Common use of Dissolution or Liquidation of Company Clause in Contracts

Dissolution or Liquidation of Company. In the event of the proposed dissolution or liquidation of the Company, or in the event of a proposed sale of substantially all of the assets of the Company, or in the event of a merger or consolidation with another corporation in any manner in which the Company is not the surviving corporation and the surviving corporation does not agree to assume the Option granted hereunder, the Option will terminate immediately before the consummation of such proposed action, unless sooner terminated as of a date fixed by the Board of Directors, in which event Optionee shall be given the right to exercise the Option as to all or any part of the Shares subject to this Agreement.

Dissolution or Liquidation of Company. In the event of the proposed dissolution or liquidation of the Company, or in the event of a proposed sale of substantially all of the assets of the Company, or in the event of a merger or consolidation with another corporation in any manner in which the Company is not the surviving corporation and the surviving corporation does not agree to assume the Option granted hereunder, the Option will terminate immediately before the consummation of such proposed action, unless sooner terminated as of a date fixed by the Board of Directors, in which event even Optionee shall be given the right to exercise the Option as to all or any part of the Shares subject to this Agreement.