Common use of Termination or Assignment on Merger Clause in Contracts

Termination or Assignment on Merger. In the event of a merger where the Company is not the surviving entity, or of a sale of all or substantially all of the Company's assets, the Company may, at its sole option (1) assign this Agreement and all rights and obligations under it to any business entity that succeeds to all or substantially all of the Company's business through that merger or sale of assets, or (2) on at least 30 days' prior written notice to the Employee, terminate this Agreement effective on the date of the merger or sale of assets with the immediate payments of all compensation due under this contract without regard to vesting, or length of employment, or additional performance of duties. This paragraph does not preclude other compensation arrangements that may be negotiated with respect to such change of ownership.

Termination or Assignment on Merger. In the event of a merger where the Company is not the surviving entity, or of a sale of all or substantially all of the Company's assets, the Company may, at its sole option (1) assign this Agreement and all rights and obligations under it to any business entity that succeeds to all or substantially all of the Company's business through that merger or sale of assets, or (2) on at least 30 days' prior written notice to the EmployeeExecutive, terminate this Agreement effective on the date of the merger or sale of assets with the immediate payments of all compensation due under this contract without regard to vesting, or length of employment, employment or additional performance of duties. This paragraph does not preclude other compensation arrangements that may to be negotiated with respect to such change of ownership.