This excerpt taken from the IILG DEF 14A filed Apr 30, 2009.
Change of Control and Severance
ILG believes that providing executives with severance and change of control protection is critical to allowing executives to fully value the forward-looking elements of their compensation packages, and therefore limit retention risk during uncertain times. Accordingly, ILG employment arrangements and equity awards generally provide for salary continuation in the event of certain employment terminations beyond the control of the executive, as well as varying degrees of accelerated vesting in the event of a change of control of ILG. These arrangements were entered into prior to the spin-off.