Common use of Matters Requiring Consent of Board of Directors Clause in Contracts

Matters Requiring Consent of Board of Directors. Executive shall not, without specific approval of the Company's Board of Directors, do or contract to do any of the following: (a) Borrow on behalf of the Company during any one fiscal year an amount in excess of $100,000. (b) Purchase capital equipment for amounts in excess of the amounts budgeted for expenditure by the Board of Directors; (c) Sell any single capital asset of the Company having a market value in excess of $10,000 or a total of capital assets during a fiscal year having a market value in excess of $50,000.