Examples of Change of Control in a sentence
The remaining performance-based options vested and became exercisable after the reporting period due to a Change of Control having occurred on August 5, 2022.
On August 5, 2022, there were management contracts in place that included Change of Control provisions which may have required, if elections were made, payments of approximately R5.2 million upon the occurrence of the Change of Control event of which R4.4 million was elected by certain management contracts following August 5, 2022, prior to September 30, 2022.
These options vest and are exercisable in full upon termination of Dr. Sapan’s employment by the Corporation without Cause or by Dr. Sapan as a result of a demotion of her position or diminution in her duties or a Change of Control.
As detailed in Note 1, Basis of preparation, the administrative matters required to give effect to Belvedere’s acquisition of a majority stake in the Company were only completed on August 5, 2022 (See Note 18, Subsequent events) and that is therefore deemed to be the date on which a Change of Control occurred.
All of these options vested and became exercisable after June 30, 2022 due to a Change of Control having occurred on August 5, 2022.