Tucows 2014 Annual Report Download - page 132
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A “change in control” is generally defined as:
• the acquisition of 50% or more of our common stock;
• a change in the majority of our Board of Directors unless approved by the incumbent directors (other than as a
result of a contested election); and
• certain reorganizations, mergers, consolidations, liquidations or dissolutions, unless certain requirements are
met regarding continuing ownership of our outstanding common stock.
“Good reason” is defined to include the occurrence of one or more of the following:
• the executive’s position, management responsibilities or working conditions are diminished from those in
effect immediately prior to the change in control, or he is assigned duties inconsistent with his position;
• the executive is required to be based at a location in excess of 30 miles from his principal job location or
office immediately prior to the change in control;
• the executive’s base compensation is reduced, or the executive’s compensation and benefits taken as a whole
are materially reduced, from those in effect immediately prior to the change in control; or
• we fail to obtain a satisfactory agreement from any successor to assume and agree to perform our obligations
to the executive under his employment agreement.
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