ANNUAL BUSINESS PLAN PROCESS Clause Samples

ANNUAL BUSINESS PLAN PROCESS. The President shall prepare and submit, or cause to have prepared and submitted, to the Board for its approval (i) a business plan (the "INITIAL BUSINESS PLAN") on or before December 15, 2001, and (ii) updated business plans at least sixty (60) days prior to the beginning of each new Fiscal Year (each such business plan, a "BUSINESS PLAN") covering the period of the new Fiscal Year (except for the Initial Business Plan, which shall cover the current Fiscal Year) and each of the two next succeeding years (such three year period, the "BUSINESS PLAN PERIOD"). Each such Business Plan shall set forth, for each of the years covered by the Business Plan Period, the Company's capital expenditure and expense budgets, anticipated financing requirements, a detailed financial plan and proforma financial statements, and shall specify quantitative and qualitative goals for the Company and relate the attainment of those goals to the Company's strategic objectives. (a) Not more than thirty (30) days following its receipt of an annual Business Plan, the Board shall identify any additional information, clarification and/or modification required for its approval, and the President shall provide such to the Board as soon as practicable. Any approval granted by the Board shall apply only to the first year of any Business Plan Period and, in the event that the annual Business Plan for the next fiscal year is not approved by the close of the then current Fiscal Year, the then existing Business Plan shall continue as the approved Business Plan for a period of not more than 90 days following the close of the then current Fiscal Year. (b) The President shall prepare and present, or have prepared and presented, at each regular meeting of the Board, or at any special meeting called for this purpose, a review of the Company's year-to-date progress in comparison to the approved Business Plan.