Common use of Add-On Rights Clause in Contracts

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 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.