Additional Change in Control Provisions Sample Clauses
The "Additional Change in Control Provisions" clause defines specific terms and conditions that apply if there is a significant change in the ownership or control of a company. Typically, this clause outlines what constitutes a change in control, such as a merger, acquisition, or sale of a majority of shares, and details the rights or obligations triggered by such an event, like accelerated vesting of stock options or the right to terminate agreements. Its core function is to protect the interests of parties who may be affected by a change in control, ensuring that their rights are preserved and that there is clarity and predictability in the event of major corporate transitions.
Additional Change in Control Provisions. (a) If this Option is assumed in connection with a Corporate-Level Change in Control or otherwise continued in full force and effect, then this Option shall be appropriately adjusted, immediately after such transaction, to apply to the number and class of securities which would have been issuable to Optionee in consummation of such Corporate-Level Change in Control, had this Option been exercised immediately prior to such transaction. Appropriate adjustments shall also be made to the exercise price provided the aggregate exercise price shall remain the same.
(b) This Agreement shall not in any way affect the right of the Corporation to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.
Additional Change in Control Provisions