Document:

EX-10.1

 Exhibit 10.1 
 

 
 Equity Award Grant Policy 
  

	I.	General Scope 

 This Equity Award Grant Policy (this “Policy”) sets
forth the process followed by Monotype Imaging Holdings Inc. (the “Company”) when granting shares of restricted stock, restricted stock units, stock options or other equity-based awards (collectively, “Equity
Awards”) to an officer or employee of the Company or any of its direct or indirect subsidiaries (each, an “Employee”) pursuant to the Monotype Imaging Holdings Inc. Second Amended and Restated 2007 Stock Option and
Incentive Plan (the “2007 Plan”), or any other equity compensation plan of the Company that the Board of Directors or the Management Development and Compensation Committee (the “Compensation Committee”) determines to be
subject to this Policy (collectively, with the 2007 Plan, the “Plans”). This Policy does not apply to Equity Awards granted to non-employee directors or other eligible persons under the Plans who are not Employees. Additionally,
notwithstanding the foregoing, in recognition of the special considerations that may apply to certain types of performance-based Equity Awards, this Policy does not apply automatically to grants of Equity Awards that are made or earned upon the
achievement of previously determined performance-based parameters under the Plans. 
  

	II.	Grant Date of Equity Awards 

 While the Plans may permit the granting of Equity Awards at
any time, the Company generally grants Equity Awards on a regularly scheduled basis. Doing so enhances the effectiveness of the Company’s internal control over its Equity Award grant process and alleviates some of the burdens related to
accounting for Equity Awards in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“ASC 718”). If extraordinary circumstances arise such that the Compensation Committee determines it is
advisable to grant an Equity Award at a time other than as set forth herein, the Compensation Committee may consider and approve any such grant. 

Initial and Promotion Grants 
 Grants of
Equity Awards made in conjunction with the hiring of an Employee or the promotion of an existing Employee are made on the fifteenth day of the month in which such Employee was hired or promoted, unless the fifteenth is not a day on which the NASDAQ
Global Select Market (or such other market on which the Company’s common stock is then principally listed) is open for trading in which case such grant shall be made on the next trading day (each, a “Monthly Approval Date”).
These initial and promotion grants shall be made effective (each, a “Grant Date”) as follows: 
  

	 	•	 	With respect to an Employee whose employment began or whose promotion occurred prior to or on the Monthly Approval Date, on such Monthly Approval Date; and 

  
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	 	•	 	With respect to an Employee whose employment begins or whose promotion occurs on a date after the Monthly Approval Date, on the next Monthly Approval Date. 

Annual Grants 
 Grants of Equity Awards to
Employees (other than in connection with a promotion) will be made, if at all, on an annual basis. It is the intention of the Compensation Committee to consider and approve any such annual grants at a meeting to be held as soon as all necessary
information is available to the Compensation Committee (the “Annual Approval Date”). Annual grants, if any, shall be made effective (again, a “Grant Date”) on the later of: 

 

	 	•	 	The third business day following the filing of the Company’s Form 10-K, unless such day is not a day on which the NASDAQ Global Select Market (or such other market on which the Company’s common stock is then
principally listed) is open for trading, in which case it shall be the next such trading day, or 

  

	 	•	 	The third business day following the Annual Approval Date, unless such day is not a day on which the NASDAQ Global Select Market (or such other market on which the Company’s common stock is then principally listed)
is open for trading, in which case it shall be the next such trading day. 

  

	III.	Approval of Equity Awards 

 Compensation Committee Approval 

Other than as set forth in the CEO Guidelines described herein, all Equity Awards must be approved in advance by the Compensation Committee.
All Equity Awards approved by the Compensation Committee shall be discussed and voted upon at an in-person or telephonic meeting of the Compensation Committee. The minutes of such meetings at which Equity
Awards are approved will list the name of each Employee receiving an Equity Award, the type and amount of Equity Awards such Employee shall be granted, the scheduled Grant Date in accordance with this Policy, the vesting schedule for such Equity
Awards and any non-standard material terms of such Equity Awards, if any. If grants of restricted stock or restricted stock units are approved, the value of such grants may be denominated in United States dollars or as a specific number of shares.
If grants of stock options are approved, the grants shall be expressed as the number of shares underlying such stock option or as the fair market value of the award calculated under ASC 718. If extraordinary circumstances arise necessitating such
action, the 

  
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Compensation Committee may approve an Equity Award by unanimous consent in writing or by electronic transmission, rather than as part of a meeting. Any such consent in writing or by electronic
transmission will be effective as of the latest date it is signed or transmitted by all members of the Compensation Committee, respectively, and, accordingly, the Grant Date shall not be prior to such latest date. 

CEO Guidelines 
 The Company’s Chief
Executive Officer (the “CEO”) has been delegated the authority by the Compensation Committee to approve Equity Awards, whether annual awards or in connection with the hiring or promotion of any employee, to Employees who: 

 

	 	•	 	are not participants in the Company’s Executive Incentive Bonus Plan and 

  

	 	•	 	are not related persons as defined in the Company’s Related Person Transaction Approval Policy. 

 The
CEO’s authority to approve Equity Awards shall otherwise be subject to this Policy and shall also be subject to the guidelines below: 
  

			
	 	  	CEO Can
Authorize
(1, 2, 3, 4)
	 Stock Options of 20,000 shares or less
	  	Yes
	 Restricted Stock Awards or Restricted Stock Unit Awards of 10,000 shares or less
	  	Yes
	 Equity Awards other than Stock Options, Restricted Stock Awards or Restricted Stock Unit Awards
	  	No

  

	1.	If Equity Awards being authorized by the CEO exceed the annual equity budget approved by the Board of Directors, Compensation Committee approval shall be required for the authorization of such grants. 

	2.	The aggregate value of any Equity Award granted to an Employee cannot, on the Grant Date, have a fair market value of greater than the amount of the Employee’s annual base salary. 

	3.	The CEO cannot authorize Equity Awards to any Employee in an amount that exceeds 20,000 shares of the Company’s common stock over the course of a calendar year. 

The CEO shall report any Equity Award made pursuant to the authority set forth in this Policy to the Compensation Committee at its next
regularly scheduled meeting. 
  

	IV.	Equity Award Pricing and Calculation 

 All Equity Awards shall be priced and calculated
on the Grant Date in the manner described below. 

  
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 Grants of Restricted Stock 

The number of shares of restricted stock that are issued will be calculated by dividing the dollar value of the approved award by the closing
market price on the NASDAQ Global Select Market (or such other market on which the Company’s common stock is then principally listed) of a share of the Company’s common stock on the Grant Date, unless a specific number of shares to be
awarded has been approved. 
 Grants of Restricted Stock Units 

The number of restricted stock units that are issued will be calculated by dividing the dollar value of the approved award by the closing
market price on the NASDAQ Global Select Market (or other such market on which the Company’s common stock is then principally listed) of a share of the Company’s common stock on the Grant Date, unless a specific number of restricted stock
units to be awarded has been approved. 
 Stock Option Grants 

The exercise price of all stock options will be equal to (or, if specified in the approval of the stock option award, greater than) the closing
market price on the NASDAQ Global Select Market (or such other market on which the Company’s common stock is then principally listed) of a share of the Company’s common stock on the Grant Date. If the amount of the award is to be
determined by reference to a fair value calculated under ASC 718, then the number of shares to be subject to such stock option shall be determined based on such fair value, the exercise price determined in accordance with the preceding sentence and
the approved valuation assumptions, subject to any other limits on the number of shares that may be subject to such stock option. 
  

	V.	Communication of Equity Awards to Employees 

 With respect to all Equity Awards, the
Company will provide a notice to each Equity Award grantee promptly after the approval of such Equity Award. Such communication shall be made in one of the following manners: (i) by email, (ii) in writing, or (iii) through posting in
the Employee’s online E*TRADE brokerage account. The Company will maintain appropriate records of the key terms of such Equity Award either electronically or via another method of the Company’s choice, at the Company’s principal
office, at the offices of the Company’s subsidiaries or through a vendor of the Company’s choice. 
  

	VI.	Miscellaneous 

 The Board of Directors or Compensation Committee has the power and
authority to interpret the terms of this Policy and such interpretations will be binding on all persons. This Policy may be modified or amended at any time by the Board of Directors or the Compensation Committee. 

  
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 APPROVED: January 10, 2007 

AMENDED: April 30, 2009 
 AMENDED: July 30, 2009 

AMENDED: February 25, 2013 
 AMENDED: July 24, 2014

 AMENDED: October 7, 2014 

  
 5atri_ex101.htm

Exhibit 10.1

 

AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT

 

THIS AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT (the “Agreement”) is entered into as of the 3rd day of September, 2014 (the “Effective Date”) by and between ATRION CORPORATION, a Delaware Corporation (the “Company”) and DAVID A. BATTAT (the “Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the Executive is currently employed as the President and Chief Executive Officer of the Company; and

 

WHEREAS, the Company and the Executive desire to provide certain benefits to the Executive in the event the Executive’s employment with the Company is terminated in connection with a change in control of the Company.

 

NOW, THEREFORE, in consideration of the foregoing, the mutual provisions contained herein, and for other good and valuable considerations, the parties hereto agree as follows:

 

1.  Term of Agreement.

 

(a) The term of this Agreement shall commence on the Effective Date and shall terminate on the second anniversary of the Effective Date, provided, however, that commencing on the day after the Effective Date and continuing on each day thereafter (each such day being hereinafter referred to as a “Renewal Date”), the term of this Agreement shall be automatically extended so as to terminate on the second anniversary of such Renewal Date unless the Company shall give written notice to the Executive that the term of this Agreement shall not be so extended as of a specified Renewal Date, in which event this Agreement shall automatically terminate on the second anniversary of such specified Renewal Date.

 

(b) Notwithstanding subsection (a) hereof, this Agreement shall continue in effect (i)  until the date two years beyond the initial or any extended date of termination in the event of a Change in Control (as defined in Exhibit A hereto) prior to such date of termination, and (ii) thereafter until the date that all obligations of the Company hereunder have been paid in full.

 

2. Termination of Employment.

 

(a) As set forth in detail in this Section 2, if the Executive’s employment by the Company is terminated in contemplation of or within two years following a Change in Control, the Executive shall be entitled to the compensation provided in Section 3 of this Agreement unless such termination is as a result of (i) the Executive’s death, (ii) the Executive’s Disability (as defined below), (iii) the Executive’s termination for Just Cause (as defined below), or (iv) termination of employment by the Executive other than for Good Reason (as defined below).

 

(b) The Executive shall be considered to be subject to a "Disability" if, as a result of physical or mental sickness or incapacity or accident, the Executive is unable to perform the normal duties of his employment with the Company for a period of ninety (90) days in any one hundred twenty (120) day period.  If there is any disagreement between the Company and the Executive as to whether the Executive was unable to perform the normal duties of his employment due to Disability, the same shall be determined after examination of the Executive by a physician selected by the Executive (or, if the Executive is unable to make such selection, it shall be made by the Executive's spouse  or, if the Executive is not married or if his spouse is unable or  unwilling to make the selection, by any other adult member of the Executive's immediate family) and approved by the Company.  The costs and expenses of such examination shall be borne by the Company.  The determination of such physician shall be conclusive evidence as to whether the Executive was unable to perform the normal duties of his employment due to Disability.  If the Executive does not permit such examination by such physician, then, for purposes hereof, the determination as to whether the Executive was unable to perform the normal duties of his employment due to Disability shall be made by the Board of Directors of the Company (the “Board”).  Nothing herein shall have any effect upon the Executive's eligibility to receive any disability benefits from the Company pursuant to the terms and conditions of any disability plan or other arrangement which the Company may have in effect from time to time.

 

(c) In the event the Executive’s employment with the Company is terminated by the Company, whether or not in contemplation of or within two years following a Change in Control, (i) for Just Cause, (ii) by the Executive for other than Good Reason (as defined below), or (iii) due to the Executive’s death of Disability, then the Executive shall not be entitled to the compensation provided in Section 3 below or other compensation or benefits hereunder.  The term “Just Cause” shall mean (A) the Executive's continuing willful failure to perform his material duties and obligations as President and Chief Executive Officer of the Company (except by reason of his death or incapacity due to his Disability) after written notice thereof by the Company to the Executive, and the Executive's failure or refusal to perform such duties and obligations within thirty (30) days after the receipt of such notice by the Executive or (B) the conviction of, or the entering of a plea of nolo contendere by, the Executive with respect to a felony (other than as a result of a traffic violation or as a result of vicarious liability), provided that on or after a Change in Control, Just Cause shall be limited to only clause (B) above.  For purposes of this Section 2(c), no act, or failure to act, on Executive's part shall be considered "willful" unless done, or omitted to be done, by him not in good faith and without reasonable belief that his action or omission was in the best interests of the Company.  The Company must assert a Just Cause termination event no later than ninety (90) days after discovery of such event.

 

  

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(d) In the event the Executive’s employment with the Company is terminated in contemplation of or within two years following a Change in Control (i) by the Company without Just Cause or (ii) by the Executive for Good Reason, the Executive shall be entitled to the compensation and other benefits provided in Section 3 below.  The term “Good Reason” shall mean any one or more of the following: (A) without the Executive's express written consent, any diminution in the Executive's titles, authorities, responsibilities or the assignment of the Executive to any duties inconsistent with his position, duties, responsibilities and status with the Company as its President and Chief Executive Officer or the removal by the Board, or the failure or refusal of the Board to re-elect, the Executive as the President and Chief Executive Officer of the Company at any time during the term of this Agreement; (B) the Company's breach of any provision of this Agreement or any other breach by the Company of any provision of any agreement between the Company and the Executive and failure, within the ten (10) day period following its receipt of written notice from the Executive describing such breach in reasonable detail, to promptly commence in good faith to cure such breach (if curable); provided that such cure must be effected no later than thirty (30) days following such notice and provided further that such cure right shall not be available on more than one occasion in any twelve (12) month period; (C) failure of the Company to obtain the assumption in writing (a copy of which is delivered to the Executive) of the Company's obligations hereunder to the Executive by any successor to the Company prior to or at the time of a merger, acquisition, consolidation, disposition of substantially all of the assets of the Company or similar transaction.  For purposes of clause (A) above, a "diminution in the Executive's titles, authorities or responsibilities" shall be deemed to have occurred if the Company is no longer required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended.

 

The Executive must assert a "Good Reason" termination event no later than ninety (90) days after the Executive discovers such event.

 

(e) Any termination of the Executive’s employment by the Company as set forth in Section 2(c)(i) or 2(d)(i) or by the Executive as set forth in Section 2(c)(ii) or 2(d)(ii) shall be communicated to the other party by a Notice of Termination.  For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall state the specific termination provision in this Agreement pursuant to which such termination allegedly falls and which sets forth in reasonable detail the facts and circumstances which form the basis for such termination.

 

3.  Termination Payment.

 

(a) In the event the Executive’s employment is terminated pursuant to Section 2(d), the Executive shall be entitled to receive the following payments from the Company:

 

the Executive’s base salary and annual bonus for the calendar year in which the date of termination falls, in each case prorated for the number of days of the calendar year that elapsed prior to the date of termination, accrued vacation pay and unreimbursed business expenses, such payment to be made as soon as practicable following the termination date but in any event within two and one-half (21⁄2) months after the end of the calendar year in which the Executive's employment is terminated; and

 

two times the sum of (A) the Executive’s base salary for the twelve (12) months immediately preceding the month in which the Executive’s employment is terminated and (B) the sum of the (i) average of the annual bonuses paid, or that would have been paid had the Executive’s employment with the Company not been terminated, to the Executive under the Halkey-Roberts Corporation Incentive Compensation Plan or the Atrion Corporation Short-Term Incentive Compensation Plan for the three calendar years prior to the calendar year in which such termination occurs and (ii) average of the annual bonuses received by the Executive under any other bonus or incentive plan of the Company for the three calendar years prior to the calendar year in which such termination occurs, such payment to be made as soon as practicable following the termination date but in no event later than ten (10) days after the termination date.

 

(b) In addition to the payments provided for in Section 3(a), in the event the Executive’s employment is terminated as set forth in Section 2(d), all stock options and/or equity granted to the Executive shall fully vest and become exercisable on the termination date and upon the Executive's termination of employment the Company shall pay one-hundred percent (100%) of the premiums for twelve (12) months of continuation coverage for health benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985 for the Executive and his eligible dependents.

 

4. Withholding.  The Company shall be entitled to withhold from amounts to be paid to the Executive hereunder any federal, state, or local withholding or other taxes or charges which it is from time to time required to withhold; provided, that the amount so withheld shall not exceed the minimum amount required to be withheld by law in light of the circumstances.  The Company shall be entitled to rely on an opinion of tax counsel if any question as to the amount or requirement of any such withholding shall arise.

 

5. Notices.  All notices provided for by this Agreement shall be in writing and shall be (a) personally delivered to the party thereunto entitled or (b) deposited in the United States mail, postage prepaid, addressed to the party to be notified at the address listed below (or at such other address as may have been designated by written notice), certified or registered mail, return receipt requested.  The notice shall be deemed to be received (a) if by personal delivery, on the date of its actual receipt by the party entitled thereto or (b) if by mail, two (2) days following the date of deposit in the United States mail.

 

	 	 To the Company:	 Atrion Corporation
	 	 	One Allentown Parkway
	 	 	Allen, Texas  75002
	 	 	Attention:  Chief Financial Officer
	 	 	 
	 	 To Executive:   	 David A. Battat
	 	 	To the most recent address
	 	 	on file with the Company.
	 	 	 

 

  

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6. Parties Bound.  This Agreement and the rights and obligations hereunder shall be binding upon and inure to the benefit of the Company, Executive, and their respective heirs, personal representatives, successors and assigns; provided, however, that Executive may not assign any rights or obligations hereunder without the express written consent of Company.  This Agreement shall also bind and inure to the benefit of any successor of the Company by merger or consolidation, or any assignee of all or substantially all of the Company's properties.

 

7. Invalid Provisions.  If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the term hereof, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part hereof; and the remaining provisions hereof shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance herefrom.

 

8. No Mitigation; No Set-Off.

 

(a) In the event of any termination of employment hereunder, Executive shall be under no obligation to seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain.

 

(b) Any amounts or benefits payable to the Executive under this Agreement are in addition to, and are not in lieu of, amounts payable to the Executive under any other salary continuation or cash severance arrangement of the Company or any other type of agreement entered into between the parties, and to the extent paid or provided under any other such arrangement or agreement shall not be offset from the amounts or benefits due hereunder, except to the extent expressly provided in such other arrangement or agreement.

 

9. Attorneys' Fees And Costs.  In the event that it becomes necessary for the Executive to seek legal counsel with regard to a dispute, claim or issue under this Agreement or the Executive deems it necessary to initiate arbitration in order to enforce his rights hereunder, then the Company shall bear and, upon notification to the Company by the Executive, immediately advance to the Executive all expenses of such dispute, claim, issue or arbitration, including the reasonable fees and expenses of the counsel of the Executive incurred in connection with such dispute, claim, issue or arbitration, unless an arbitrator determines that the Executive's position was frivolous or otherwise taken in bad faith, in which case an arbitrator may determine that Executive shall bear his own legal fees. Notwithstanding any existing or prior attorney-client relationship between the Company and the counsel selected by the Executive, the Company irrevocably consents to the Executive's entering into an attorney-client relationship with such counsel, and in that connection the Company and the Executive agree that a confidential relationship shall exist between the Executive and such counsel.

 

10. Arbitration.  All disputes and controversies arising under or in connection with this Agreement, shall be settled by arbitration conducted before one (1) arbitrator sitting in New York, New York, or such other location agreed to by the parties hereto, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association then in effect. The determination of the arbitrator shall be final and binding on the parties. Judgment may be entered on the award of the arbitrator in any court having proper jurisdiction. All expenses of such arbitration, including the fees and expenses of the counsel for the Executive, shall be borne by the Company unless the arbitrator determines that Executive's position was frivolous or otherwise taken in bad faith, in which case the arbitrator may determine that Executive shall bear his own legal fees.

 

11. Section Headings.  The headings contained in this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation of this Agreement.

 

12. Multiple Counterparts.  This Agreement may be executed in counterparts, each of which for all purposes is to be deemed an original, and both of which constitute, collectively, one agreement; but in making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart.

 

13. Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without regard to its conflict-of-law rules.

 

14. Section 409A.  This Agreement is not intended to provide for the deferral of compensation within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), but, rather, is intended to satisfy the short-term deferral exemption under Treasury Regulation § 1.409A-1(b)(4).  To that end, all payments provided for under Section 3(a) of this Agreement shall be made no later than two and one-half (21⁄2) months after the end of the calendar year in which the Executive's employment is terminated.  In the event that any provision of this Agreement or any payment of compensation or benefits pursuant to this Agreement is determined to be inconsistent with the requirements of Section 409A of the Code, the Company shall reform this Agreement to the extent necessary to comply therewith and to avoid the imposition of any penalties or taxes pursuant to Section 409A of the Code; provided that any such reformation shall, to the maximum extent possible, retain the originally intended economic and tax benefit to the Executive and the original purpose of this Agreement without violating Section 409A of the Code or creating any unintended or adverse consequences to the Executive.  Such reformation may include imposition of a six (6) month delay in the payment of certain benefits if the Executive is a “specified employee” under Section 409A of the Code at the relevant time.

 

15. Entire Agreement.  This Agreement contains the entire agreement of the parties hereto, and supersedes all prior agreements and understandings, oral or written, if any, between the parties hereto, with respect to the subject matter hereof. No modification or amendment of any of the terms, conditions, or provisions herein may be made otherwise than by written agreement signed by the parties hereto.

 

  

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first above written.

 

	 	 
ATRION CORPORATION

	 
	 	 	 	 
	
 

	
By: 

	/s/ Emile Battat       	 
	 	Its:	Chairman  	 
	 	 	 	 
	 	 	/s/ David Battat 	 
	 	 	 
DAVID A. BATTAT

	 
	 	 	 	 

 

 

 

  

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Exhibit A

(a)           For purposes of the Agreement, the term “Change in Control” shall mean the occurrence of any one of the following events:

 

(i)           any person (as the term “person” is used in Section 13(d) (3) or Section 14(d) (2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than the Company, any of its subsidiaries, or any trustee or other fiduciary holding securities of the Company under an employee benefit plan of the Company or any of its subsidiaries) becomes the beneficial owner (as the term “beneficial owner” is defined under Rule 13d-3 or any successor rule or regulation promulgated under the Exchange Act) of securities of the Company representing 25% or more of the combined voting power of the then-outstanding voting securities of the Company

 

(ii)           the Company is merged, consolidated or reorganized into or with another corporation or other person and as a result of such merger, consolidation or reorganization less than 50% of the combined voting power of the then-outstanding securities of such corporation or person immediately after such transaction are held in the aggregate by the holders of voting securities of the Company immediately prior to such transaction;

 

(iii)           the stockholders of the Company approve a plan of complete liquidation of the Company or the Company sells all or substantially all of its assets to any other corporation or other person and as a result of such sale less than 50% of the combined voting power of the then-outstanding voting securities of such corporation or person immediately after such transaction are held in the aggregate by the holders of voting securities of the Company immediately prior to such sale; or

 

(iv)           during any period of two consecutive years, individuals who, at the beginning of any such period, constitute the directors of the Company cease for any reason to constitute at least a majority thereof unless the election or the nomination for election by the Company's stockholders of each director of the Company first elected during such period was approved by a vote of at least two-thirds of the directors of the Company then still in office who were directors of the Company at the beginning of any such period.

 

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