Subsequent Business Plans. 9.3.1 Each calendar year, at least [six (6) weeks] prior to the end of the Financial Year, the Management Board must prepare and submit to the Supervisory Board, for its consideration and approval, a draft of the new Business Plan in accordance with the Strategy.
9.3.2 The Business Plan must include:
(a) the strategy for the period of the Business Plan in accordance with the Strategy;
(b) a reasonably detailed business forecast including sufficient financial detail; and
(c) such other information as the Supervisory Board may request.
Subsequent Business Plans. The Business Plan for every other Financial Year shall be:
(a) prepared by the Board at least sixty (60) calendar days before the end of the preceding Financial Year; and
(b) adopted and approved by the parties by agreement in writing or at a meeting of the Board as soon as possible after it has been prepared.
Subsequent Business Plans. (a) After the First Business Plan has been approved, which First Business Plan shall contain cash flow projections and operating and capital budgets for, at a minimum, the following three (3) years, the Business Plan shall be updated each year to include, among all other necessary updates, a further year of cash flow projections and operating and capital budgets so that, at all times, the current Business Plan shall have, at the minimum, three (3) years of cash flow projections and capital and operating budgets.
(b) The updated Business Plan shall be presented to the Shareholders/Limited Partners at the Annual Meeting. If, in the opinion of the Board, acting reasonably, the update to the Business Plan does not result in a Material change to the finances or operations of the Corporate General Partner or Limited Partnership, the updated Business Plan will not require the consent of the Shareholders/Limited Partners. If, in the opinion of the Board, acting reasonably, the updated Business Plan does result in a Material change to the finances or
(c) In the event any of the Shareholders/Limited Partners feel, acting reasonably, that the Business Plan entails a Material change despite the opinion of the Board, they shall notify the other Shareholders/Limited Partners of the same, and the Shareholders/Limited Partners shall vote, through the Proxy Committee, with each Shareholder/Limited Partner having one (1) vote, on whether they are of the view that a Material change has occurred. If half or more of the Shareholders/Limited Partners vote that a Material change has occurred, the Business Plan will require approval by Required Consent notwithstanding the opinion of the Board.
(d) In the event a Business Plan in which a Material change has occurred is not approved, the Corporate General Partner shall further amend the Business Plan until it is satisfactory to the Shareholders/Limited Partners to the extent that Required Consent can be obtained.
(e) In addition to at the Annual Meeting, the Board may at any time make a request to the Shareholders/Limited Partners, through the Proxy Committee, to amend the Business Plan, which request shall be handled in the manner outlined above.
Subsequent Business Plans. Any Business Plan or Budget for any period after the First Six Years (each, a “Subsequent Business Plan and/or Budget”) shall be established as follows:
(a) the CEO and the CFO shall propose the Subsequent Business Plan and/or Budget to the Board no later than sixty (60) calendar days prior to the end of the last financial year of the Company covered by the Initial Business Plan (as the same may have been revised in accordance with Sections 3.3 through 3.5);
(b) the Board shall consider whether to approve the Subsequent Business Plan and/or Budget, which approval shall be by way of a Board resolution (with a simple majority vote in favour (including the affirmative vote of at least one Grab Director and the Singtel Director)); and
(c) in relation to any Subsequent Business Plan and/or Budget, the following shall apply:
(i) if the Subsequent Business Plan and/or Budget is not approved by the Board in accordance with Section 3.6(b), the CEO and the CFO shall consult with both Grab and Singtel to discuss amendments to such Subsequent Business Plan and/or Budget. If after thirty (30) calendar days from the first date of such approach, Grab or Singtel do not agree to such Subsequent Business Plan and/or Budget or amendments thereto, the CEO and the CFO shall discuss the same with the Chief Executive of Grab Parent and the Chief Executive of Singtel Parent, who may also have further discussions directly with each other as needed;
(ii) if after thirty (30) calendar days from the first date that the CEO and the CFO approach both the Chief Executive of Grab Parent and the Chief Executive of Singtel Parent, and either Chief Executive does not agree with such Subsequent Business Plan and/or Budget or amendments thereto, the CEO and the CFO shall consider any concerns raised by Grab and Singtel and propose a further revised Subsequent Business Plan and/or Budget to the Board;
(iii) the Board shall consider whether to approve such further revised Subsequent Business Plan and/or Budget, which approval shall be by way of a Board resolution (with a simple majority vote in favour), provided, that if such revised Subsequent Business Plan and/or Budget results in a requirement for Grab or Singtel to make its pro rata Capital Contributions in excess of S$1.93 billion in the aggregate, then approval of any such Subsequent Business Plan and/or Budget shall further require approval as a Board Reserved Matter or by Grab and Singtel as a Shareholders’ Reserved Matter, as applicabl...
Subsequent Business Plans. The Board of Managers, in conjunction with the Company’s management, shall prepare and approve an updated business plan and operating budget for the Company (the “Business Plan”) covering the next fiscal year to serve as guidance for the operations of the Company. In the event that an updated Business Plan is not agreed upon within the period required, the prior Business Plan shall remain in effect until such time as the an updated Business Plan is approved by the Board of Managers.
Subsequent Business Plans. Each of the Managers hereby undertakes to procure, so far as he is able in his capacity as a shareholder and/or director of a member of the Group, that a draft business plan for the (then) next three consecutive financial years of the Group is delivered to the Board and the Investors at least [60 days] before the commencement of each financial year of the Group commencing after the Effective Time for consideration and (at their discretion) approval by the Board and by way of Shareholder Consent. Once approved, the relevant business plan shall, subject to Clause 8.7, be adopted by the Group as its "Business Plan" for the relevant financial years.
Subsequent Business Plans. (a) Any change to the Business Plan where the change within any 12 month period is equal to or less than 10% of the projected operating profit, EBITDA or free cash flow of the Group for a Financial Year requires the approval of the Board in accordance with clause 8.3. Any change to the Business Plan where the change is greater than 10% of the projected operating profit, EBITDA or free cash flow of the Group for a Financial Year or which otherwise constitutes a material change to the Business Plan requires the approval of the Shareholders in accordance with clause 8.1.
(b) Prior to the expiry of the relevant period for the Business Plan the Company shall procure that the CEO prepares and submits to the Board or the Shareholders (as required under this deed), for their consideration and approval, a draft Business Plan in a format consistent with the Initial Business Plan for the next period to be covered by the Business Plan.
(c) The draft Business Plan submitted to the Board or the Shareholders (as applicable) for the next rolling five-year period will not become the Business Plan for that subsequent period unless and until it has received Board Approval or Shareholder Approval (as applicable).
Subsequent Business Plans. At least thirty (30) days prior to the beginning of each fiscal year of the Trust, an appropriate Committee(s) shall prepare for approval by the Steering Committee prior to the beginning of such fiscal year an updated Business Plan for the Venture covering the next fiscal year. In the event that an updated Business Plan is not agreed upon within the period required, the prior Business Plan shall remain in effect until such time as the an updated Business Plan is approved by the Steering Committee.
Subsequent Business Plans. (a) Any change to the Business Plan where the change within any 12 month period is equal to or less than 10% of the projected operating profit, EBITDA or free cash flow of the Group (in the case of the Agreed Business Plan, in Scenario Two) for a Financial Year requires the approval of the Board in accordance with clause 8.3. Any change to the Business Plan where the change is greater than 10% of the projected operating profit, EBITDA or free cash flow of the Group (in the case of the Agreed Business Plan, in Scenario Two) for a Financial Year or which otherwise constitutes a material change to the Business Plan requires the approval of the Shareholders in accordance with clause 8.1.
(b) Prior to the expiry of the relevant period for the Business Plan the Company shall procure that the CEO prepares and submits to the Board or the Shareholders (as required under this deed), for their consideration and approval, a draft Business Plan in a format consistent with the Agreed Business Plan for the next period to be covered by the Business Plan.
(c) The draft Business Plan submitted to the Board or the Shareholders (as applicable) for the next rolling three-year period will not become the Business Plan for that subsequent period unless and until it has received Board Approval or Shareholder Approval (as applicable).
Subsequent Business Plans. This Section 11.2 shall apply with respect to any Fiscal Year or Fiscal Quarter ending after the Initial Period (except that to the extent a Proposed Business Plan covers the Applicable Fiscal Quarter, the portion of the Proposed Business Plan covering the [***] Budget for such Applicable Fiscal Quarter shall be governed by Section 11.1).
