Budget and Operating Plan. The Company will furnish to each Investor who holds at least 750,000 shares of Eligible Securities (as adjusted for stock splits and combinations) as soon as practicable upon approval or adoption by the Company’s Board of Directors, and in any event within 15 days prior to the start of a fiscal year, the Company’s budget and operating plan for such fiscal year.
Budget and Operating Plan. (a) Each year as soon as reasonably practicable following preparation thereof, and in any event at least thirty (30) days prior to the commencement of each fiscal year of the Company, the Company shall present to the Board of Directors for approval (including the approval required by Section 5.4) the proposed capital and operating budget and operating plan of the Company and its subsidiaries for such fiscal year, setting forth operating expenses and other anticipated expenditures on a monthly basis as well as any other detail reasonably requested by the Board of Directors (the “Budget”). If and to the extent that the Board of Directors (as required by Section 5.4) shall not approve a proposed Budget, the officers of the Company will use their reasonable, good faith efforts to promptly submit a revised Budget for approval by the Board of Directors.
(b) Each year, promptly following approval of the Budget by the Board of Directors, the Company shall deliver a copy of the Budget to: (i) Phoenix Venture Partners II L.P. (“PVP”), so long as it or any of its Affiliates holds any shares of Preferred Stock, (ii) AGC America, Inc. (“AGC”), so long it or its Affiliates holds not less than 287,769 shares of Preferred Stock (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof), (iii) KBI Biopharma, Inc. (“KBI”), so long as it holds not less than 159,091 shares of Preferred Stock (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof), and (iv) all other Major Investors, provided that as to the other Major Investors, the right to receive the Budget may be waived by the Requisite Holders.
Budget and Operating Plan. As soon as practicable, but in any event at least 30 days before the end of each fiscal year of the Company, the Board shall adopt and approve a budget (“Budget”) and operating plan (“Operating Plan”) for the next fiscal year. The Operating Plan shall outline the major initiatives, timing and executive responsibilities planned for the year. The Budget shall define all financial aspects of the Operating Plan, including revenue, expense, CAPEX, cash flow and debt/equity financing projections.
Budget and Operating Plan. Within thirty (30) days of the end of each quarter of each fiscal year of the Company, the Company shall present a description of any significant variances between the Company’s actual results of operations and expenditures and the results of operations and expenditures in the budget and operating plan most recently presented to the Board.
Budget and Operating Plan. The approval of any Budget and Operating Plan (or any other budget with respect to a Property or Project Subsidiary) and any amendments or modifications thereto (other than variances that are not considered material under Section 6.3.2);
Budget and Operating Plan. The Company's budget and operating plan must be acceptable to the Investor, acting reasonably.
Budget and Operating Plan. 20 14. INVOICING, PAYMENT, ACCOUNTING, AND AUDIT 22 15. INSURANCE 22 16. GUARANTEE 23 17. REPRESENTATION AND WARRANTIES 23
Budget and Operating Plan. The Company will furnish to each Investor, at least thirty (30) days prior to the beginning of each fiscal year, a budget and operating plan for such fiscal year which has been approved by the Company's Board of Directors.
