Change of Control

Term Main definition
Change of Control

A "change of control" is often defined by reference to a transaction (e.g., merger, consolidation or share exchange), the sale or transfer of ownership of a specified percentage or amount of voting stock or assets, or a significant change in the composition of the board of directors (or other governing body).

A change-of-control provision in an agreement, under the conditions defined as one party's change-of-control, will trigger certain rights of another party.  Sometimes a change-of-control triggers the right to terminate the agreement, or it can trigger the acceleration or vesting under the agreement.