Development; Modifications Clause Samples
Development; Modifications. Each Strategic Plan shall be prepared by Manager and presented the ESOP Trustee and the Avanti Board of Directors or other designated party(ies) (the “Governing Body”) prior to the end of each calendar year. The plan presented by Avanti to the ESOP Trustee in 2015 shall serve as the interim strategic plan (the “Interim Strategic Plan”) for the remainder of calendar year 2015, subject to reasonable and appropriate additions, clinical and/or financial performance of Avanti. Once delivered by Manager to the Governing Body, the Governing Body shall promptly review the proposed Strategic Plan and either provide comments and/or approve the Strategic Plan, which shall become the operative Strategic Plan until such time as a subsequent Strategic Plan is approved.
Development; Modifications. An initial Strategic Plan and Budget shall be developed and agreed to by Manager and Howard within ninety (90) days following the Effective Date. During such initial ninety (90) day period, an interim Strategic Plan attached hereto as Exhibit A (the “Interim Strategic Plan”) shall be in effect for purposes of this Agreement and shall serve as the Strategic Plan and Budget for all purposes hereunder during such period (unless modified by agreement of the Parties). The Parties will consult with each other on an ongoing basis throughout the Term to identify and agree on any proposed modifications to the Strategic Plan and Budget required to enhance the quality and economic viability of HUH while continuing to further ▇▇▇▇▇▇’▇ charitable and educational mission. Manager shall be responsible for developing proposed additions, modifications and improvements to the Strategic Plan and Budget and shall propose such changes to Howard from time to time but no less than annually in accordance with Section 6.2. Howard, through its Governing Body (as defined below) or the President (or his designee specified in writing) shall promptly review all proposed modifications or additions to the Strategic Plan and Budget and the written consent of the Governing Body (or its designee specified in writing, such as the Management Committee) shall be required for any change to the Strategic Plan and Budget. In the event proposed revisions to the Strategic Plan and Budget are not approved, the most recently approved Strategic Plan and Budget shall continue in full force and effect until further modified or until this Agreement expires or is terminated. As soon as feasible but no later than thirty (30) days after the effective date hereof, the Parties will adopt decision making guidelines (the “Decision Making Guidelines”) that set forth actions specified to be taken by Manager in the Strategic Plan and Budget (i) that shall not require any further consent or approval of the Management Committee, Howard or its Governing Body, except as required by law or accreditation standards, (ii) that shall require consent or approval of the Management Committee, but not the Governing Body, and (iii) that shall require consent or approval of the Governing Body. The Decision Making Guidelines may be modified by mutual agreement of the Parties. In addition, the Strategic Plan and Budget may be modified unilaterally by the Governing Body if required in order to maintain tax-exempt status, avoid defa...