Effective Date of Plan Clause Example from Business Contracts

This example Effective Date of Plan clause appears in 3 contracts from 2 companies

Effective Date of Plan. The Plan shall become effective as of the Effective Date, but no Award shall be exercised (or, in the case of a stock Award, shall be granted) unless and until the Plan has been approved by the shareholders of the Company, which approval shall be within 12 months before or after the date the Plan is adopted by the Board.