Common use of No Significant Changes Clause in Contracts

No Significant Changes. VIALOG agrees that there will be no ---------------------- "significant change" (as defined below) in the conduct of the business of the Company for a period of two years after the Public Offering Closing Date without the approval of a majority in interest of the Stockholders. "Significant change" means any change in the location of the Company's facilities, a physical merging of the Company's operations with another operation, any change in the position of those employees who receive employment agreements pursuant to Section 7.2(s), or a reduction in force or the termination of any employee except as related to employee performance or the contemplated reorganization of the combined sales/marketing staff or the accounting function.

No Significant Changes. VIALOG agrees that there will be no ---------------------- "significant change" (as defined below) in the conduct of the business of the Company for a period of two years after the Public Offering Financing Closing Date without the approval of a majority in interest of the Stockholders. "Significant change" means any change in the location of the Company's facilities, a physical merging of the Company's operations with another operation, any change in the position of those employees who receive employment agreements pursuant to Section 7.2(s), or a reduction in force or the termination of any employee except as related to employee performance or the contemplated reorganization of the combined sales/marketing staff or the accounting function.