Common use of Procedure for Obtaining Consent Clause in Contracts

Procedure for Obtaining Consent. If the Board of Directors proposes to make an amendment to this Agreement that requires the consent of Stockholders, the Board of Directors shall notify each affected Stockholder in writing, specifying the proposed amendment and the reason(s) why the Board of Directors believe the amendment is in the best interest of the Company. At the written request of Stockholders holding at least Twenty Percent (20%) of the Shares entitled to vote on the amendment, the Board of Directors shall hold an in-person or electronic meeting (e.g., a webinar) to explain and discuss the amendment. Voting may be through paper or electronic ballots. If the Board of Directors proposes an amendment that is not approved by the Stockholders within ninety (90) days from proposal, the Board of Directors shall not again propose that amendment for at least six (6) months.