Common use of Effect of Reclassification, etc Clause in Contracts

Effect of Reclassification, etc. of Units. In the event of reclassification, recapitalization, reorganization, merger, consolidation or combination such that the holders of Units receive a different security in exchange for their Units, then notwithstanding the provisions of Section 2, hereof, the Employee may exchange his Units for shares of the same class of security which other holders of Limited's Units receive, and the rights, restrictions, terms and conditions of this Agreement shall apply to the securities received by the Employee to the same extent as provided herein with respect to the Units.