Common use of Change of Control Event Clause in Contracts

Change of Control Event. Should the Company (or its successor GTR) undergo a change of control event, including acquisition of a 50% or larger controlling interest, sale of the Company (excluding an initial acquisition of GFP by GTR) or its principal assets, the Employee shall, as an obligation of the acquirer, have the right to receive an additional three years cash compensation and continuation of benefits beyond the stated contract period (including a bonus which represents the sum of the prior two years bonus, or an equivalent amount if less than two years of employment in service has been gained).

Change of Control Event. Should the Company (or its successor GTR) undergo a change of control event, including acquisition of a 50% or larger controlling interest, sale of the Company (excluding an initial acquisition of GFP by GTR) or its principal assets, the Employee shall, as an obligation of the acquirer, have the right to receive an additional three years cash compensation and continuation of benefits beyond the stated contract period (including a bonus which represents the sum of the prior two years bonus, or an equivalent amount if less than two years of employment in service has been gained).