Change In Control Definition Example
This example Change In Control definition appears in
5 contracts
from
1 company
Change In Control. A state of affairs that shall be deemed to have occurred if: (a) Any person becomes the 'beneficial owner' (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the 'EXCHANGE ACT')), directly or indirectly, of securities representing fifty percent (50%) or more of the total voting power of the Corporation's then-outstanding voting securities; (b) During any period of two (2) consecutive years, individuals who, at the beginning of such period constitute
... the board, together with any new director whose election by the board or nomination for election by the Corporation's shareholders was approved by a vote of at least two-thirds (2/3) of the directors then in office either who were directors at the beginning of the two-year period, or whose election or nomination was previously so approved, cease for any reason to constitute a majority of the board; (c) The shareholders of the Corporation approve a merger or consolidation of the Corporation with any other Corporation, other than a merger or consolidation that would result in the voting securities of the Corporation outstanding immediately before such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty-one percent (51%) of the total voting power represented by the voting securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation; or (d) The shareholders of the Corporation approve a plan of complete liquidation of the Corporation, or an agreement for the sale or disposition by the Corporation (whether in one transaction or a series of transactions) of all or substantially all of the Corporation's assets.
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