Acceleration Option Event

Example Definitions of "Acceleration Option Event"
Acceleration Option Event. An "Acceleration Option Event" shall have occurred if at any time during the "stated term" (as defined in Paragraph 2 below) any of the following events shall occur: (i) Any Sale of the Company or any Material Subsidiary; or (ii) Any Acquiring Person has become the beneficial owner of securities which, when added to any securities already owned by such person, would represent in the aggregate 35% or more of the then-outstanding securities of the Company that are entitled to vote to elect any... class of directors; (iii) If, at any time, the Continuing Directors then serving on the Board cease for any reason to constitute at least a majority thereof; (iv) Any occurrence that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A or any successor rule or regulation promulgated under the Exchange Act; (v) The person ("current CEO") that holds the position of Chief Executive Officer (of the Company) as of the date of this Agreement ceases to hold the position of Chief Executive Officer and any of the following events shall occur: (a) Optionee is not elected or appointed to the position of Chief Executive Officer within 120 days of the date rev date 1/4/05 Accelerated Option Event 1 the current CEO ceases to hold the position of Chief Executive Officer; (b) Optionee is advised that he will not be elected or appointed to the position of Chief Executive Officer; or (c) another person is elected or appointed to the position of Chief Executive Officer. View More
Acceleration Option Event. An "Acceleration Option Event" shall have occurred if at any time during the "stated term" (as defined in Paragraph 2 below) any of the following events shall occur: (i) Any Sale of the Company or any Material Subsidiary; or (ii) Any Acquiring Person has become the beneficial owner of securities which, when added to any securities already owned by such person, would represent in the aggregate 35% or more of the then-outstanding securities of the Company that are entitled to vote to elect any... class of directors; (iii) If, at any time, the Continuing Directors then serving on the Board cease for any reason to constitute at least a majority thereof; (iv) Any occurrence that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A or any successor rule or regulation promulgated under the Exchange Act; (v) The If the person ("current CEO") that holds the position of Chief Executive Officer (of the Company) as of the date of this Agreement ceases to hold the position of Chief Executive Officer (of the Company) and thereafter there is any material diminution in Optionee's duties that is not cured within thirty days after notice of such noncompliance has been given (within 30 days of the following events shall occur: (a) alleged material diminution) by Optionee to the Company. A change in duties will not be considered to be a "material diminution" in duties if, after such change, Optionee is an officer of the Company; Optionee's reporting relationship does not elected change or appointed Optionee reports to the position of Company's Chief Executive Officer within 120 days or Chief Operating Officer; and a substantial portion of the date rev date 1/4/05 Accelerated Option Event 1 the current CEO ceases to hold the position Employee's duties are in Employee's field of Chief Executive Officer; (b) Optionee is advised that he will not be elected professional training or appointed to the position of Chief Executive Officer; or (c) another person is elected or appointed to the position of Chief Executive Officer. experience. View More
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