Company: XXII
Filing Date: 2025-06-10
Form Type: DEF 14A
Source: 0001641172-25-014543
Chunk: 44

Company: 22nd Century Group, Inc.
Filing Date: 2025-06-10
Form: DEF 14A
Chunk 44
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 merger       
 or consolidation which would result in our voting securities outstanding immediately prior       
 thereto continuing to represent more than 65% of the combined voting power of our voting         
 securities or the voting securities of such surviving entity outstanding immediately after       
 such merger or consolidation, or we engage in a merger or consolidation effected to implement    
 a recapitalization of our Company (or similar transaction) in which no person acquires 35%       
 or more of the combined voting power of our then outstanding securities. Notwithstanding         
 the foregoing, a merger or consolidation involving our Company will not be considered a change   
 of control if we are the surviving corporation and shares are not converted into or exchanged    
 for stock or securities of any other corporation, cash or any other thing of value, unless       
 persons who beneficially owned shares outstanding immediately prior to such transaction own      
 beneficially less than a majority of our outstanding voting securities immediately following     
 the merger or consolidation;                                                                     |
| ● | We                                                                                               
 or any of our affiliates sell, assign or otherwise transfer assets in a transaction or series    
 of related transactions, if the aggregate market value of the assets so transferred exceeds      
 35% of our consolidated book value, determined by us in accordance with generally accepted       
 accounting principles, measured at the time at which such transaction occurs or the first        
 of such series of related transactions occurs; provided, however, that such a transfer effected  
 pursuant to a spin-off or split-up where our stockholders retain ownership of the transferred    
 assets proportionate to their pro rata ownership interest in our Company will not be a change    
 of control;                                                                                      |
| ● | We                                                                                               
 dissolve and liquidate substantially all of our assets; or                                       |
| ● | At                                                                                               
 any time when the “continuing directors” cease to constitute a majority of our                   
 Board of Directors. For this purpose, a “continuing director” means the individuals              
 who, at the effective date of the Plan, constitute the Board and any new directors (other        
 than directors designated by a person who has entered into an agreement with us to effect        
 a change of control transaction) whose appointment to the Board or nomination for election       
 by our stockholders was approved by a vote of at least two-thirds of the then-serving continuing 
 directors.                                                                                       |

If an award is considered deferred compensation subject to the provisions of Code Section 409A, then the Administrator may include an amended definition of “change of control” in the award agreement issued with respect to such award as necessary to comply with, or