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 Company's Board of Directors, do or contract to do any of the following: (a) Borrow on behalf of Company in each transaction an amount in excess of $500,000; (b) Permit any customer of Company to become indebted to Company in an amount in excess of $500,000; (c) Purchase capital equipment for amounts in excess of the amounts budgeted for expenditure by the Board of Directors; (d) Sell any single capital asset of Company having a market value in excess of $300,000 or a total of capital assets during a fiscal year having a market value in excess of $1,00,000; and (e) Commit Company to the expenditure of more than $200,000 in the development and sale of new products or services.

Matters Requiring Consent of Board of Directors. Executive shall not, without specific approval of Company's ’s Board of Directors, do or contract to do any of the following: (a) Borrow on behalf of Company in each transaction an amount in excess of $500,000; (b) Permit any customer of Company to become indebted to Company in an amount in excess of $500,000; (c) Purchase capital equipment for amounts in excess of the amounts budgeted for expenditure by the Board of Directors; (d) Sell any single capital asset of Company having a market value in excess of $300,000 or a total of capital assets during a fiscal year having a market value in excess of $1,00,000; and (e) Commit Company to the expenditure of more than $200,000 in the development and sale of new products or services.

Matters Requiring Consent of Board of Directors. Executive shall not, without specific approval of Company's Board of Directors, do or contract to do any of the following: (a) Borrow on behalf of Company in each transaction an amount in excess of $$ 500,000; (b) Permit any customer of Company to become indebted to Company in an amount in excess of $500,000; (c) Purchase capital equipment for amounts in excess of the amounts budgeted for expenditure by the Board of Directors; (d) Sell any single capital asset of Company having a market value in excess of $$ 300,000 or a total of capital assets during a fiscal year having a market value in excess of $$ 1,00,000; and (e) Commit Company to the expenditure of more than $200,000 in the development and sale of new products or services.