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In the context of change control provisions, there are two types: single trigger and double trigger. A single trigger change of control occurs when a company undergoes an acquisition, whether through an asset or stock purchase. In this case, the executive can exit immediately upon this event, known as a "parachute". However, single trigger provisions are now rare as they may discourage acquirers from retaining the existing management team. In contrast, a double trigger change of control involves a transaction followed by the termination of the executive within a specified time frame. This triggers the executive's exit, allowing them to parachute out, but typically requires the loss of their position after the acquisition.
