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In discussions about change of control provisions, there are two main types: single trigger and double trigger. A single trigger provision activates when a defined event, such as a company acquisition through asset or stock purchase, occurs, allowing the executive to exit immediately. However, single trigger provisions are less common because they may discourage the new company's desire to retain existing management. Conversely, double trigger provisions require the occurrence of a transaction followed by the termination of the executive within a specified timeframe, enabling the executive to exit after both conditions are met. Double triggers are generally favored as they align the interests of the acquiring company with retaining the management team.
