Common use of Change in Control or Management Clause in Contracts

Change in Control or Management. For the purposes of this Agreement, an assignment includes: (a) a change in the senior management of the Contractor; (b) a transfer of any shares of the Contractor that results in a change in control of the Contractor and, for the purposes of this subparagraph, "control of the Contractor" means beneficial ownership of more than 40% of its issued shares having voting rights for the election of directors by one person or a group of persons not dealing with each other at arm's length; and (c) if there are no shares issued in respect of the Contractor, any change in the ownership of the Contractor.