| gen. |
change of control (a change in the majority ownership of a company. ⃝ In commercial contracts, a change of control clause will often give the party who is not subject to a change in ownership the right to terminate the agreement in the event of a change of control of the other party.
⃝ In employment contracts, a change of control clause entitles the employee to a specified payment or enhanced notice period if their employer is taken over and the takeover results in dismissal by their employer or a material reduction in the employee's responsibilities leading to constructive dismissal within a specified time. TED: The change of control occurs when a new shareholder majority is formed.
The change of control clause gives the party the right to terminate the agreement.
The section only applies if the company undergoes a change of control.
The judge held that there had been a change of control for the purposes of the agreement.
There shall be deemed to be a change of control of the company if ...TED Alexander Demidov) |
