Common use of Approved Transaction Clause in Contracts

Approved Transaction. An action of the Board (or if approval of the Board is not required as a matter of law, the stockholders of HNI) approving: (a) any consolidation or merger of HNI in which HNI is not to be the continuing or surviving corporation or pursuant to which shares of Common Stock are to be converted into cash, securities or other property, other than a merger of HNI in which the holders of Common Stock, immediately prior to the merger have the same proportionate ownership of common stock of the surviving or resulting parent corporation immediately after the merger, or (b) any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of HNI, or (c) the adoption of any plan or proposal for the liquidation or dissolution of HNI;