common Stock subject to outstanding options held by any optionee in connection with the involuntary termination of that individuals employment within 18 months following a change in control in which the options are assumed or replaced.
The following table reflects amounts payable to our named executive officers (1) assuming their employment was terminated without cause on September 30, 2009 and (2) assuming a change in control on September 30, 2009 or involuntary termination within 18 months of a change in control.