Board Approval Condition Clause Samples
The Board Approval Condition clause requires that certain actions, agreements, or transactions are subject to the formal approval of a company's board of directors before they can proceed. In practice, this means that even if parties have negotiated terms or reached a preliminary agreement, the transaction will not be finalized until the board reviews and authorizes it, often through a formal resolution. This clause ensures that significant decisions receive oversight from the highest level of company governance, thereby protecting the interests of shareholders and maintaining proper corporate controls.
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Board Approval Condition. The Parties acknowledge that this Agreement remains subject to approval by the Board of Directors of each Party and agree that their respective Boards of Directors shall convene promptly following the date hereof to consider and vote upon this Agreement. In the event that the Board of Directors of either Party does not approve this Agreement, such Party may deliver a written termination notice to the other Party no later than 9:00 p.m., U.S. Eastern time, on the tenth (10th) business day following the date of this Agreement, in which event this Agreement shall be deemed null and void ab initio and neither Party shall have any rights, obligations, or liabilities in respect hereof. In the event that neither Party delivers a termination notice pursuant to this Section 26.14 prior to such time, then this Agreement shall be deemed in full force and effect as of and following the date first above written.
Board Approval Condition. Notwithstanding any of the terms and conditions to the contrary set forth in the Purchase Agreement, if, within fourteen (14) days after the date hereof, Purchaser has not received approval by Purchaser’s board of trustees or investment committee of the transaction contemplated hereby, then Purchaser shall have the right, upon written notice to Seller prior to the expiration of such fourteen (14) day period, to terminate the Purchase Agreement and thereupon to receive an immediate refund of the Deposit (anything herein contained to the contrary notwithstanding), and neither party shall thereafter have any further liability or obligation under the Purchase Agreement except for such liabilities and obligations that are expressly stated therein to survive termination of the Purchase Agreement. If Purchaser fails to deliver written notice of its election to terminate the Purchase Agreement pursuant to the preceding sentence within such fourteen (14) day period, Purchaser shall be deemed to have waived such condition and shall have no further right to terminate the Purchase Agreement pursuant to this Section 8.
Board Approval Condition. This Agreement is conditioned upon approval by the Board of Directors of ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇. ▇▇▇.
Board Approval Condition. The Beacon Board having approved (i) the Offer and the Proposed Merger pursuant to Section 251(h) of the DGCL (and Beacon having entered into a merger agreement with Purchaser that provides that the Proposed Merger can be completed in the manner permitted by Section 251(h) of the DGCL) and (ii) the Offer and the Proposed Merger under Section 203 of the DGCL (the “Board Approval Condition”).
Board Approval Condition. This Agreement is conditioned upon the approval of the Board of Directors of Flexible Solutions being obtained on or before September 1, 2002. In the event that such approval is not obtained by that date, and written notice of such approval provided to Ondeo Nalco, this Agreement shall be considered null and void.