Common use of Merger, Consolidation, Sale of Assets Clause in Contracts

Merger, Consolidation, Sale of Assets. In the event of a future disposition of (or including) the properties and business of the Company, substantially as an entirety, by merger, consolidation, sale of assets, or otherwise, then the Company may elect: (a) To assign this Agreement and all of its rights and obligations hereunder to the acquiring or surviving corporation; provided that such corporation shall assume in writing all of the obligations of the Company hereunder, and provided, further, that the Company (if and so longer as it remains in business as an independent going enterprise) shall remain liable for the performance of its obligations hereunder in the event of an unjustified failure of the acquiring corporation to perform its obligations under this Agreement; or (b) In addition to its other rights of termination, to terminate this Agreement upon at least 30 days' written notice by paying Employee the compensation at the rate provided in Section 3 to the date on which such termination shall take effect.

Merger, Consolidation, Sale of Assets. In the event of a future disposition of (or including) the properties and business of the Company, substantially as an entirety, by merger, consolidation, sale of assets, or otherwise, then the Company may elect: (a) To assign this Agreement and all of its rights and obligations hereunder to the acquiring or surviving corporation; provided that such corporation shall assume in writing all of the obligations of the Company hereunder, ; and provided, further, that the Company (if and so longer long as it remains in business as an independent going enterprise) shall remain liable for the performance of its obligations hereunder in the event of an unjustified failure of the acquiring corporation to perform its obligations under this Agreement; or (b) In addition to its other rights of termination, to terminate this Agreement upon at least 30 days' written notice by paying Employee the compensation at the rate provided in Section 3 to the date on which such termination shall take effect.