Common use of Sale of a Company Division Clause in Contracts

Sale of a Company Division. If the Company shall sell the business division in which the Executive is principally employed (a "Sale"), the Company may call the Executive's Options, Option Shares and Purchased Shares at Fair Market Value; provided, however, that if the Executive elects, he may override such call by the Company and retain all or any portion of his Options, Option Shares and Purchased Shares by providing the Company with a written notice of such override within 30 days of his receipt of the Company's call notice. The Executive shall have no right to put his Options, Option Shares or Purchased Shares to the Company as a result of such a Sale.](1)

Sale of a Company Division. If the Company shall sell the business division in which the Executive is principally employed (a "Sale"), the Company may call the Executive's Options, Option Shares and Purchased Shares at Fair Market Value; provided, however, that if the Executive elects, he may override such call by the Company and retain all or any portion of his Options, Option Shares and Purchased Shares by providing the Company with a written notice of such override within 30 days of his receipt of the Company's call notice. The Executive shall have no right to put his Options, Option Shares or Purchased Shares to the Company as a result of such a Sale.](1)Sale.