Change in Subsidiary Status Clause Samples

Change in Subsidiary Status. If at any time a prior Subsidiary of Edgewell no longer meets the definition of a Subsidiary of Edgewell or should cease to exist, such prior Subsidiary shall cease to have the right to use or exploit such Licensed Trademarks.

Change in Subsidiary Status. The Option and all other rights hereunder, to the extent not exercised, shall terminate and become null and void at such time as the Employee ceases to be employed by either the Corporation or any Subsidiary, except that:

Change in Subsidiary Status. If (i) Time Inc. ceases to be a direct or indirect subsidiary of the Company for any reason other than the Spin-off, (ii) the Participant’s Employment with Time Inc. and its Affiliates has not terminated prior to the date Time Inc. ceases to be a direct or indirect subsidiary of the Company and (iii) the portion of the Option that has not been exercised is not assumed, converted or replaced with substitute awards in connection with the applicable transaction that results in Time Inc. ceasing to be a direct or indirect subsidiary of the Company (with equitable adjustments that are consistent with those required by Section 18 of this Agreement) (the satisfaction of the conditions described in clauses (i), (ii) and (iii) of this Section 3(c), a “Change in Subsidiary Status”), then the unvested portion of the Option, to the extent not cancelled or forfeited prior to the date that Time Inc. ceases to be a direct or indirect subsidiary of the Company, shall become vested and exercisable on such date. The Vested Portion of the Option shall remain exercisable for the period set forth in Section 4(a)(vi).