Common use of Approved Sale of the Company Clause in Contracts

Approved Sale of the Company. The Shares shall vest in their entirety upon the closing of an Approved Sale that occurs prior to the Final Vesting Date if, immediately prior to such closing, Participant is serving as a director of the Company. "Approved Sale" means a transaction or a series of related transactions with an acquiror which had not previously been a stockholder of the Company (other than as a result of purchasing shares in the public market) which results in a bona fide, unaffiliated change of beneficial ownership of (a) 80% of the Company's common equity securities or (b) all or substantially all of its assets, whether pursuant to the sale of the stock or assets of the Company or any of its subsidiaries, or a merger or consolidation involving the Company or any of its subsidiaries.