Common use of Binding Effect/Merger or Reorganization Clause in Contracts

Binding Effect/Merger or Reorganization. This Agreement shall be binding upon and inure to the benefit of the Executive and the Employer and, as applicable, their respective heirs, beneficiaries, legal representatives, agents, successors and assigns. Accordingly, the Employer shall not merge or consolidate into or with another corporation, or reorganize or sell substantially all of its assets to another corporation, firm or person, unless and until such succeeding or continuing corporation, firm or person agrees to assume and discharge the obligations of the Employer under this Agreement. In the alternative, the Holding Company may agree to assume and discharge the obligation of the Employer under this Agreement. Upon the occurrence of such event, the term “Employer” as used in this Agreement shall be deemed to refer to such surviving or successor firm, person, entity or corporation, or the Holding Company, as the case may be.

Binding Effect/Merger or Reorganization. This Agreement shall be binding upon and inure to the benefit of the Executive Participant and the Employer Company and, as applicable, their respective heirs, beneficiaries, legal representatives, agents, successors and assigns. Accordingly, the Employer Company shall not merge or consolidate into or with another corporation, or reorganize or sell substantially all of its assets to another corporation, firm or person, unless and until such succeeding or continuing corporation, firm or person agrees to assume and discharge the obligations of the Employer Company under this Agreement. In the alternative, the Holding Company Company's parent holding company may agree to assume and discharge the obligation of the Employer Company under this Agreement. Upon the occurrence of such event, the term “Employer” "Company" as used in this Agreement shall be deemed to refer to such surviving or successor firm, person, entity or corporation, or the Holding Companyparent holding company, as the case may be.