Term Sheet For Series A Preference Shares In Page 11

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investment policy approved by the Board;
(xi)(x)
incur any aggregate indebtedness in excess of $[_____]
that is not already included in a Board-approved budget,
other than trade credit incurred in the ordinary course of
business;
(xii)(xi)
enter into or be a party to any transaction with any
director, officer or employee of the Company except
transactions resulting in payments to or by the Company
in an amount less than $[
] per year,
or transactions
made in the ordinary course of business and pursuant to
reasonable requirements of the Company’s business and
upon fair and reasonable terms that are approved by the
Board of Directors;
(xiii) hire, terminate, or change the compensation of the
executive officers, including approving any option grants;
(xiv) approve or amend any annual budget, business plan and
operating plan (including any capital expenditure budget,
operating budget and financing plan);
(xv)(xii)
change the principal business of the Company,
enter new
material
lines of business, or exit the current
line of business;
(xvi)(xiii)
sell, assign, license, pledge or encumber material
technology or intellectual property, other than licenses
granted in the ordinary course of business;
(xvii)(xiv)
enter into any strategic relationship involving the
payment contribution or assignment by the Company or to
the Company of assets greater than [$
];
(xviii) set up operations in a new jurisdiction outside of the
juridictions where the Company currently operates;
(xix)(xv)
sell or dispose of the whole or a substantial part of
the undertaking and goodwill or the assets of the
Company; or
(xx)(xvi)
liquidate, dissolve or wind-up the affairs of the
Company, or effect any merger or consolidation or any
other Deemed Liquidation Event;
Non-Competition and
Each Founder [and key
employee]
will be subject to a
[one]
year
11

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