Common use of No Assumption by Successor Clause in Contracts

No Assumption by Successor. The failure of the Company to obtain a satisfactory agreement from any successor to assume and agree to perform this Agreement, as contemplated in Section 6 hereof, or, if the business or undertaking in connection with which the Employee's services are principally performed is sold at any time after a Change in Control and his employment is transferred as a result, the purchaser of such business shall fail to agree to provide the Employee with the same or a comparable position, duties, compensation and benefits (as described in clauses (iv) and (v) above) as provided to him by the Company immediately prior to the Change in Control; or