Effective Date and Approval. It is the intent of the parties that the compensation payable to the Executive with respect to the Shares constitute qualified performance based compensation under Internal Revenue Code §162(m) and regulations issued thereunder. The effective date of the award of the Shares is July 18, 2006, and is subject to approval by stockholders of the Company holding not less than a majority of the shares present and voting at the Company’s 2007 Annual Meeting. In the event this award of Shares is not approved by stockholders of the Company, this Agreement shall be of no effect and the award of Shares hereunder shall be null and void. The Company agrees to use its reasonable best efforts to procure shareholder approval of the award of the Shares, including, without limitation, placing such matter on the agenda for the Company’s 2007 annual meeting, including appropriate disclosures in the proxy statement for such meeting, recommending to Company shareholders the approval of such Shares award and soliciting proxies for the approval of such Shares award. Return to 10-Q
Effective Date and Approval. It is the intent of the parties that the compensation payable to the Executive with respect to the Options constitute qualified performance based compensation under Internal Revenue Code §162(m) and regulations issued thereunder. The effective date of the Options is July 18, 2006, subject to approval by stockholders of the Company holding not less than a majority of the shares present and voting at Company’s 2007 Annual Meeting. In the event the grant of the Options is not approved by stockholders of the Company, this Option Agreement shall be of no effect and the Options shall be null and void. The Company agrees to use its reasonable best efforts to procure shareholder approval of the award of the Options, including, without limitation, placing such matter on the agenda for the Company’s 2007 annual meeting, including appropriate disclosures in the proxy statement for such meeting, recommending to Company shareholders the approval of such Options and soliciting proxies for the approval of such Options.
Effective Date and Approval. The Effective Date of this Agreement is set forth in the introductory paragraph. However, if this Agreement or any amendments or modifications thereto are required to be submitted to the applicable governmental agency (the "Agency"), pursuant to 46 U.S.C. App. §1704, then the Effective Date of this Agreement is such date as designated by the Agency, or if the Agency declines to designate an effective date, the Effective Date is as set forth in the introductory paragraph of this Agreement. Any extension of this Agreement, and the terms and conditions thereof, will promptly be filed with the Agency for its review and approval, if required.
Effective Date and Approval. This revision to the policy is effective upon its approval by the College President on August 27, 2024. Policy Approved: Xxxxxx Xxxxxxx, Ph.D. President Procedure Developed: Xxxxxxx Xxxxxxxx Vice President for Administration & Chief Financial Officer
