Common use of Occurrence of Change in Control Clause in Contracts

Occurrence of Change in Control. Immediately upon the occurrence of a "Change in Control," the Employee shall become fully vested in all employee benefit programs (other than any tax qualified retirement plan, the Employee's interest in which shall vest in accordance with such plan's terms), including without limitation, all stock options in which he was a participant at the time of the Change in Control. For purposes of this Agreement, the term "Change in Control" shall mean the occurrence of any event which results in either (a) Borrxx Xxxlty Company's failing to own at least thirty percent (30%) of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors, or (b) both Don Xxxxxx xxx Doug Xxxxxx xxxsing to be directors and officers of the Company.

Occurrence of Change in Control. Immediately upon the occurrence of a "Change in Control," the Employee shall become fully vested in all employee benefit programs (other than any tax qualified retirement plan, the Employee's interest in which shall vest in accordance with such plan's terms), including without limitation, all restricted stock and stock options in which he was a participant at the time of the Change in Control. For purposes of this Agreement, the term "Change in Control" shall mean the occurrence of any event which results in either (a) Borrxx Xxxlty Company's failing to own at least thirty percent (30%) of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors, or (b) both Don Xxxxxx xxx Doug Xxxxxx xxxsing to be directors and officers of the Company.