Common use of Termination Upon a Change of Control Clause in Contracts

Termination Upon a Change of Control. The Executive shall be deemed to have been terminated upon a "Change of Control" (as hereafter defined) if a Change of Control occurs while the Executive is an employee of the Company and within two years of such Change in Control either the Company terminates the Executive for any reason except the death of the Executive or the Executive elects to terminate his employment for any reason. A Change in Control shall occur upon any person other than Xxxxx Xxxx or his descendants or Samstock, L.L.C. and its permitted transferees becoming the owner, either directly or indirectly, of 25% or more of the combined voting power of the Company's then outstanding securities.