Common use of Future Events Clause in Contracts

Future Events. TSET, HVI, and the Principals intend that, at an appropriate and mutually agreed time in the future, due and good faith consideration be given to effecting a transaction pursuant to which Kronos may become a publicy-owned entity (the "Reconstitutive Decision"); provided, however, that the parties' decision to retain Kronos as a wholly- or majority-owned subsidiary of TSET or effect a transaction pursuant to which Kronos' ownership materially changes but it remains privately held shall not be deemed a breach of this Section 10. Notwithstanding the foregoing, the parties agree that a Reconstitutive Decision shall not occur earlier than twenty four months following the date of this Agreement. In the event of any Reconstitutive Decision, TSET (or its nominees) shall retain not less than a non-dilutible 20% ownership interest therein for a period of two years and no single shareholder shall hold any greater percentage than TSET for a period of two years.

Future Events. TSET, HVI, and the Principals intend that, at an -------------- appropriate and mutually agreed time in the future, due and good faith consideration be given to effecting a transaction pursuant to which Kronos may become a publicy-owned entity (the "Reconstitutive Decision"); provided, however, that the parties' decision to retain Kronos as a wholly- or majority-majority- owned subsidiary of TSET or effect a transaction pursuant to which Kronos' ownership materially changes but it remains privately held shall not be deemed a breach of this Section 10. Notwithstanding the foregoing, the parties agree that a Reconstitutive Decision shall not occur earlier than twenty four months following the date of this Agreement. In the event of any Reconstitutive Decision, TSET (or its nominees) shall retain not less than a non-dilutible 20% ownership interest therein for a period of two years and no single shareholder shall hold any greater percentage than TSET for a period of two years.