Common use of QUALIFIED SALE OF THE COMPANY Clause in Contracts

QUALIFIED SALE OF THE COMPANY. All Un-Time-Vested Securities shall become Time-Vested Securities in connection with the consummation of a Qualified Sale of the Company, so long as Executive is employed by the Company or any of its Subsidiaries on the date of such sale. For purposes hereof, a "QUALIFIED SALE OF THE COMPANY" means a Sale of the Company in which the consideration paid in such sale for at least 50% of the Company's outstanding equity securities or of the Company's consolidated assets consists of cash and/or publicly traded equity securities (E.G., 66.7% of the consideration for such Sale of the Company would have to consist of cash and/or publicly traded equity securities if only 75% of the Company's outstanding equity securities were sold in such transaction).