Material Revision definition

Material Revision means any revision to the Design Drawings and Specifications that would (a) result in a decrease in the aggregate number of guest rooms or suites by five (5) or more, (b) result in a decrease of five percent (5%) or more in the aggregate square footage of any of the following categories of space at the Hotel: (i) all guest rooms and suites, (ii) public space (which shall include the lobby, restaurants, bars, lounges and other public rooms), and (iii) meeting space, and/or (c) be reasonably likely to decrease the value of the Hotel (individually or when aggregated with all other prior Material Revisions and Substantial Changes) in an amount equal to or greater than Eighteen Million Six Hundred Fifteen Thousand Dollars ($18,615,000).

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Material Revision has the meaning set forth in Section 5.1(d)(i)(c).

Material Revision of an Equity Compensation Plan means the following: (i) a material increase in the number of shares available under the plan (other than an increase solely to reflect a reorganization, sub-division of shares, merger, spin-off or similar transaction), (ii) if a plan contains a formula for automatic increases in the shares available or for automatic grants pursuant to a formula, each such increase or grant will be considered a revision requiring consent pursuant to Section 7 unless the plan has a term of not more than ten (10) years (such a plan, a “Formula Plan”), (iii) an expansion of the types of awards available under the plan, (iv) a material expansion of the class of employees, directors or other service providers eligible to participate in the plan, (v) a material extension of the term of the plan, (vi) a material change to the method of determining the strike price of options under the plan, including but not limited to a change in the method of determining “fair market value” from the closing price on the date of grant to the average of the high and low price on the date of grant and (vii) the deletion or limitation of any provision prohibiting repricing of options. Any curtailment, rather than expansion, of the scope of an Equity Compensation Plan is not a Material Revision thereof. Grants pursuant to a Formula Plan are (1) annual grants to directors of restricted stock having a certain dollar value and (2) “matching contributions,” whereby shares are credited to a participant’s account based upon the amount of compensation the participant elects to defer. If a plan contains no limit on the number of shares available and is not a formula plan, then each grant under the plan will be an Equity Compensation Plan regardless of whether the plan has a term of not more than ten (10) years (a “Discretionary Plan”). A requirement that grants be made out of treasury shares or repurchased shares will not, in itself, be considered a limit or pre-established formula so as to prevent a plan from being considered a Discretionary Plan.

Examples of Material Revision in a sentence

The Charter shall be updated to incorporate the current District Required Language, attached herewith as part of this Material Revision.
In the event of any inconsistency between the Charter and the Material Revision, the language below supersedes the Charter: The Charter School shall comply with all requirements of the ▇▇▇▇▇▇▇▇ v.
In the event of any inconsistency between the Charter and the Material Revision, the language below supersedes the Charter: Charter School shall provide due process for all students, including adequate notice to parents/guardians and students regarding the grounds for suspension and expulsion and their due process rights regarding suspension and expulsion, including rights to appeal.
The Charter shall be updated to incorporate the current District’s Required Language, attached herewith as part of this Material Revision.
If a decision is made to effect a Commutation, and such Commutation has an adverse impact on the Earnout Amount, whether by reason of a Material Revision or otherwise, the parties agree to work on a good faith basis to modify or otherwise refine the provisions of this Agreement to neutralize any adverse impact of the Commutation on the Earnout Amount.
Upon the approval of this Material Revision, PUC Community Charter Early College High School shall follow the procedures outlined in in Element 16 of its Charter to close the charter school.
If the Construction Expert determines that a Material Revision has not occurred, then the subject bulletin, addendum or updated Design Drawings and Specifications (as applicable) shall be deemed approved by Purchaser.
Further, the table titled “Figure 7: KCCP Projected Student Enrollment:” on page 17 of the Charter shall be deleted and replaced with the table titled “Additional Enrollment Plan” on page 3 of this Material Revision.
In the event the Owner revises the Material Revision so that it does not result in a Material Increase, the Contractor shall perform the Services in accordance with the Material Revision without reimbursement therefor.
On or before June 30, 2024, the District’s Governing Board shall consider the approval of Charter School’s Material Revision.

More Definitions of Material Revision

Material Revision means any revision in the risk retention level, ceded commission rate, ceded premium rate, profit sharing arrangement, or other material term or condition of the Reinsurance Treaty.

Material Revision means a change that affects a label’s imagery, color scheme, name, brand identification, logo, slogan, displayed certifications, wording, font size and style changes, alcohol content, ingredients, nutrition facts, and other identifiers unique to the brand.

Material Revision has the meaning set forth in Section 5.1(d)(i)(c). “Maximum Premium” means 250% of the last annual premium paid prior to the Effective Time for the Current D&O Insurance. “Merger” has the meaning set forth in the Recitals. “Merger Consideration” has the meaning set forth in Section 1.6(c). “Merger Sub” has the meaning set forth in the preamble. “Merger Sub Board” has the meaning set forth in the Recitals. “Merger Sub Shareholder Approval” has the meaning set forth in Section 3.4(a). “NASDAQ” means the NASDAQ Stock Market. “Notice Period” has the meaning set forth in Section 5.1(d)(ii)(c). “NYSE” means the New York Stock Exchange. “OFAC” has the meaning set forth in Section 2.15(c). “Ordinary Course of Business” means the ordinary course of business consistent in all material respects with past practice (including with respect to volume and frequency). “Owned Real Property” has the meaning set forth in Section 2.9(a). “Owned Intellectual Property Rights” means all Intellectual Property owned or purported to be owned by the Company or any of its Subsidiaries. “Parent” has the meaning set forth in the preamble. “Parent Balance Sheet” means the audited consolidated balance sheet of the Parent as of January 1, 2022. “Parent Board” has the meaning set forth in the Recitals. “Parent Breach Notice Period” has the meaning set forth in Section 7.1(g). “Parent Capital Stock” has the meaning set forth in Section 3.2(a). “Parent Common Stock” has the meaning set forth in the Recitals. “Parent Disclosure Schedule” means the disclosure schedule delivered by the Parent and Merger Sub to the Company and dated as of the date of this Agreement. “Parent Equity Awards” has the meaning set forth in Section 3.2(a).

Material Revision has the meaning set forth in Section 0.