Dissolution, Reorganization Clause Samples
The 'Dissolution, Reorganization' clause outlines the procedures and consequences that apply if a party to the agreement undergoes dissolution or a significant structural change, such as a merger, acquisition, or reorganization. Typically, this clause specifies notification requirements, the rights of the remaining parties, and any options for terminating or amending the agreement in light of such changes. Its core function is to provide clarity and protection for all parties by addressing how the agreement will be affected if a party ceases to exist in its current form or undergoes substantial transformation, thereby reducing uncertainty and potential disputes.
Dissolution, Reorganization. (a) In the event of dissolution of Kwantlen Student Association, with no simultaneous creation of a similar group with similar objectives; or in the event of reorganization of Kwantlen Student Association requiring the termination of any regular full or part-time employee.
(b) All terminated regular employees shall be laid off as provided under Article 13.
Dissolution, Reorganization. In the event of dissolution of the Employer, with no simultaneous creation of a similar group with similar objectives; or in the event of re-organization of the Employer requiring the termination of one (1) or more Employees:
(a) All terminated Employees shall receive severance pay equivalent to the greater of one (1) week’s wages for every year’s service [up to a maximum of six (6) months’ wages], or one (1) month’s wages.
Dissolution, Reorganization. All Employees shall be entitled to security of employment as follows:
(a) In the event of dissolution of the Employer, with no simultaneous creation of a similar group with similar objectives; or in the event of re-organization of the Employer requiring the termination of one (1) or more Employees:
(1) All terminated Employees shall receive severance pay equivalent to the greater of one (1) week’s wages for every year’s service [up to a maximum of six (6) months’ wages], or one (1) month’s wages.
Dissolution, Reorganization. In the event of dissolution of the Student Union, with no simultaneous creation of a similar group with similar objectives; or in the event of reorganization of the Student Union requiring the termination of two or more regular employees:
(a) All terminated regular employees shall receive severance pay equivalent to four months' wages and one year's benefits.
(b) Terminated regular employees with more than one year of employment with the Student Union shall receive an additional amount of one week's wages and benefits for each continuous year they have worked for the Student Union.
Dissolution, Reorganization. Not adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization of the Company.
Dissolution, Reorganization. 25 7.15 Litigation.................................... 25 ARTICLE VIII
Dissolution, Reorganization. In the event of dissolution of the Association, with no simultaneous creation of a similar group with similar objectives; or in the event of reorganization of the Association requiring the termination of two (2) or more regular employees:
(a) All terminated regular employees shall receive severance pay equivalent to four (4) months' wages and one (1) year's benefits.
(b) Terminated regular employees with more than one (1) year of employment with the Association shall receive an additional amount of one week's wages and benefits for each continuous year they have worked for the Association.
Dissolution, Reorganization. In the event of the dissolution or total or partial liquidation of the Company, whether voluntary or involuntary, Trustee shall receive the money, securities, rights or property to which the Stockholder are entitled, and shall distribute such money, securities, rights or property to the Stockholder.