An individual can exercise substantial control over a reporting company in three different ways. If the individual falls into any of the categories below, the individual is exercising substantial control:
-The individual is a senior officer (the company’s president, chief financial officer, general counsel, chief executive office, chief operating officer, or any other officer who performs a similar function).
-The individual has authority to appoint or remove certain officers or a majority of directors (or similar body) of the reporting company.
-The individual is an important decision-maker for the reporting company.