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A change of control agreement is an agreement between an employee and an employer safeguarding the remunerative rights of the employee in exchange for continued employment. This agreement is a group of mutual covenants designed to protect an employee in the event that the company undergoes a change of control so that the employee will be encouraged to remain in employment with the employer. If the employment is terminated under certain conditions, such as without cause or through involuntary termination, then the employee is entitled to receive certain benefits, such as a bonus. This document should be used by an employee or by an employer seeking to provide certain guarantees to an employee.
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