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other Person:\n(i) propose or seek to effect any Change of Control Transaction, including by entering into a support agreement or lock-up agreement in respect of such a transaction, provided that for greater certainty, the Investor and its Affiliates shall be permitted to tender to, vote in favour of, and/or enter into a support agreement or lock-up agreement in respect of a Change of Control Transaction supported by a majority of the Board;\n(ii) solicit proxies from Shareholders or form, join, support or participate in a group to solicit proxies from Shareholders with a view to replacing the members of the Board;\n(iii) purchase, offer or agree to purchase or negotiate to purchase any Securities or assets of the Company, other than as contemplated in the Purchase Agreement or any Closing Document (as defined in the Purchase Agreement), without the advance written authorization of the Board;\n(iv) advise or encourage any Person proposing any of the foregoing (including forming a \"group\" with any such Person); or\n(v) make any public announcement or take any action in furtherance of the foregoing.\n(b) Notwithstanding Section 3.1(a), the Investor and its Affiliates shall not be restricted from:\n(i) acquiring Securities with the prior written consent of the Company;\n(ii) making a confidential proposal to the Board regarding any of the transactions or activities contemplated in Section 3.1(a), entering into discussions or negotiations with the Board or the Company with respect to the terms of any such proposal, and entering into any agreement with the Company providing for the consummation of such proposal; provided that the Investor shall not make any public disclosure of the making of or terms of such proposal except with the prior written consent of the Company, such consent not to be unreasonably withheld;\n(iii) acquiring Securities upon exercise, exchange or conversion of any Subject Securities in accordance with their respective terms;\n(iv) exercising any rights of the Investor under the Purchase Agreement or the Closing Documents;\n(v) acquiring Securities in accordance with the terms of the Participation Rights set forth in Section 4.1;\n(vi) acquiring Securities in accordance with the terms of the Top-Up Rights set forth in Section 4.2;\n(vii) participating in rights offerings conducted by the Company;\n(viii) receiving stock dividends or similar distributions made by the Company;\n(ix) provided that the Investor has not breached Section 3.1(a), tendering Shares to a formal take-over bid for the Shares or any similar transaction by an arm's length third party; or\n(x) disposing of Shares by operation of a statutory amalgamation, merger, arrangement, business combination or other statutory procedure involving the Company or the Shares.\n(c) Section 3.1(a) shall cease to be of any force or effect: (i) as of the public announcement or public disclosure of (A) the commencement of a Credible Bid, or an intention to undertake a Credible Bid, for voting or equity securities of the Company or any of its Affiliates; (B) any agreement, arrangement or understanding in respect of a merger, amalgamation, arrangement, asset purchase or other business combination transaction involving the Company or any of its Affiliates, or an intention to make an offer to the Company or any of its Affiliates to undertake such a transaction, which would, if completed, result in (I) any class of outstanding voting securities of the Company being converted into cash or securities of another person resulting in shareholders (excluding, for the avoidance of doubt, any shareholder who is acquiring voting securities of the Company as part of the transaction) holding less than 50% of the voting securities of the resulting or surviving entity, or (II) all or substantially all of the Company's assets being sold to any person or group (other than the Investor); (C) the commencement of any proceeding by or against the Company in connection with the dissolution, liquidation, winding up, bankruptcy or similar reorganization of the Company; (D) the appointment of a trustee, receiver, manager or other administrator of the Company or any of its material properties or assets; or (E) the Company seeking protection under the Bankruptcy and Insolvency Act (Canada), the Companies' Creditors Arrangement Act (Canada) or similar legislation; or (ii) if the Company is in material default of this Agreement and such default continues for a period of 30 days after the Company receives written Notice of such default from the Investor.", "hash": "346582590c53237b56373d7a22a60760", "id": 2}, {"snippet_links": [{"key": "five-year-period", "type": "definition", "offset": [75, 91]}, {"key": "commencing-on-the", "type": "clause", "offset": [92, 109]}, {"key": "date-hereof", "type": "clause", "offset": [110, 121]}, {"key": "expiring-on", "type": "clause", "offset": [126, 137]}, {"key": "effective-date-of-this-agreement", "type": "definition", 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"/contracts/bbPFdgNlRAn#standstill", "label": "Standstill Agreement (Pharmaceutical Financial Syndicate, LLC)", "score": 19.396987915, "published": true}, {"hash": "7ETy367JoNZ", "uri": "/contracts/7ETy367JoNZ#standstill", "label": "Standstill Agreement (Winston Pharmaceuticals, Inc.)", "score": 19.3832988739, "published": true}, {"hash": "5rPAd7esVh8", "uri": "/contracts/5rPAd7esVh8#standstill", "label": "Standstill Agreement (Winston Pharmaceuticals, Inc.)", "score": 19.3832988739, "published": true}], "size": 267, "snippet": "(a) The Frost Group Shareholders hereby covenant and agree that during the five year period commencing on the date hereof and expiring on the 5th year anniversary of the effective date of this Agreement, each Frost Group Shareholder shall not, and shall not permit or cause any affiliate, associate, immediate family member (as such term is defined in Regulation S-K under the Exchange Act) or group member to, directly or indirectly:\n(i) engage in any transactions in any class of securities of the Company, including any derivative;\n(ii) solicit proxies with respect to any securities of the Company;\n(iii) actively oppose any action approved by a majority of the board of directors of the Company, or become a \u201cparticipant\u201d in any \u201celection contest\u201d relating to the election of directors of the Company (as such terms are used in rule 14a-11 of Regulation 14A promulgated under the Exchange Act (or any comparable or successor rule));\n(iv) propose, make or initiate, or solicit stockholders of the Company for the approval of, one or more stockholder proposals;\n(v) propose, or make, initiate or solicit any proposals from, or provide any information or participate in any discussions or negotiations with, or otherwise cooperate in any way with or assist, any person concerning any merger, consolidation, other business combination, tender or exchange offer, recapitalization, liquidation or dissolution or any purchase or other acquisition or sale or other disposition of assets (other than in the ordinary course of business) or shares of capital stock of the Company or any of its subsidiaries or divisions or any similar transaction involving the Company or any subsidiary or division of the Company;\n(vi) take any other action for the purpose of or with the effect of changing or influencing the control of the Company, or in connection with or as a participant in any transaction having that purpose or effect;\n(vii) form, join or in any way participate in any \u201cgroup\u201d (within the meaning of Section 13(d)(3) of the Exchange Act or Rule 13d-5(b)(i) promulgated under the Exchange Act) with respect to any securities of the Company; or\n(viii) induce, attempt to induce, encourage or solicit, or cooperate with, any other Person to do any of the foregoing.", "hash": "e061319599545848b3e440ceb9f24276", "id": 3}, {"snippet_links": [{"key": "during-the-period", "type": "clause", "offset": [30, 47]}, 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"buyer-controlled-entity", "type": "definition", "offset": [1069, 1092]}, {"key": "control-group-member", "type": "definition", "offset": [1100, 1120]}, {"key": "in-the-aggregate", "type": "definition", "offset": [1145, 1161]}, {"key": "beneficially-own", "type": "definition", "offset": [1169, 1185]}, {"key": "shares-of-common-stock", "type": "clause", "offset": [1255, 1277]}, {"key": "tender-or-exchange-offer", "type": "clause", "offset": [1304, 1328]}, {"key": "other-business-combination", "type": "definition", "offset": [1340, 1366]}, {"key": "line-of-business", "type": "clause", "offset": [1468, 1484]}, {"key": "extraordinary-transaction", "type": "definition", "offset": [1576, 1601]}, {"key": "with-respect-to-the-company", "type": "clause", "offset": [1602, 1629]}, {"key": "rules-of", "type": "definition", "offset": [1791, 1799]}, {"key": "securities-of-the-company", "type": "definition", "offset": [1840, 1865]}, {"key": "meaning-of", "type": "definition", "offset": [1934, 1944]}, {"key": "the-\u2587", "type": "clause", "offset": [1965, 1970]}, {"key": "the-securities", "type": "clause", "offset": [1995, 2009]}, {"key": "to-control", "type": "definition", "offset": [2148, 2158]}, {"key": "the-management", "type": "definition", "offset": [2172, 2186]}, {"key": "the-board-of-directors", "type": "definition", "offset": [2188, 2210]}, {"key": "policies-of-the-company", "type": "clause", "offset": [2218, 2241]}, {"key": "any-action", "type": "definition", "offset": [2313, 2323]}, {"key": "public-announcement", "type": "clause", "offset": [2399, 2418]}, {"key": "types-of", "type": "clause", "offset": [2440, 2448]}, {"key": "in-clause", "type": "clause", "offset": [2467, 2476]}, {"key": "third-party", "type": "definition", "offset": [2547, 2558]}, {"key": "the-foregoing", "type": "clause", "offset": [2582, 2595]}, {"key": "during-the-standstill-period", "type": "clause", "offset": [2714, 2742]}, {"key": "amend-or-waive", "type": "clause", "offset": [2850, 2864]}, {"key": "provision-of", "type": "clause", "offset": [2869, 2881]}], "samples": [{"hash": "9y8ODNmJYPC", "uri": "/contracts/9y8ODNmJYPC#standstill", "label": "Securities Purchase Agreement (Meta Financial Group Inc)", "score": 26.9329223633, "published": true}, {"hash": "lAXyGcXW9tl", "uri": "/contracts/lAXyGcXW9tl#standstill", "label": "Securities Purchase Agreement (Meta Financial Group Inc)", "score": 26.527721405, "published": true}, {"hash": "dSaiTfY3m3z", "uri": "/contracts/dSaiTfY3m3z#standstill", "label": "Securities Purchase Agreement (Meta Financial Group Inc)", "score": 26.527721405, "published": true}], "size": 203, "snippet": "The Buyer hereby agrees that, during the period commencing on the Closing Date and ending on the second annual anniversary thereof (the \u201cStandstill Period\u201d), unless specifically invited in writing by the Company, the Buyer will not, and will not permit any director, officer or Affiliate of the Buyer to, in any manner, directly or indirectly (including by directing or causing any other Person that is not the Buyer or a director, officer or Affiliate of the Buyer):\n(i) effect or seek, offer or propose (whether publicly or otherwise) to effect, or announce any intention to effect or cause or participate in or in any way assist, facilitate or encourage any other Person to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in, (A) any acquisition of any securities (or beneficial ownership thereof) or rights or options to acquire any securities (or beneficial ownership thereof) of the Company or any of the Subsidiaries or Company Controlled Affiliates if, after giving effect to any such acquisition, the Buyer and/or any Buyer Controlled Entity and/or Control Group Member, either individually or in the aggregate, would beneficially own more than nine and ninety-nine one hundredths percent (9.99%) of the shares of Common Stock then outstanding, (B) any tender or exchange offer, merger or other business combination involving the Company or any of the Subsidiaries or Company Controlled Affiliates or any division or line of business of any thereof, (C) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or any of the Subsidiaries or Company Controlled Affiliates or any division thereof, or (D) any \u201csolicitation\u201d of \u201cproxies\u201d (as such terms are used in the proxy rules of the SEC) or consents to vote any voting securities of the Company;\n(ii) form, join or in any way participate in a \u201cgroup\u201d (within the meaning of Section 13(d)(3) of the \u2587\u2587\u2587\u2587 \u2587\u2587\u2587) with respect to the securities of the Company or any of the Subsidiaries or Company Controlled Affiliates;\n(iii) otherwise act, alone or in concert with others, to seek to control or influence the management, the board of directors or the policies of the Company or any of the Subsidiaries or Company Controlled Affiliates;\n(iv) take any action which would or would reasonably be expected to force the Company to make a public announcement regarding any of the types of matters set forth in clause (i) above; or\n(v) enter into any discussions or arrangements with any third party with respect to any of the foregoing. The Buyer further agrees that it shall not, and shall not permit any director, officer or Affiliate of the Buyer to, during the Standstill Period, directly or indirectly, publicly request the Company (or its directors, officers, employees or agents) to amend or waive any provision of this Section 4(l) (including this sentence).", "hash": "0a08ffc16a70d3d3b7f4efa8dd7c59ba", "id": 5}, {"snippet_links": [{"key": "except-as-provided-in", "type": "clause", "offset": [0, 21]}, {"key": "section-23", "type": "clause", "offset": [22, 33]}, {"key": "beginning-on", "type": "clause", "offset": [54, 66]}, {"key": "date-of-this-agreement", "type": "clause", "offset": [67, 89]}, {"key": "expiration-time", "type": "definition", "offset": [108, 123]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [190, 212]}, {"key": "offer-to-acquire", "type": "clause", "offset": [227, 243]}, {"key": "agree-to", "type": "clause", "offset": [247, 255]}, {"key": "beneficial-ownership", "type": 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"rollover-shareholders", "type": "definition", "offset": [1601, 1622]}, {"key": "meaning-of", "type": "definition", "offset": [1654, 1664]}, {"key": "the-exchange-act", "type": "definition", "offset": [1685, 1701]}, {"key": "in-connection-with", "type": "clause", "offset": [1703, 1721]}, {"key": "the-foregoing", "type": "clause", "offset": [1729, 1742]}, {"key": "amend-or-waive", "type": "clause", "offset": [1803, 1817]}, {"key": "any-action", "type": "definition", "offset": [1844, 1854]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [1944, 1970]}, {"key": "section-22", "type": "clause", "offset": [1988, 1999]}, {"key": "other-provision-of-this-agreement", "type": "clause", "offset": [2007, 2040]}, {"key": "share-split", "type": "clause", "offset": [2145, 2156]}, {"key": "similar-transaction", "type": "definition", "offset": [2197, 2216]}, {"key": "by-the-company", "type": "clause", "offset": [2359, 2373]}, {"key": "parent-and-merger-sub", "type": "clause", "offset": [2382, 2403]}, {"key": "entering-into", "type": "clause", "offset": [2409, 2422]}, {"key": "the-merger-agreement", "type": "clause", "offset": [2423, 2443]}], "samples": [{"hash": "gNXIr1Lqrxx", "uri": "/contracts/gNXIr1Lqrxx#standstill", "label": "Rollover and Contribution Agreement (LAIX Inc.)", "score": 33.5229301453, "published": true}, {"hash": "fr1xGWAKtpJ", "uri": "/contracts/fr1xGWAKtpJ#standstill", "label": "Rollover and Contribution Agreement (LAIX Inc.)", "score": 33.5229301453, "published": true}, {"hash": "bNgXdSOAiAH", "uri": "/contracts/bNgXdSOAiAH#standstill", "label": "Rollover and Contribution Agreement (LAIX Inc.)", "score": 33.5229301453, "published": true}], "size": 113, "snippet": "Except as provided in Section 2.3 below, for a period beginning on date of this Agreement and ending on the Expiration Time, none of the Rollover Shareholder or any of its Affiliates shall, directly or indirectly: (i) acquire, offer to acquire or agree to acquire, directly or indirectly, by purchase or otherwise, any beneficial ownership in, or direct or indirect rights to acquire any beneficial ownership in, securities of the Company or any subsidiary thereof; (ii) make any public announcement (other than any disclosure on Schedules 13D or 13G to the extent required by U.S. federal or state securities laws or the rules and regulations promulgated thereunder for the purpose of pursuing the Merger) with respect to, or submit a proposal for or offer of (with or without conditions), any tender or exchange offer, merger, recapitalization, reorganization, business combination or other extraordinary transaction involving the Company or any subsidiary thereof; (iii) seek or propose to influence or control the management or policies of the Company, make or in any way participate, directly or indirectly, in any \u201csolicitation\u201d of \u201cproxies\u201d (as such terms are used in the rules of the Securities and Exchange Commission of the United States) to vote any voting securities of the Company or any subsidiary thereof, or seek to advise or influence any person with respect to the voting of any voting securities of the Company or any subsidiary thereof; (iv) form, join, become a member of or in any way participate in, or otherwise encourage the formation of, a \u201cgroup\u201d (other than with the Other Rollover Shareholders (as defined below)) within the meaning of Section 13(d)(3) of the Exchange Act, in connection with any of the foregoing; or (v) publicly request the Other Rollover Shareholders to amend or waive any provision of, or take any action challenging the enforceability or validity of, this paragraph (including this sentence). For the avoidance of doubt, nothing in this Section 2.2 or any other provision of this Agreement shall prohibit (a) the Rollover Shareholder from acquiring securities of the Company as a result of any share split, combination, recapitalization or other similar transaction in or of the securities of the Company if such share split, combination, recapitalization or other similar transaction has been duly approved by the Company, or (b) Parent and Merger Sub from entering into the Merger Agreement and consummating the Merger.", "hash": "b12454f2cbf6101c79b4b349f97f4700", "id": 6}, {"snippet_links": [{"key": "each-member", "type": "definition", "offset": [0, 11]}, {"key": "shareholder-group", "type": "definition", "offset": [19, 36]}, {"key": "during-the-standstill-period", "type": "clause", "offset": [49, 77]}, {"key": "respective-affiliates", "type": "definition", "offset": [143, 164]}, {"key": "other-persons", "type": "definition", "offset": [196, 209]}, {"key": "offer-to-acquire", 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its behalf not to:\n(a) acquire, offer to acquire or agree to acquire by purchase, tender offer, exchange offer, agreement or business combination or any other manner beneficial ownership of any securities of the Company, if after completion of such acquisition or proposed acquisition, the members of the Shareholder Group, in the aggregate, would beneficially own more than ten percent (10%) of the outstanding shares of Common Stock (based on the latest annual, quarterly or other report of the Company filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act), excluding the acquisition of equity-based compensation pursuant to Section 11 hereof and the exercise of any options or conversion of any convertible securities comprising such equity-based compensation;\n(b) submit any shareholder proposal (pursuant to Rule 14a-8 promulgated by the SEC under the Exchange Act or otherwise) or any notice of nomination or other business for consideration, or nominate any candidate for 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call, seek to call, or to request the calling of, a special meeting of the shareholders of the Company, or seek to make, or make, a shareholder proposal at any meeting of the shareholders of the Company or make a request for a list of the Company\u2019s shareholders (or otherwise induce, encourage or assist any other person to initiate or pursue such a proposal or request) or otherwise acting alone, or in concert with others, seek to control or influence the governance or policies of the Company;\n(f) effect or seek to effect (including, without limitation, by entering into any discussions, negotiations, agreements or understandings with any third person), offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way assist, solicit, encourage or facilitate any other person to effect or seek, offer or propose (whether publicly or otherwise) to effect or cause or participate in (including by tendering or selling into) (i) any acquisition of any material assets or businesses of the Company or any of its subsidiaries, (ii) any transfer or acquisition of shares of Common Stock or other securities of the Company or any securities of any Affiliate of the Company if, after completion of such transfer or acquisition or proposed transfer or acquisition, a person or group (other than the Shareholder Group and their Affiliates) would beneficially own, or have the right to acquire beneficial ownership of, more than 5% of the outstanding shares of Common Stock (based on the latest annual or quarterly report of the Company filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act), provided that open market sales of securities through a broker by the Shareholder Group which are not actually known by the Shareholder Group to result in any transferee acquiring beneficial ownership of more than 5% of the outstanding shares of Common Stock shall not be included in this clause (ii) or constitute a breach of this Section 6, (iii) any tender offer or exchange offer, merger, change of control, acquisition or other business combination involving the Company or any of its subsidiaries, or (iv) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or any of its subsidiaries (any of the transactions or events described in (i) through (iv) above are referred to as a \u201cSale Transaction\u201d), unless such Sale Transaction has been approved by a majority of the Board and has been publicly announced by the Company; provided, that this paragraph shall not require members of the Shareholder Group or \u2587\u2587\u2587\u2587\u2587\u2587\u2587, in his capacity as a shareholder of the Company, to vote in favor of a Sale Transaction that was approved by the Board;\n(g) publicly disclose, or cause or facilitate the public disclosure (including without limitation the filing of any document or report with the SEC or any other governmental agency or any disclosure to any journalist, member of the media or securities analyst) of any intent, purpose, plan or proposal to obtain any waiver, or consent under, or any amendment of, any of the provisions of Section 5 hereof or this Section 6, or otherwise seek (in any manner that would require public disclosure by any of the Company, or members of the Shareholder Group or their Affiliates or Associates) to obtain any waiver, consent under, or amendment of, any provision of this Agreement;\n(h) disparage the Company or any member of the Board or management of the Company, provided that this provision shall not apply to compelled testimony, either by legal process, subpoena or otherwise, or to communications that are required by an applicable legal obligation and are subject to contractual provisions providing for confidential disclosure;\n(i) engage in any short sale or any purchase, sale or grant of any option, warrant, convertible security, stock appreciation right, or other similar right (including, without limitation, any put or call option or \u201cswap\u201d transaction) with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any significant part of its value from a decline in the market price or value of the Company\u2019s securities;\n(j) demand or make a request for inspection of the Company\u2019s records under the Georgia Business Corporation Code;\n(k) enter into any arrangements, understandings or agreements (whether written or oral) with, or advise, finance, assist or encourage any other person that engages, or offers or proposes to engage, in any of the foregoing; or\n(l) take or cause or induce or assist others to take any action inconsistent with any of the foregoing; provided, that notwithstanding the foregoing, it is understood and agreed that this Agreement shall not be deemed to prohibit \u2587\u2587\u2587\u2587\u2587\u2587\u2587 from engaging in any lawful act in his capacity as a director 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bona-fide third party not directly or indirectly Affiliated or Associated with or acting at the direction or suggestion of the Investor (or is not otherwise a member of a Group with the Investor) has publicly announced an intention (individually or with another Person other than the Investor or an Affiliate or Associate of the Investor or any Group member) to commence an offer to acquire control of a majority of the outstanding voting shares of the Company (a \u201cThird Party Announcement\u201d), none of the Investor, the Investor\u2019s Affiliates or its or their directors, officers, employees, agents or advisors will, directly or indirectly:\n(i) except pursuant to the Investor\u2019s rights under Section 3.1, acquire, offer to acquire or agree to acquire, directly or indirectly, by purchase or otherwise, (a) that number of securities or direct or indirect rights to acquire that number of securities of the Company or any Subsidiary that would result in a Beneficial Ownership Percentage of more than 49.99%, or (b) all or substantially all of the assets of the Company;\n(ii) except as otherwise permitted under this Agreement, make or in any way participate, directly or indirectly, in any \u201csolicitation\u201d of \u201cproxies\u201d (as such terms are used in the rules of the Commission) to vote any voting securities of the Company or any Subsidiary, or seek to advise or influence any Person with respect to the voting of any voting securities of the Company or any Subsidiary, except with respect to securities Beneficially Owned by the Investor or its Affiliates;\n(iii) make any public announcement with respect to, or submit a proposal for or offer of (with or without conditions), any merger, recapitalization, reorganization, business combination or other extraordinary transaction involving the Company or any Subsidiary or any of its or their securities or assets, except for an offer or proposal that complies with Section 3.7(c);\n(iv) enter into any discussions, negotiations, arrangements or understandings with any third party with respect to any of the foregoing, or otherwise form, join or in any way engage in discussions relating to the formation of, or participate in, a \u201cgroup\u201d within the meaning of Section 13(d)(3) of the Exchange Act in connection with any of the foregoing, except with respect to an offer or proposal that complies with Section 3.7(c);\n(v) request the Company, its Affiliates or any of its or their directors, officers, employees, agents or advisors, directly or indirectly, to amend or waive any provision of this Section 3.7(a) (including this sentence); or\n(vi) take or cause to be taken any action in furtherance of any of the foregoing.\n(b) The Investor will promptly advise the Company of any inquiry or proposal made to the Investor with respect to any of the matters set forth under Section 3.7(a) during the Restricted Period.\n(c) After the Restricted Period, the Investor will not acquire, directly or indirectly, by purchase or otherwise, that number of securities of the Company that would result in a Beneficial Ownership Percentage of sixty-five percent (65%) or greater unless either (i) a Third Party Announcement has occurred, or (ii) the Investor acquires such securities pursuant to either, in the Investor\u2019s sole discretion, (y) a tender or exchange offer to acquire all of the outstanding voting securities of the Company not Beneficially Owned by the Investor or its Affiliates; provided that such offer is approved by the holders of a majority of the outstanding voting securities of the Company that are not Beneficially Owned by the Investor or its Affiliates, or (z) a merger or other negotiated transaction with the Company; provided that such merger or other negotiated transaction with the Company is approved by a majority of the Independent Directors and the holders of a majority of the outstanding voting securities of the Company that are not Beneficially Owned 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Cooperation Period, the D. E. Shaw Parties will not, and will cause their controlled Affiliates and their collective Covered Persons acting on their behalf (collectively with the D. E. Shaw Parties, the \u201cRestricted Persons\u201d) to not, directly or indirectly, without the prior consent, invitation, or authorization of the Company or the Board, in each case, in writing:\n(i) acquire, or offer or agree to acquire, by purchase or otherwise, or direct any Third Party in the acquisition of record or beneficial ownership of any shares of Common Stock or securities convertible into shares of Common Stock, or engage in any swap or hedging transactions or other derivative agreements of any nature with respect to any shares of Common Stock or securities convertible into shares of Common Stock, in each case, if such acquisition, offer, agreement or transaction would result, if consummated, in the D. E. Shaw Parties (together with their Affiliates) having beneficial ownership of, or aggregate economic or voting exposure to, more than 7.5% of the Common Stock outstanding at such time;\n(ii) (A) call or seek to call (publicly or otherwise), alone or in concert with others, a meeting of the Company\u2019s stockholders (or the setting of a record date therefor), (B) seek, alone or in concert with others, election or appointment to, or representation on, the Board or nominate or propose the nomination of, or recommend the nomination of, any candidate to the Board, except as expressly set forth in Section 1, (C) make or be the proponent of any stockholder proposal to the Company or the Board or any committee thereof, (D) seek, alone or in concert with others the removal of any member of the Board, or (E) conduct a referendum of stockholders of the Company or engage in any \u201cwithhold\u201d or similar campaign;\n(iii) make any request for any stockholder list or similar materials or other books and records of the Company or any of its subsidiaries, whether pursuant to Section 220 of the Delaware General Corporation Law or any other statutory or regulatory provisions providing for stockholder access to books and records of the Company or its Affiliates;\n(iv) engage in any \u201csolicitation\u201d (as such term is used in the proxy rules promulgated under the Exchange Act but without giving effect to any of the exclusions from such definition under SEC rules, including the exclusion relating to solicitations of ten or fewer stockholders) of proxies with respect to the election or removal of directors of the Company or any other matter or proposal relating to the Company or become a \u201cparticipant\u201d (as such term is defined in Instruction 3 to Item 4 of Schedule 14A promulgated under the Exchange Act) in any such solicitation of proxies;\n(v) disclose to any Third Party, either publicly or in a manner that would reasonably be expected to result in or require public disclosure, its voting or consent intentions or votes as to matters submitted to a stockholder vote during the Cooperation Period;\n(vi) take any action in support of or make any proposal, announcement or request, either publicly or in a manner that would reasonably be expected to result in or require public disclosure, with respect to, (A) any change in the number, term or identity of directors of the Company or the filling of any vacancies on the Board other than as provided under Section 1, (B) any change in the business, capitalization, capital allocation policy or dividend policy of the Company or sale, spinoff, splitoff or other similar separation of one or more business units or any other Extraordinary Transaction, (C) any other change to the Board or the Company\u2019s management, business or corporate or governance structure, (D) any waiver, amendment or modification to the Organizational Documents, (E) causing the Common Stock to be delisted from, or to cease to be authorized to be quoted on, any securities exchange, or (F) causing a class of securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act;\n(vii) knowingly encourage or advise any Third Party or knowingly assist any Third Party in encouraging or advising any other person with respect to (A) the giving or withholding of any proxy relating to, or other authority to vote, any Common Stock, or (B) conducting any type of referendum relating to the Company (including for the avoidance of doubt with respect to the Company\u2019s management or the Board) (other than such encouragement or advice that is consistent with the Board\u2019s recommendation in connection with such matter);\n(viii) form, join, knowingly encourage or knowingly participate in or act in concert with any \u201cgroup\u201d as defined in Section 13(d)(3) of the Exchange Act, with respect to any shares of Common Stock or securities convertible into shares of Common Stock, other than solely with Affiliates of the D. E. Shaw Parties with respect to any shares of Common Stock or securities convertible into shares of Common Stock now or hereafter owned by them;\n(ix) enter into a voting trust, arrangement or agreement, or subject any shares of Common Stock or securities convertible into shares of Common Stock to any voting trust, arrangement or agreement (excluding customary brokerage accounts, margin accounts, prime brokerage accounts and the like), in each case other than (A) this Agreement (B) solely with Affiliates of the D. E. Shaw Parties, or (C) granting proxies in solicitations approved by the Board;\n(x) sell, offer or agree to sell, all or substantially all, directly or indirectly, through swap or hedging transactions or otherwise, voting rights decoupled from the underlying Common Stock held by a Restricted Person to any Third Party;\n(xi) institute, solicit, knowingly assist or join as a party any litigation, arbitration or other proceeding against or involving the Company or any of its subsidiaries or any of its or their respective current or former directors or officers (including derivative actions); provided, however, that for the avoidance of doubt, the foregoing will not prevent any Restricted Person from (A) bringing litigation against the Company to enforce any provision of this Agreement instituted in accordance with and subject to Section 10, (B) making counterclaims with respect to any proceeding initiated by, or on behalf of, the Company or its Affiliates against a Restricted Person, (C) bringing or participating in bona fide commercial or legal disputes that do not relate to the subject matter of this Agreement, (D) exercising statutory appraisal rights, or (E) responding to or complying with validly issued legal process;\n(xii) make any disclosure or announcement, either publicly or in a manner reasonably likely to result in or require public disclosure, regarding any intent, purpose, place or proposal with respect to the Board, the Company, its management, policies or affairs, strategy, operations, financial results, any of its securities or assets or this Agreement, except in a manner consistent with the Press Release and the other provisions of this Agreement;\n(xiii) enter into any negotiations, agreements, arrangements, or understandings (whether written or oral) with any Third Party to take any action that the Restricted Persons are prohibited from taking pursuant to this Section 2(c); or\n(xiv) make any request or submit any proposal to amend or waive the terms of this Agreement (including this subclause), in each case publicly or which would reasonably be expected to result in a public announcement or disclosure of such request or proposal. The Restricted Persons will instruct their respective Representatives acting on their behalf to comply with this Section 2(c) and any failure by such Representatives to comply with such instructions will be deemed a breach by the D. E. Shaw Parties of this Section 2(c). The restrictions in this Section 2 will terminate automatically upon any material breach of this Agreement by the Company (including a failure by the Company to comply with its obligations in Section 1 to appoint or nominate the New Director, as applicable, or appoint any Replacement New Director, if applicable, to the Board in accordance with Section 1, a failure to perform any of the actions contemplated in Section 1(e) or a failure by the Company to issue the Press Release in accordance with Section 3) upon five business days\u2019 written notice by any of the D. E. Shaw Parties to the Company if such breach has not been cured within such notice period; provided, that the D. E. Shaw Parties (i) specify in such written notice, in reasonable detail, the material breach on which they are relying to terminate its obligations under this Section 2 and (ii) are not in material breach of this Agreement at the time such notice is given or during the notice period. Notwithstanding anything to the contrary in this Agreement, nothing in this Agreement (including the restrictions in this Section 2) will prohibit or restrict any of the Restricted Persons from (A) making any factual statement to comply with any subpoena, legal requirement or other legal process or to respond to a request for information from any governmental authority with jurisdiction over such person from whom information is sought (so long as such process or request did not arise as a result of discretionary acts by any Restricted Person) or making any regulatory filing required pursuant to the Exchange Act or any other applicable regulatory regime (provided, that any such legal requirement or regulatory filing does not arise from or relate to an action by a Restricted Person that would otherwise violate Section 2(a) or Section 2(c) and any such statement, whether or not in a regulatory filing, does not otherwise violate Section 2(a) or Section 2(c)), (B) communicating privately with the Board or any of the Company\u2019s senior officers regarding any matter, so long as such communications are not intended to, and would not reasonably be expected to, result in or require the Company or the D. E. Shaw Parties to make public disclosure (of any kind) with respect thereto, (C) (unless and until the Company commits to renominate and support the New Director or a Replacement New Director, as applicable at the 2024 Annual Meeting, pursuant to the notice process provided for in Section 2(a)) taking actions in furtherance of identifying and nominating director candidates in connection with the 2024 Annual Meeting, so long as such actions are not intended to, and would not reasonably be expected to, result in or require the Company or the D. E. Shaw Parties to make public disclosure (of any kind) with respect thereto, (D) granting any liens or encumbrances on any claims or interests in favor of a bank or broker-dealer or prime broker holding such claims or interests in custody or prime brokerage in the ordinary course of business, which lien or encumbrance is released upon the transfer of such claims or interests in accordance with the terms of the custody or prime brokerage agreement(s), as applicable, or (E) negotiating, evaluating and/or trading, directly or indirectly, in any index fund, exchange traded fund, benchmark fund or broad basket of securities which may contain or otherwise reflect the performance of, but not primarily consist of, securities of the Company. 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Associates, each of the Luxor Shareholders solely on behalf of itself and its respective Affiliates and Associates and each of the \u2587\u2587\u2587\u2587\u2587\u2587 Shareholders solely on behalf of itself and its respective Affiliates and Associates hereby severally and not jointly agrees that from the date hereof until the termination of this Agreement in accordance with Section 5 (the \u201cCovered Period\u201d), except as expressly set forth in this Agreement, neither it nor any of its Affiliates or Associates will, and it will cause each of its Affiliates and Associates not to, directly or indirectly in any manner, alone or in concert with others:\n(i) make, engage in, or in any way participate in, directly or indirectly, any \u201csolicitation\u201d of proxies (as such terms are used in the proxy rules of the SEC but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv) of the Exchange Act) or consents to vote, or seek to advise, encourage or influence any person with respect to the voting of any securities of the Company or any securities convertible or exchangeable into or exercisable for any such securities (collectively, \u201csecurities of the Company\u201d) for the election of individuals to the Board or to approve shareholder proposals, or become a \u201cparticipant\u201d in any contested \u201csolicitation\u201d for the election of directors with respect to the Company (as such terms are defined or used under the Exchange Act) (other than a \u201csolicitation\u201d or acting as a \u201cparticipant\u201d in support of all of the nominees of the Board at any shareholder meeting) or make or be the proponent of any shareholder proposal (pursuant to Rule 14a-8 under the Exchange Act or otherwise);\n(ii) form, join, encourage, influence, advise or in any way participate in any \u201cgroup\u201d (as such term is defined in Section 13(d)(3) of the Exchange Act for purposes of this Agreement, any such group, a \u201cSection 13(d) Group\u201d) with any persons (other than, with respect to PW Group/Luxor/\u2587\u2587\u2587\u2587\u2587\u2587 Shareholders, a Section 13(d) Group that includes all or some of the persons identified on the Group 13D as of the date hereof and their Affiliates and Associates, but not including any other entities or persons not identified on the Group 13D as of the date hereof) with respect to any securities of the Company or otherwise in any manner agree, attempt, seek or propose to deposit any securities of the Company in any voting trust or similar arrangement, or subject any securities of the Company to any arrangement or agreement with respect to the voting thereof, except as expressly set forth in this Agreement;\n(iii) acquire, offer or propose to acquire, or agree to acquire, directly or indirectly, whether by purchase, tender or exchange offer, through the acquisition of control of another person, by joining a partnership, limited partnership, syndicate or other group (including any Section 13(d) Group), through swap or hedging transactions or otherwise, any securities of the Company or any rights decoupled from the underlying securities of the Company that (A) to the extent any of the PW Group Shareholders, the Luxor Shareholders and the \u2587\u2587\u2587\u2587\u2587\u2587 Shareholders remain members of a Section 13(d) Group with any of the others, would result in the PW Group/Luxor/\u2587\u2587\u2587\u2587\u2587\u2587 Shareholders (together with their Affiliates and Associates and any other persons with whom any of such PW Group/Luxor/\u2587\u2587\u2587\u2587\u2587\u2587 Shareholders constitutes a Section 13(d) Group ) having beneficial ownership, as determined in accordance with Rule 13d-3 of the Exchange Act, over more than 19.99% in the aggregate of the shares of Common Stock outstanding at such time or (B) to the extent none of the PW Group Shareholders, the Luxor Shareholders or the \u2587\u2587\u2587\u2587\u2587\u2587 Shareholders are members of a Section 13(d) Group with any of the others, would result in (1) with respect to the PW Group Shareholders (together with their Affiliates and Associates and any other persons with whom they may be a Section 13(d) Group) having beneficial ownership, as determined in accordance with Rule 13d-3 of the Exchange Act, over more than 8.5% in the aggregate of the shares of Common Stock outstanding at such time, (2) with respect to the Luxor Shareholders (together with their Affiliates and Associates and any other persons with whom they may be a Section 13(d) Group) having beneficial ownership, as determined in accordance with Rule 13d-3 of the Exchange Act, over more than 13.5% in the aggregate of the shares of Common Stock outstanding at such time, or (3) with respect to the \u2587\u2587\u2587\u2587\u2587\u2587 Shareholders (together with their Affiliates and Associates and any other persons with whom they may be a Section 13(d) Group) having beneficial ownership, as determined in accordance with Rule 13d-3 of the Exchange Act, over more than 1.0% in the aggregate of the shares of Common Stock outstanding at such time; provided that nothing herein will require Common Stock to be sold to the extent such persons, collectively with their Affiliates and Associates, exceed the ownership limit applicable to such persons under this paragraph solely as the result of a share repurchase or similar Company action that reduces the number of outstanding shares of Common Stock so long as the beneficial ownership interest of such persons, collectively with their Affiliates and Associates, do not increase thereafter (except solely as a result of further corporate actions taken by the Company), unless and until such ownership interest before and after such subsequent increase does not exceed such limitation;\n(iv) effect or seek to effect (including, without limitation, by entering into any discussions, negotiations, agreements or understandings whether or not legally enforceable with any person), offer or propose to effect, cause or participate in, or in any way assist or facilitate any other person to effect or seek, offer or propose to effect or participate in, any tender or exchange offer, merger, consolidation, acquisition, scheme, arrangement, business combination, recapitalization, reorganization, sale or acquisition of material assets, liquidation, dissolution or other extraordinary transaction involving the Company or any of its subsidiaries or joint ventures or any of their respective securities (each, an \u201cExtraordinary Transaction\u201d), or make any public statement with respect to an Extraordinary Transaction; provided, however, that this clause shall not (A) preclude the tender by any PW Group/Luxor/\u2587\u2587\u2587\u2587\u2587\u2587 Shareholders or an Affiliate or an Associate thereof of any securities of the Company into any tender or exchange offer, or vote by any PW Group/Luxor/\u2587\u2587\u2587\u2587\u2587\u2587 Shareholders or an Affiliate or Associate thereof of any securities of the Company with respect to any Extraordinary Transaction or (B) prohibit any PW Group/Luxor/\u2587\u2587\u2587\u2587\u2587\u2587 Shareholders or Affiliate or Associate thereof from offering to purchase assets of the Company if the sale of such assets is initiated by the Company through an open bidding process or from offering to purchase the securities of the Company if a member of the Company\u2019s current or previous management, any director or former director, or any of their Affiliates or Associates has publicly offered to acquire all or substantially all of the equity securities of the Company in a \u201ctake private\u201d transaction subject to Rule 13e-3 promulgated under the Exchange Act;\n(v) engage in any short sale or any purchase, sale or grant of any option, warrant, convertible security, stock appreciation right, or other similar right (including, without limitation, any put or call option or \u201cswap\u201d transaction) with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any significant part of its value from a decline in the market price or value of the securities of the Company (it being understood that the PW Group/Luxor/\u2587\u2587\u2587\u2587\u2587\u2587 Shareholders may sell or otherwise dispose of or unwind call option, swap or hedging positions they may have as of the date hereof relating to securities of the Company);\n(vi) (A) call or seek to call, alone or in concert with others, any meeting of shareholders, including by written action, (B) seek representation on, or nominate any candidate to, the Board, except as set forth herein, (C) seek the removal of any member of the Board, (D) solicit consents from shareholders or otherwise act or seek to act by written action, (E) conduct a referendum of shareholders or (F) make a request for any shareholder list or other Company books and records, whether pursuant to Section 1600 of the California Corporations Code or otherwise;\n(vii) take any action in support of or make any proposal or request that constitutes: (A) advising, controlling, changing or influencing the Board or management of the Company, including any plans or proposals to change the number or term of directors or to fill any vacancies on the Board, except as set forth herein, (B) any material change in the capitalization, stock repurchase programs and practices or dividend policy of the Company, (C) any other material change in the Company\u2019s management, business or corporate structure, (D) seeking to have the Company waive or make amendments or modifications to the Company\u2019s Articles of Incorporation or Bylaws, or other actions that may impede or facilitate the acquisition of control of the Company by any person, (E) causing a class of securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange, or (F) causing a class of securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act;\n(viii) make any public disclosure, announcement or statement regarding any intent, purpose, plan or proposal with respect to the Board, the Company, its management, policies or affairs, any of its securities or assets or this Agreement that is inconsistent with the provisions of this Agreement;\n(ix) enter into any discussions, negotiations, agreements or understandings with any Third Party with respect to any of the foregoing, or advise, assist, knowingly encourage or seek to persuade any Third Party to take any action or make any statement with respect to any of the foregoing, or otherwise take or cause any action or make any statement inconsistent with any of the foregoing; or\n(x) publicly request, directly or indirectly, any amendment or waiver of the foregoing. The foregoing provisions of this Section 2(a) shall not be deemed to prohibit any of the PW Group/Luxor/\u2587\u2587\u2587\u2587\u2587\u2587 Shareholders or their directors, officers, partners, employees, members or agents (acting in such capacity) from communicating privately with the Company\u2019s directors, officers or advisors so long as such communications are not intended to, and would not reasonably be expected to, require any public disclosure of such communications.\n(b) Each of the PW Group Shareholders solely on behalf of itself and its respective Affiliates and Associates, each of the Luxor Shareholders solely on behalf of itself and its respective Affiliates and Associates and each of the \u2587\u2587\u2587\u2587\u2587\u2587 Shareholders solely on behalf of itself and its respective Affiliates and Associates hereby severally and not jointly agrees to cause all shares of Common Stock beneficially owned by it as of the record date for the 2014 Annual Meeting to be present for quorum purposes and to be voted, at the 2014 Annual Meeting, and further agrees that at the 2014 Annual Meeting it shall (i) vote in favor of the 2014 Company Slate; (ii) vote for ratification of Ernst & Young LLP as the Company\u2019s auditors for the 2014 fiscal year; and (iii) vote for \u201csay on pay\u201d resolutions recommended by the Board. At any subsequent special shareholders\u2019 meeting (or adjournments or postponements thereof) during the Covered Period each of the PW Group Shareholders, each of the Luxor Shareholders and each of the \u2587\u2587\u2587\u2587\u2587\u2587 Shareholders shall cause all shares of Common Stock beneficially owned, directly or indirectly, by it as of the applicable record date to be present for quorum purposes and to be voted in favor of the election to the Board of those director nominees nominated for election by the Board and against the removal of any directors whose removal is not recommended by the Board.\n(c) Nothing in this Section 2 shall prohibit or in any way limit any actions that may be taken by the Nominees or their Replacements acting solely as a director of the Company (including, without limitation, voting on any matter submitted for consideration by the Board, participating in deliberations or discussions of the Board and making suggestions or raising issues to the Board) consistent with his fiduciary duties as a director of the Company (it being understood and agreed that no PW Group/Luxor/\u2587\u2587\u2587\u2587\u2587\u2587 Shareholder or any Affiliates or Associates thereof shall seek to do indirectly through any of the Nominees or their Replacements anything that would be prohibited if done by a PW Group/Luxor/\u2587\u2587\u2587\u2587\u2587\u2587 Shareholder or any Affiliate or Associate thereof).", "hash": "7bc74965bf1dc1b3b3535107fc430d75", "id": 9}], "next_curs": "ClMSTWoVc35sYXdpbnNpZGVyY29udHJhY3Rzci8LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhNzdGFuZHN0aWxsIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"title": "Standstill", "children": [["standstill", "Standstill"], ["", ""], ["notices", "Notices"], ["termination", "Termination"], ["governing-law", "Governing Law"]], "size": 6140, "parents": [["covenants", "Covenants"], ["miscellaneous", "Miscellaneous"], ["additional-agreements", "Additional Agreements"], ["standstill", "Standstill"], ["general-provisions", "General Provisions"]], "id": "standstill", "related": [["standstill-provisions", "Standstill Provisions", "<strong>Standstill</strong> Provisions"], ["standstill-agreement", "Standstill Agreement", "<strong>Standstill</strong> Agreement"], ["third-party-standstill-agreements", "Third Party Standstill Agreements", "Third Party <strong>Standstill</strong> Agreements"], ["lock-ups", "Lock-Ups", "Lock-Ups"], ["market-stand-off-agreement", "Market Stand-Off Agreement", "Market Stand-Off Agreement"]], "related_snippets": [], "updated": "2026-04-23T04:26:12+00:00", "also_ask": ["What are the most effective carve-outs to negotiate in a standstill clause?", "Which drafting elements are essential to ensure enforceability of a standstill provision?", "What are the primary risks if the standstill period is too short or too long?", "How do standstill clauses differ in public versus private M&A deals?", "What factors do courts consider when determining if a standstill clause is enforceable?"], "drafting_tip": "Specify the duration and scope of the standstill to prevent uncertainty; identify prohibited actions to ensure enforceability; outline exceptions to avoid unintended restrictions.", "explanation": "A Standstill clause temporarily restricts one or both parties from taking certain actions, such as pursuing alternative transactions or making public offers, during a specified period. Typically, this clause is used in mergers and acquisitions or investment negotiations to prevent parties from soliciting or negotiating with other potential partners while discussions are ongoing. Its core function is to create a stable environment for negotiations by reducing the risk of interference or competitive bidding, thereby protecting the interests of the parties involved."}, "json": true, "cursor": ""}}