Company: CELH
Filing Date: 2025-04-14
Form Type: DEF 14A
Source: 0001193125-25-080192
Chunk: 104

Company: Celsius Holdings, Inc.
Filing Date: 2025-04-14
Form: DEF 14A
Chunk 104
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 | C-1 |

(iv) the Participant’s gross negligence or misconduct or conduct that is materially injurious to the Company, monetarily or otherwise, in connection with the performance of the Participant’s material duties or services for the Company, which is not cured within fifteen (15) days after receipt by the Participant of written notice of the same; (v) the Participant’s material violation of any code of conduct or any employment practices, confidentiality, restrictive covenant or similar agreement or written policies of the Company; or (vi) the entry by a court of competent jurisdiction of permanent injunctive or other declaratory relief prohibiting or determining that the Participant’s services for the Company violates a prior agreement between the Participant and a prior employer of the Participant. “Change in Control” means the first to occur of any of the following events: (i) the acquisition, directly or indirectly, by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of either the then outstanding voting securities of the Company (the “Outstanding Company Common Stock”) or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however that for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control: (A) any acquisition approved in advance by the Incumbent Board (as defined below); (B) any acquisition by the Company or any of its Subsidiaries; (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or (D) any acquisition by any entity pursuant to a transaction that complies with clauses (A), (B) and (C) of subsection (iii) of this definition; (ii) individuals who constituted the Board as of the date of adoption of the Plan (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect