Common use of Approval and Notice Clause in Contracts

Approval and Notice. 3.1 Promptly after execution of the Stipulation, Petitioners shall submit the Stipulation together with its exhibits to the Court and shall apply for entry of an order (the "Preliminary Approval Order"), substantially in the form of Exhibit C attached hereto, requesting: (i) preliminary approval of the Settlement set forth in the Stipulation; (ii) approval of the form and manner of providing notice of the Settlement to Current Active Power Shareholders; and (iii) a date for the Settlement Hearing, pursuant to Tex. Bus. Org. Code § 21.560(a). 3.2 Notice to Current Active Power Shareholders shall consist of a Notice of Pendency and Proposed Settlement of Shareholder Derivative Action, which includes the general terms of the Settlement set forth in the Stipulation and the date of the Settlement Hearing, substantially in the form attached hereto as Exhibit D (the “Notice”). 3.3 Within ten (10) calendar days after entry of the Preliminary Approval Order, Active Power shall post a copy of the Notice and Stipulation on the Company website, shall file a Form 8-K with the SEC that includes the Notice, and shall refer shareholders to the websites of Active Power and ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇, LLP to view the detailed Notice and Stipulation. If additional notice is required by the Court, then the cost and administration of such additional notice (up to $10,000) will be borne by Active Power. Any additional notice costs in excess of $10,000 shall be borne by Petitioner’s Counsel. The Settling Parties believe the content and manner of the Notice, as set forth in this paragraph, constitutes adequate and reasonable notice to Current Active Power Shareholders pursuant to applicable law and due process. Prior to the Settlement Hearing, Petitioner’s Counsel shall file with the Court an appropriate affidavit or declaration with respect to the filing and posting of the Notice. 3.4 Within ten (10) calendar days after entry of the Preliminary Approval Order, Petitioner’s Counsel shall post copies of the Notice and Stipulation on ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇, LLP’s website. Prior to the Settlement Hearing, Petitioner’s Counsel shall file with the Court an appropriate affidavit or declaration with respect to posting copies of the Notice and Stipulation on their website. 3.5 Pending the Court's determination as to final approval of the Settlement, Petitioner is barred and enjoined from commencing, prosecuting, instigating, or in any way participating in the commencement or prosecution of any action asserting any Released Claim against any of the Released Persons.