Change of control provisions are very common at the CEO level. Ken has had a change of control provision in his employment contract since 1989. It enables him to trigger an involuntary termination in the event of a change of control, which includes a merger or consolidation with another corporation and Enron is not the surviving corporation. This would have gone into effect in the event of a hostile takeover or the announced merger with Dynegy.
Please let me know ASAP if we are able to use this statement.