Definitions of change of control on the Web: * A contractual...

Definitions of change of control on the Web:

* A contractual term providing that something will happen upon a sale (or other event that results in the current owners no longer controlling the business) of a business. One example is a provision in an option or other compensation arrangement that accelerates option vesting or pays severance upon a sale of the business.

* A transaction pursuant to which a company's shareholdings, board of directors, and/or officers undergo a majority change. This can occur as a result of the sale of a company, the accumulation of stock by an unfriendly acquirer, or a shake-up resulting from a shareholder vote expressing dissatisfaction with a board or management's performance.