Common use of EFFECT OF LIQUIDATION OR REORGANIZATION Clause in Contracts

EFFECT OF LIQUIDATION OR REORGANIZATION. (1) Cash, Stock or Other Property for Stock. Except as provided in --------------------------------------- subsection (a)(2), upon a merger (other than a merger of the Company in which the holders of shares of Common Stock immediately prior to the merger have the same proportionate ownership of shares of Common Stock in the surviving corporation immediately after the merger), consolidation, acquisition of property or stock, separation, reorganization (other than a mere reincorporation or the creation of a holding company) or liquidation of the Company, as a result of which the shareholders of the Company receive cash, stock or other property in exchange for or in connection with their shares of Common Stock, this option will terminate, but you will have the right immediately prior to any such merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation to exercise your option in whole or in part whether or not the vesting requirements set forth in this agreement have been satisfied.

EFFECT OF LIQUIDATION OR REORGANIZATION. (1) Cash, Stock or Other Property for Stock. Except as provided in --------------------------------------- subsection (a)(2), upon a merger (other than a merger of the Company in which the holders of shares of Common Stock immediately prior to the merger have the same proportionate ownership of shares of Common Stock in the surviving corporation immediately after the merger), consolidation, acquisition of property or stock, separation, reorganization (other than a mere reincorporation or the creation of a holding company) or liquidation of the Company, as a result of which the shareholders of the Company receive cash, stock or other property in exchange for or in connection with their shares of Common Stock, this option will terminate, but you will have the right immediately prior to any such merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation to exercise your option option, at your election in whole or in part part, whether or not the vesting requirements set forth in this agreement have been satisfied.