Committee Approval; Revocation Clause Samples
The 'Committee Approval; Revocation' clause establishes that certain actions or decisions under the agreement require the formal approval of a designated committee, and also provides the committee with the authority to revoke such approval if necessary. In practice, this means that before proceeding with specific transactions, projects, or changes, the involved parties must obtain committee consent, and that consent can later be withdrawn if circumstances change or new information arises. This clause ensures oversight and control by a governing body, helping to manage risk and maintain organizational standards by allowing for both initial vetting and ongoing review of important decisions.
Committee Approval; Revocation. The Committee may approve an election under this section to reduce the number of Shares delivered in advance, but the approval is subject to revocation by the Committee at any time. Once the person exercising this Option makes such an election, he or she may not revoke it.
Committee Approval; Revocation. The Committee's approval of such an election, if given, may be granted in advance but is subject to revocation by the Committee at any time. In the case of an Optionee who is an Outside Director (as defined in paragraph 4 of the Plan), such election by the Optionee shall not be subject to approval nor revocation by the Committee in accordance with the Plan. Once an election is made, the Optionee may not revoke it.