Common use of Executive Management Stockholder Block Clause in Contracts

Executive Management Stockholder Block. For purposes of this Agreement, an "Executive Management Stockholder Block" means the decision by the Company's Executive Management Stockholders (as that term is defined in the Stockholders Agreement, dated as of July 23, 1998, among the Company and the stockholders party thereto, as the same may be amended or modified from time to time) to not consent to an initial public offering by the Company of its Common Stock; provided, however, that an Executive Management Stockholder Block shall not be deemed to have occurred if a decision or action by the Board of Directors or the holders of the Company's Series A Convertible Preferred Stock, $.001 par value, prevents the consummation of such an initial public offering.