Dissolution or Liquidation of the Company Clause Samples
The 'Dissolution or Liquidation of the Company' clause outlines the procedures and conditions under which a company may be formally ended and its assets distributed. Typically, this clause specifies the events that can trigger dissolution, such as a vote by shareholders, insolvency, or the expiration of a set term, and details the steps for settling debts, liquidating assets, and distributing any remaining proceeds to stakeholders. Its core practical function is to provide a clear, orderly process for winding up the company's affairs, thereby minimizing disputes and ensuring that all parties understand their rights and obligations during the company's closure.
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Dissolution or Liquidation of the Company. Upon the dissolution or liquidation of the Company, the Option will terminate and become null and void; provided, however, that if the rights of the Participant or the Participant’s Survivors have not otherwise terminated and expired, the Participant or the Participant’s Survivors will have the right immediately prior to such dissolution or liquidation to exercise the Option to the extent that the Option is exercisable as of the date immediately prior to such dissolution or liquidation.
Dissolution or Liquidation of the Company. In the event that the Company is dissolved, or otherwise liquidates a substantial portion (i.e. 60% or more) of its assets with the intent to make a distribution to shareholders of the proceeds therefrom (including the sale of assets of a wholly-owned subsidiary) the Holder shall be entitled, after proper exercise of the Warrants, in Whole or in part, to participate in the distribution on the same terms and conditions as are all of the other shareholders. In such event, the Company shall give 30 days written notice to the Holder. Failure of the Holder to exercise within 30 days from the date of the Company's notice, shall cause all such rights in the Warrants to terminate. The Company may finalize the intended transaction but it may not make any shareholder distribution during the 30 day notice period.
Dissolution or Liquidation of the Company. Upon the dissolution or liquidation of the Company, any Unvested Units shall immediately terminate.
Dissolution or Liquidation of the Company. Upon the dissolution or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised and all Stock Grants and Stock-Based Awards which have not been accepted, to the extent required under the applicable Agreement, will terminate and become null and void; provided, however, that if the rights of a Participant or a Participant’s Survivors have not otherwise terminated and expired, the Participant or the Participant’s Survivors will have the right immediately prior to such dissolution or liquidation to exercise or accept any Stock Right to the extent that the Stock Right is exercisable or subject to acceptance as of the date immediately prior to such dissolution or liquidation. Upon the dissolution or liquidation of the Company, any outstanding Stock-Based Awards shall immediately terminate unless otherwise determined by the Administrator or specifically provided in the applicable Agreement.
Dissolution or Liquidation of the Company. Upon the dissolution or liquidation of the Company other than in connection with a transaction to which Article XIX is applicable, all Awards granted hereunder shall terminate and become null and void; provided, however, that if the rights of a Participant under the applicable Award have not otherwise terminated and expired, the Participant may, if the Committee, in its sole discretion, so permits, have the right immediately prior to such dissolution or liquidation to exercise any Award granted hereunder to the extent that the right thereunder has become exercisable as of the date immediately prior to such dissolution or liquidation.
Dissolution or Liquidation of the 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, the Options shall terminate as of a date to be fixed by the Board of Directors; provided, however, that no fewer than 30 days written notice of the date so fixed shall be given to you, and you shall have the right during the period of 30 days preceding such termination to exercise your Option as to all or any part of the Option Shares.
Dissolution or Liquidation of the Company. Upon the dissolution or liquidation of the Company other than in connection with a transaction to which the preceding Article VI is applicable, all Options granted hereunder shall terminate and become null and void; provided, however, that if the rights of a Participant under the applicable Options have not otherwise terminated and expired, the Participant shall have the right immediately prior to such dissolution or liquidation to exercise any Option granted hereunder to the extent that the right to purchase shares thereunder has become exercisable as of the date immediately prior to such dissolution or liquidation.
Dissolution or Liquidation of the Company. Upon the dissolution or liquidation of the Company other than in connection with a transaction, recapitalization or reorganization referenced in Section 5(b) or 5(c), the RSUs will terminate and become null and void.
Dissolution or Liquidation of the Company. If the Company is dissolved, the Board of Directors shall wind up its affairs. On winding up of the Company, or upon the occurrence of a Deemed Liquidation Event, the assets of the Company shall be distributed, first, to creditors of the Company in satisfaction of the liabilities of the Company, and then the remaining proceeds to the Shareholders in accordance with the priorities set forth in Article 53.