Common use of Default plans Clause in Contracts

Default plans. (a) If, as a result of any circumstance, the Board does not approve and adopt the Approved Strategic Business Plan in full prior to the start of the relevant Fiscal Year then, following the start of such Fiscal Year, the Shareholders agree that the Company shall: (i) implement all aspects of the Proposed Strategic Business Plan that have been approved by the Board; and (ii) in respect of any aspects of the Proposed Strategic Business Plan that have not been approved by the Board, continue to operate on the basis of and implement the Approved Strategic Business Plan for the last quarter of the immediately preceding Fiscal Year (the “Default Strategic Business Plan”). (b) If, as a result of any circumstance, the Board does not approve and adopt the Approved Operating Plan in full prior to the start of the relevant Fiscal Year then, following the start of such Fiscal Year, the Shareholders agree that the Company shall: (i) implement all aspects of the Proposed Operating Plan that have been approved by the Board; and (ii) in respect of any aspects of the Proposed Operating Plan that have not been approved by the Board, continue to operate on the basis of and implement the Approved Operating Plan for the last quarter of the immediately preceding Fiscal Year (the “Default Operating Plan”). (c) Once a Proposed Strategic Business Plan or Proposed Operating Plan is approved and adopted in full by the Board, the Default Strategic Business Plan and / or the Default Operating Plan, as the case may be, shall cease to have any effect and shall no longer be implemented.

Default plans. (a) If, as a result of any circumstance, the Board does not approve and adopt the Approved Proposed Strategic Business Plan in full prior to the start of the relevant Fiscal Year then, following the start of such Fiscal Year, the Shareholders agree that the Company shall: (i) implement all aspects of the Proposed Strategic Business Plan that have been approved by the Board; and (ii) in respect of any aspects of the Proposed Strategic Business Plan that have not been approved by the Board, continue to operate on the basis of and implement the Approved Strategic Business Plan for the last quarter of the immediately preceding Fiscal Year (the “Default Strategic Business Plan”). (b) If, as a result of any circumstance, the Board does not approve and adopt the Approved Proposed Operating Plan in full prior to the start of the relevant Fiscal Year then, following the start of such Fiscal Year, the Shareholders agree that the Company shall: (i) implement all aspects of the Proposed Operating Plan that have been approved by the Board; and (ii) in respect of any aspects of the Proposed Operating Plan that have not been approved by the Board, continue to operate on the basis of and implement the Approved Operating Plan for the last quarter of the immediately preceding Fiscal Year (the “Default Operating Plan”). (c) Once a Proposed Strategic Business Plan or Proposed Operating Plan is approved and adopted in full by the Board, the Default Strategic Business Plan and / or the Default Operating Plan, as the case may be, shall cease to have any effect and shall no longer be implemented.