Add-On Rights. During the Term of this Agreement, no asset of the ------------- Company shall be sold without the affirmative vote of a majority of the Company's Board of Directors. Additionally, during the terms of this Agreement no additional shares of stock of the Company shall be issued, nor any shares of the Company stock sold, transferred, conveyed or encumbered, without the affirmative vote of a majority of the Company's Board of Directors. In the event that the Company's Board of Directors approves the sale of all or any part of the Company's stock, Executive shall have the option to terminate this Agreement, and waive his right to any Incentive Compensation and Deferred Compensation in exchange for 13.612% of the Net Proceeds of such sale. For the purposes of this Agreement, the term "Net Proceeds" shall mean gross proceeds, less normal and reasonable professional fees incurred in connection with such sale.
Add-On Rights. During the Participation Period, the Company shall have the right, but not the obligation, to exchange up to an additional $2,500,000 of Series A Preferred Stock for additional shares of Enservco common stock calculated based on the Transaction Price. Any shares of Series A Preferred Stock exchanged pursuant to this Section 5.6 shall be exchanged in increments of at least $100,000. Any additional shares of Enservco common stock issued to the Company pursuant to this Section 5.6 shall be subject to the Registration Rights Agreement.
