Document:

Exhibit 10.10

 

FORM OF INVESTMENT AGREEMENT

 

THIS INVESTMENT
AGREEMENT (this “Agreement”), dated as of __ ____, 2021, is by and among (i) CENAQ Energy Corp., a Delaware corporation
(the “Company”), (ii) CENAQ Sponsor LLC (the “Sponsor”), and (iii)___________________
(“Investor”).

 

WHEREAS, in connection with the initial public
offering (the “IPO”) of units of the Company, the Investor has expressed an interest in acquiring up to 1,485,000 units
in the IPO (the “IPO Indication”), at a price of $10.00 per unit, with such IPO Indication not exceeding 9.9% of the
total IPO units (post overallotment).

 

WHEREAS, the parties wish to enter into this Agreement
pursuant to which Investor will purchase from the Sponsor 75,000 shares of Class B common stock, par value $0.0001 per share, of the Company
(the “Founder Shares”) for the same value paid by the Sponsor, or approximately $0.0058 per share.

 

NOW THEREFORE, the parties hereto hereby agree
as follows:

 

Section 1. Sale and Purchase.

 

		(a)	In connection with the IPO Indication, and subject to the satisfaction
of the conditions set forth in Section 1(b), the Sponsor hereby agrees to sell to Investor 75,000 Founder Shares (such shares,
the “Transferred Shares”) currently held by the Sponsor for an aggregate purchase price of $435.00 (the “Transfer
Price”) on the date of the closing of the IPO, and Investor hereby agrees to purchase the Transferred Shares (the “Transfer”).
Concurrently with the Transfer, in consideration for the transfer of the Transferred Shares, Investor shall pay $435.00 to the Sponsor
in immediately available funds by wire transfer or other method agreed upon by the parties.

 

	 	(b)	
    Subject to (i) the fulfillment by Investor of the IPO Indication (which
    shall include the acquisition of 100% of the Units of the Company allocated to Investor by the underwriters in the IPO, but in no event
    more than 9.9% of the number of Units sold in the IPO post overallotment) and (ii) Investor’s payment of the Transfer Price as contemplated
    by Section 1(a) of this Agreement, the Transfer shall occur and be effective upon the closing of the IPO, automatically
    and without any action of any other party hereto.

    Notwithstanding the foregoing, if Subscriber purchases less than the
    IPO Indication solely due to the fact that the number of Units sold in the IPO is reduced or the underwriter of the IPO allocates less
    Units to Investor than the IPO Indication (the “Alternate IPO Indication”) then, if Investor purchases the Alternate IPO Indication,
    Investor shall still be entitled to purchase the Transferred Shares.

 

     

     

    

 

Section 2. Representations and Warranties
of the Company. The Company hereby represents and warrants to Investor, as follows:

 

	 	(a)	The Company is validly existing as a corporation under the laws of the State of Delaware.  The Company has full power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby.

 

	 	(b)	This Agreement has been duly and validly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

 

	 	(c)	The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of its obligations hereunder will not materially conflict with, or result in any material violation of or default under, any agreement or other instrument to which the Company is a party or by which the Company is bound, or any decree, order, statute, rule or regulation applicable to the Company. To the best of the Company’s knowledge, the Founder Shares have been duly authorized and validly issued and are fully paid and non-assessible.  

 

Section 3. Representations and Warranties
of the Sponsor. The Sponsor hereby represents and warrants to Investor, as follows:

 

	 	(a)	The Sponsor has full power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby.

 

	 	(b)	This Agreement has been duly and validly executed and delivered by the Sponsor and constitutes a legal, valid and binding obligation of the Sponsor enforceable against the Sponsor in accordance with its terms.

 

	 	(c)	The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of its obligations hereunder will not materially conflict with, or result in any material violation of or default under, any agreement or other instrument to which the Sponsor is a party or by which the Sponsor is bound, or any decree, order, statute, rule or regulation applicable to the Sponsor.

 

		(d)	The Transferred Shares shall not be subject to forfeitures,
surrenders, transfers, disposals, exchanges or earn-outs for any reason, including as part of negotiating a Business Combination (as
defined below).

 

		(e)	The terms set forth in this Agreement are as favorable to the
Investor as the terms granted to all other investors entering into a similar agreement to purchase Founder Shares of the Company in connection
with expressing interest in the IPO, provided that the Investor acknowledges that Founder Shares have been offered to the Sponsor and
other parties, and the Sponsor expressly reserves the right to issue membership interests in the Sponsor in its sole discretion.

 

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Section 4. Representations and Warranties
of Investor. Investor hereby represents and warrants to the Company and the Sponsor, as follows:

 

	 	(a)	Investor has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder.

 

	 	(b)	This Agreement has been duly and validly executed and delivered by Investor and constitutes a legal, valid and binding obligation of Investor enforceable against Investor in accordance with its terms.

 

	 	(c)	The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of its obligations hereunder will not materially conflict with, or result in any material violation of or default under, any agreement or other instrument to which Investor is a party or by which Investor is bound, or any decree, order, statute, rule or regulation applicable to Investor.

 

	 	(d)	Investor is an “accredited investor” as that term is defined in Regulation D promulgated under the Securities Act of 1933, as amended.

 

 Section 5. Additional Agreements and
Acknowledgements of Investor.

 

	 	(a)	Investor agrees not to transfer, assign or sell any Transferred Shares or the Class A common stock, par value $0.0001 per share issuable upon conversion of the Transferred Shares (the “Conversion Class A Common Stock”),  held by it until the earlier of (i) six months after the date the Company consummates a Business Combination (as defined below) (ii) the earlier to occur of, subsequent to a Business Combination, (A) the first date on which the last reported sale price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 75 days after the consummation a Business Combination and (B) the date on which the Company consummates a subsequent liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A Common Stock for cash, securities or other property. Notwithstanding anything to the contrary contained herein, any Units, Class A Common Stock and Warrants purchased by the Investor in the IPO or any security of the Company acquired in the open market shall not be subject to the foregoing restrictions., The Transferred Shares shall not be subject to additional lock-up periods except as described in this Section 5.

 

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	 	(b)	Investor acknowledges that the Company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (a “Business Combination”). Investor agrees that if the Company seeks shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, Investor shall (i) vote all Founder Shares in favor of such proposed Business Combination and (ii) not redeem any shares of Conversion Class A Common Stock owned by it, him or her in connection with such stockholder approval. 

 

	 	(c)	Investor acknowledges that it is aware the Company will establish a trust account (the “Trust Account”) for the benefit of its public shareholders upon the closing of the IPO. Investor agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of the Company as a result of any liquidation of the Company with respect to the Transferred Shares..

 

	 	(d)	In connection with the IPO, the Company shall enter into a registration rights agreement (the “Registration Rights Agreement”) with the Sponsor, Investor and certain other parties thereto. The Registration Rights Agreement shall provide Investor with registration rights with respect to the Transferred Shares that are no less favorable to Investor than the registration rights of the Sponsor set forth therein.

 

	 	(e)	Notwithstanding the foregoing, nothing in this Agreement shall operate as a waiver of any rights held by the Investor in respect of securities of the Company other than with respect to the Transferred Shares and Conversion Common Stock, including, for the avoidance of doubt, any redemption rights or other claims the Investor may have against the Trust Account in respect of any other Units or shares of Class A common stock Investor may have purchased or may later purchase in any transaction other than as described in this Agreement  For the Units and Class A common stock underlying the Units that the Investor may purchase in the Company’s contemporaneous offering, the Investor will have the same rights with respect to those Units and underlying Class A common as the rights afforded to the Company’s other public stockholders purchasing Units and underlying common stock in that offering.

 

Section 6. Miscellaneous.

 

	 	(a)	This Agreement shall be governed by the internal laws (and not the law of conflicts) of the State of New York.

 

	 	(b)	This Agreement may not be amended, modified or waived without the written consent of the parties hereto.

 

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	 	(c)	The rights and obligations under this Agreement may not be assigned by any party hereto without the prior written consent of the other parties.

 

	 	(d)	From time to time, at the reasonable request of any of the other parties hereto, each party hereto shall execute and deliver such additional documents and instruments and take such further lawful action as may be reasonably necessary to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement.

 

	 	(e)	Any term or provision of this Agreement which is invalid or unenforceable shall be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining rights of the person intended to be benefited by such provision or any other provisions of this Agreement.

 

	 	(f)	This Agreement may be executed in two or more counterparts, each of which shall constitute an original, and all of which taken together shall constitute one and the same instrument. Any signature page delivered by a facsimile machine or electronic mail shall be binding to the same extent as an original signature page.

 

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IN WITNESS WHEREOF, the undersigned have executed
this Agreement as of the date first written above.

 

	 	INVESTOR:
	 	 	 
	 	By:	          
	 	Name:	 
	 	Title:	 

 

	 	COMPANY:
	 	 
	 	CENAQ ENERGY CORP.
	 	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 

 

	 	SPONSOR:
	 	CENAQ SPONSOR LLC
	 	 	 
	 	
    By:
	        
	 	Name:	 
	 	Title:	 

  

 

6Document

Exhibit 10.2

Please note: The terms of this grant, particularly the company target performance metrics that are described in Schedule A to this notification, are highly confidential and should not be disclosed to any third party, including to other KLA employees.

PERFORMANCE-VESTING

Restricted Stock Unit Award Notification

To:            <Participant Name>
From:            KLA Executive Team
Subject:            Restricted Stock Unit Grant
                            

Congratulations!  We are pleased to inform you that the Compensation Committee of KLA Corporation’s Board of Directors (or the independent members of the Board of Directors) has granted to you an award of performance-based Restricted Stock Units under the KLA 2004 Equity Incentive Plan (the “EIP4 Equity Plan”).  Subject to the provisions of the EIP4 Equity Plan and the applicable Restricted Stock Unit Agreement, the principal features of this award are as follows:

Date of Grant:        <Grant Date>

Target Number of 
Restricted Stock Units
Awarded:        <Shares Granted>
Each Restricted Stock Unit represents the right to receive one share of KLA Corporation common stock upon the satisfaction of the applicable vesting requirements set forth below. 

Vesting Schedule:    The number of Restricted Stock Units in which you may actually vest shall be determined as follows:

(i)first, as soon as practicable following the completion of the audited financial statements for the Company’s 20[__] fiscal year, the Administrator shall determine the level at which the performance goal for fiscal years 20[__], 20[__] and 20[__] (as set forth in attached Schedule A) has been attained and on the basis of that assessment determine the specific number of Restricted Stock Units hereby awarded to you in which you will have the potential to vest based on your continuation in Service Provider status. Such number may range from 0 Restricted Stock Units (if less than threshold attainment of the performance goal is attained) to 150% of the target number of Restricted Stock Units set forth above (if attainment is at or above the maximum specified goal). The actual number shall be determined on the basis of the payout guidelines (and linear interpolation) set forth in attached Schedule A.
(ii)You shall vest in 50% of the number of Restricted Stock Units determined under subparagraph (i)  upon your continuation in Service Provider status through the three-year anniversary of the Date of Grant (or, if later, the date on which the determination as to the number of Restricted Stock Units earned under this award, as set forth under subparagraph (i) above, is made by the Compensation Committee (or the independent members of the Board)); and 50% of the Restricted Stock Units determined under subparagraph (i)  upon your continuation in Service Provider status through the four-year anniversary of the Date of Grant.

Vesting in your Restricted Stock Units will cease immediately upon your termination of Service Provider status for any reason, including pursuant to a reduction-in-force.

The issuance of shares of KLA Corporation common stock upon the vesting of Restricted Stock Units is subject to compliance with all of the applicable requirements of all laws or regulations with respect to such units. Neither the grant of this award nor the vesting schedule alter the terms of your employment, which remain at-will and subject to termination by KLA or you at any time, with or without cause or notice.

PLEASE BE SURE TO READ THE APPLICABLE RESTRICTED STOCK UNIT AGREEMENT, WHICH CONTAINS SPECIFIC TERMS AND CONDITIONS APPLICABLE TO THIS AWARD.  By accepting this award, you agree and understand that this award is subject to all of the terms and conditions contained in (1) this Restricted Stock Unit Award Notification, (2) the EIP4 Equity Plan document, (3) the Global Restricted Stock Unit Agreement (with Dividend Equivalents). For copies of these plan documents, please see KLA’s Long Term Incentives website, which can be accessed through HR Online/Incent and Reward. As of the date of this notification the direct link to the website is: http://hronline.KLA.com/incent-and-reward/long-term-incentives  

Please consult your individual tax advisors regarding any tax or other consequences related to your KLA RSUs.

THIS MEMO IS YOUR OFFICIAL NOTIFICATION OF THIS AWARD.  NO ADDITIONAL DOCUMENTATION WILL BE SENT TO YOU CONCERNING THIS AWARD.

SCHEDULE A

APPLICABLE PERFORMANCE GOAL AND GUIDELINES
FOR DETERMINATION OF NUMBER OF RESTRICTED STOCK UNITS
SUBJECT TO POTENTIAL VESTING 
Performance Shares
Earning Criteria
•Performance shares will be earned based on achievement of a three-year relative cumulative free cash flow margin (“FCF Margin,” to be calculated as described below). This will be calculated relative to the specific peer group identified on Exhibit A (the “Peer Group”), as follows:

•FCF Margin will be calculated, for each company in the Peer Group, as (a) such company’s cumulative Free Cash Flow over the 12-quarter period beginning on or about July 1, 20[__] and ending on June 30, 20[__] (or the period beginning on or about July 1, 20[__] and ending prior to June 30, 20[__] on the last day of such company’s then-most recent fiscal quarter for which such company’s Consolidated Statement of Operations and Consolidated Statement of Cash Flows prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) (the “GAAP Financial Statements”) are included in such company’s annual or quarterly report filed with the U.S. Securities and Exchange Commission (the “SEC”) on or prior to the Review Date (as defined below)) (the “3-Year Performance Period”), divided by (b) such company’s cumulative revenue over the corresponding 3-Year Performance Period, where “Free Cash Flow” is equal to such company’s (i) cash flow provided by operations less (ii) capital expenditures, including the purchase of any intangible assets acquired other than in a business combination, as reported in the applicable company’s GAAP Financial Statements that are included in such company’s annual or quarterly reports filed with the SEC on or prior to the Review Date. 
 
•Performance for KLA and each company within the Peer Group will be measured using GAAP financial statements (and for each company within the Peer Group, such company’s GAAP Financial Statements that are included in such company’s annual or quarterly reports filed with the SEC on or prior to the Review Date) as of the date (the “Review Date”) that the Compensation Committee reviews KLA’s performance against that of the Peer Group for the 3-Year Performance Period, which will be the date of a regularly scheduled Compensation Committee meeting held within sixty (60) calendar days after the end of the Company’s fiscal year ending June 30, 20[__].  For the avoidance of doubt, if, during the 3-Year Performance Period, a Peer Group Company (as defined in Exhibit A) does not file with the SEC all of its annual or quarterly reports, then the Compensation Committee will adjust the 3-Year Performance Period as described above and use only such Peer Group Company’s available GAAP Financial Statements that have been included in annual or quarterly reports that have been filed with the SEC covering quarters in the 3-Year Performance Period to complete the performance assessment.   

For the further avoidance of doubt, if, during the 3-Year Performance Period, a Peer Group Company (as defined in Exhibit A) has filed a Form 8-K under Item 4.02 with the SEC to disclose that any of the GAAP Financial Statements filed during the 3-Year Performance Period should not be relied upon or otherwise publicly announces that it is restating its GAAP Financial Statements, then the Compensation Committee will adjust the 3-Year Performance Period as described above and use such Peer Group Company’s reliable GAAP Financial Statements that have been included in annual or quarterly reports that have been filed with the SEC on or prior to the Review Date to complete the performance assessment.  Once the Compensation Committee completes the performance assessment, any subsequent restatement and filing with the SEC of the GAAP Financial Statements that were reported as unreliable will not be used to recalculate the performance assessment. 

•Performance calculations will be adjusted for the Company and each of the companies in the Peer Group based on the following criteria:

•If during the 3-Year Performance Period either the Company or a company in the Peer Group files a Form 8-K with the SEC under Items 2.01 and/or 9.01 in which financial statements for one or more acquired businesses are included (whether by incorporation by reference or otherwise) , then the performance of the acquired business(es) will be subtracted from both the revenue and Free Cash Flow for the performance period for such company beginning with the quarter immediately following the quarter in which the acquisition of the business is completed.

•In each circumstance, the Company will calculate revenue and Free Cash Flow for the acquired business (whether acquired by the Company or by a company in the Peer Group) for the four most recently completed quarters for which financial statements of the acquired business are included or incorporated by reference in such Form 8-K 

(or if the financial results for the four most recently completed fiscal quarters are not determinable from such Form 8-K, the audited financial statements for the most recent fiscal year ended included in such Form 8-K).  For each of the remaining quarters following the close of the acquisition, one fourth of the annualized revenue and one fourth of the annualized Free Cash Flow will be deducted from the actual reported results of the consolidated business.

•Payouts will be calculated as follows. For example, 100% payout would be achieved, if at the end of FY[__], the Company’s FCF Margin is equal to the 55th percentile of the Peer Group for the 3-Year Performance Period. Payouts will be interpolated if actual results fall between two of the defined percentile measurement points below. 
•<30th Percentile of the Peer Group =  0% Payout
•30th Percentile of the Peer Group   =   25% Payout
•55th Percentile of the Peer Group   =   100% Payout
•≥75th Percentile of the Peer Group  =  150% Payout

Performance Share Vesting Criteria

• 50% of the earned performance shares (if any) will vest on the 3-year anniversary of the date of grant (or, if later, the Review Date), and the remaining 50% will vest on the 4-year anniversary of the date of grant, in each case subject to the executive remaining as a service provider to the Company (or any of its subsidiaries) through the applicable vesting date.

Time-Based RSUs (Service RSUs) Vesting Terms
•25% of the time-based RSUs (or “Service RSUs”) will vest on each of the first, second, third and fourth annual anniversaries of the date of grant, in each case subject to the executive remaining as a service provider to the Company (or any of its subsidiaries) through the applicable vesting dates.

Special RSU Vesting Terms
•Any Special RSUs awarded by the Compensation Committee under this Program shall, unless otherwise determined by the Compensation Committee at the time of grant, be four-year total vesting, with the awards to vest 50% on the 2-year anniversary of the date of grant and 50% on the 4-year anniversary of the date of grant, in each case subject to the executive remaining as a service provider to the Company (or any of its subsidiaries) through the applicable vesting dates. 

General
•Participants shall not be entitled to vote with respect to their unvested Service RSUs, performance shares or Special RSUs.  Participants shall not be entitled to receive dividends with respect to their unvested Service RSUs, performance shares or Special RSUs, except that, to the extent that the Compensation Committee (or, as applicable, the Independent Directors) grants “dividend equivalents” to a participant in connection with any such award, such participant shall be entitled to receive cash payments in lieu of dividends, to be paid out only in accordance with the terms and conditions of such “dividend equivalent” rights in the Company’s 2004 Equity Incentive Plan and the applicable award grant agreement (including the requirement that no dividend equivalents shall be paid to a participant unless and until the participant has fully satisfied all applicable service-based and performance-based vesting conditions of the underlying Service RSU, performance share or Special RSU award).

•In the event of a Change of Control (as defined in Exhibit A) of the Company during the 3-Year Performance Period, (a) satisfaction of the performance criteria of the performance shares shall be determined as of the Company’s most recently completed quarter-end prior to the consummation of such Change of Control transaction (i.e., the performance period shall begin on or about July 1, 20[__] and shall be shortened to end on such date); and (b) to the extent that the performance shares are earned using such modified performance period, the performance shares will remain subject to the time-based vesting criteria (i.e., the executive must remain as a service provider to the Company (or its successor or their respective subsidiaries) through the applicable time-based vesting dates).  In the event that an executive’s employment is terminated in connection with a Change of Control transaction, the terms of such executive’s severance plan or agreement (if any), including without limitation any acceleration of vesting of equity awards set forth therein, shall apply to equity awards granted under this Program.

•The Compensation Committee (or, with respect to awards to the CEO, the Independent Directors), with input from Company management, the Audit Committee and the Compensation Committee’s independent compensation consultants regarding the Company’s financial performance and the performance of the Peer Group for the 3-Year Performance Period, 

shall, following the completion of FY[__] on the Review Date, determine the extent to which the performance criteria of the performance shares have been satisfied.

•The performance share element of this Program will be fully funded (equivalent to the sum, for all Program participants in the aggregate, of 150% of the target performance share award for each Program participant) upon the Company’s achievement of FCF Margin equal to the 30th percentile within the Peer Group for the 3-Year Performance Period.  This fully funded amount represents the maximum number of shares that may be issued under performance shares awarded under this Program to all Plan participants in the aggregate.

•The Compensation Committee reserves (and the Independent Directors, with respect to the CEO’s awards, reserve) the right to exercise negative discretion (below the fully funded amount of the performance share awards described above) with respect to the payout of the performance shares based on (1) the payout calculations set forth in the section entitled “Performance Shares-Earning Criteria” above and/or (2) notwithstanding the payout calculations set forth above, any one or more of the following events if such event(s) impact the applicable financial results of the Company or any of the members of the Peer Group: (a) litigation judgments or settlements; (b) the effect of changes in tax laws, accounting principles or other laws, regulations or provisions affecting reported financial results; (c) extraordinary items as described in Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of financial condition and results of operations in the applicable company’s reports filed with the SEC; or (d) acquisitions or divestitures (provided that any and all such adjustments are to be applied consistently across all companies (i.e., the Company and all members of the Peer Group))

•The Compensation Committee (or the Independent Directors) shall be the administrator of this Program.  The Compensation Committee (or the Independent Directors) shall make such rules, regulations, interpretations and computations and shall take such other action to administer this Program as it may deem appropriate.  The establishment of this Program shall not confer any legal rights upon any employee or other person for a continuation of employment, nor shall it interfere with the rights of the Company to discharge any employee and to treat him or her without regard to the effect which that treatment might have upon him or her as a participant in this Program.

•This Program shall be construed, administered and enforced by the Compensation Committee (or the Independent Directors), in its sole discretion.  The laws of the State of California will govern any legal dispute involving this Program.  The Compensation Committee (or the Independent Directors) may at any time alter, amend or terminate the Program

EXHIBIT A

Peer Group for Purposes of FY[__] PRSU Equity Awards

[LIST OF PEER GROUP COMPANIES FOR APPLICABLE FISCAL YEAR]

If any company listed above (each, a “Peer Group Company”) ceases to be publicly traded at any time during the 3-Year Performance Period (whether due to a Change of Control, bankruptcy, “going-private” transaction or otherwise), such company will be entirely removed from the Peer Group for purposes of determining the Company’s satisfaction of the performance criteria for the FY21 performance shares.  For the avoidance of doubt, if, during the 3-Year Performance Period, (i) a Peer Group Company changes its corporate name and such corporate name change is not in connection with a Change of Control of such Peer Group Company, or (ii) a Peer Group Company relists its securities following a transaction that shall not constitute a Change of Control of such Peer Group Company, then such Peer Group Company shall not have ceased to be publicly traded and shall not be removed from the Peer Group.

“Change of Control” means the occurrence of any of the following events:

(i)    Change of Ownership of the Company.  A change of the ownership of the company that occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of such company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of such company, except that any change of the ownership of the stock of such company as a result of a change in the domicile of such company will not be considered a Change of Control; or 

(ii)    Change of Effective Control of the Company.  If the company has a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, or applicable law, a change of the effective control of such company that occurs on the date that a majority of members of such company’s board of directors is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of such company’s board of directors prior to the date of the appointment or election.  For purposes of this clause (ii), if any Person is considered to be in effective control of such company, the acquisition of additional control of such company by the same Person will not be considered a Change of Control; or

(iii)    Change of Ownership of a Substantial Portion of the Company’s Assets.  A change of ownership of a substantial portion of the company’s assets that occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such Person or Persons) assets from such company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of such company immediately prior to such acquisition or acquisitions.  For purposes of this subsection (iii), gross fair market value means the value of the assets of such company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

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