Common use of Dissolution, Merger, Consolidation, or Sale or Lease of Assets Clause in Contracts

Dissolution, Merger, Consolidation, or Sale or Lease of Assets. Upon the (i) dissolution or liquidation of the Corporation, (ii) merger of consolidation of the Corporation with another corporation or other entity pursuant to which the Corporation is not the surviving entity, (iii) sale or lease of all or substantially all the business assets of the Corporation, or (iv) the sale of more than 80% of the outstanding Common Stock of the Corporation, unless the surviving or acquiring corporation or entity agrees to assume outstanding Awards, each Award granted hereunder shall expire as of the effective date of such transaction; provided, however, that the Committee may, in its discretion, give written notice of such event to any Participant who shall then have the right to exercise his or her Vested Awards prior to the effective date of such transaction, subject to earlier expiration pursuant to Sections 7 or 8 (as applicable).

Dissolution, Merger, Consolidation, or Sale or Lease of Assets. Upon the (i) dissolution or liquidation of the Corporation, (ii) merger of consolidation of the Corporation with another corporation or other entity pursuant to which the Corporation is not the surviving entity, (iii) sale or lease of all or substantially all the business assets of the Corporation, or (iv) the sale of more than 80% of the outstanding Common Stock of the Corporation, unless the surviving or acquiring corporation or entity agrees to assume outstanding Awards, each Award granted hereunder shall expire as of the effective date of such transaction; provided, however, that the Committee may, in its discretion, give written notice of such event to any Participant who shall then have the right to exercise his or her Vested Awards prior to the effective date of such transaction, subject to earlier expiration pursuant to Sections 7 or 8 (as applicable).of