SHAREHOLDER APPROVAL REQUIREMENTS. The shareholder approval requirements of this subparagraph are met with respect to any payment if -
SHAREHOLDER APPROVAL REQUIREMENTS. The Parties acknowledge that, pursuant to sections (i)(1)(B) and (i)(1)(D)(ii) of Rule 4350 of the Nasdaq Stock Market, any sale of securities that would result in a change of control or any sale of stock or securities convertible into or exercisable for common stock that has or will have upon issuance voting power equal to or in excess of 20% of the voting power outstanding before the issuance of such stock or securities, must be approved by the issuer's shareholders (the "Shareholder Approval Requirements"). The Parties acknowledge that the Company must comply with the Shareholder Approval Requirements prior to selling the Newly Issued Shares and issuing the Warrants. The Company's failure to obtain shareholder approval in accordance with the Shareholder Approval Requirements shall not constitute a breach of this Agreement. The Parties agree that if shareholder approval is not obtained, this Agreement will be terminated in accordance with Section 9.1(i) below. The Company's proxy statement relative to this transaction is attached hereto as Exhibit B (the "Proxy Statement").
SHAREHOLDER APPROVAL REQUIREMENTS. This Agreement and the Option granted hereunder shall be null and void if the Plan is not approved by the stockholders of the Company within twelve (12) months of the date the Plan is approved by the Board.
SHAREHOLDER APPROVAL REQUIREMENTS. The only actions by the shareholders of the Company required to approve this Agreement, the Merger and the other transactions contemplated hereby are the consents of (a) the Principal Shareholders and 49 the Voting Shareholders, collectively, as the holders of a majority of the outstanding shares of the Company Common Stock and (b) the Principal Shareholders as the holders of a majority of the outstanding shares of the Company Preferred Stock.
