HD » Topics » CONDITIONS OF SETTLEMENT, EFFECT OF DISAPPROVAL, CANCELLATION, OR TERMINATION

This excerpt taken from the HD 8-K filed Apr 10, 2008.

CONDITIONS OF SETTLEMENT, EFFECT OF DISAPPROVAL, CANCELLATION, OR TERMINATION

 

29.                                 The Effective Date of the Settlement shall be the date upon which all of the following have occurred: (a) the Court has entered the Scheduling Order; (b) the Court has entered the Judgment; (c) the Judgment has become Final, as defined in paragraph 30 below; (d) the Settlement, including, without limitation, the corporate governance provisions set forth in paragraph 18, has been approved and adopted by Home Depot’s Board of Directors; (e) Home Depot has paid the fees and expenses awarded to Plaintiffs’ counsel pursuant to paragraphs 32-33; and (f) the Federal Actions have been dismissed.  If any of these conditions are not met, then the Stipulation shall terminate subject to paragraph 31 unless Plaintiffs’ Settlement Counsel and Defendants’ counsel mutually agree in writing to proceed with the Settlement.

 

30.                                 Subject to paragraph 33 below, the Judgment shall be “Final” upon the later of: (a) the date of final affirmance on an appeal of the Judgment, the expiration of the time for a petition for or a denial of such writ of review of the Judgment or, if such writ is granted, the date of final affirmance of the Judgment following review pursuant to that grant; or (b) the date of final dismissal of any appeal from the Judgment or the final dismissal of any proceeding on writ of review to review the Judgment; or (c) if no appeal is filed, the expiration date for filing of any appeal from the Court’s Judgment.

 

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31.                                 If the Effective Date does not occur, then the parties shall be restored to their respective positions in the Litigation as of March 21, 2008.  In such event, the terms and provisions of the Stipulation, with the exception of paragraphs 35, 38-39, 41 and 47 herein, shall have no further force and effect with respect to the parties hereto and shall not be used in the Litigation or in any other proceeding for any purpose, and any judgment or order entered by the Court in accordance with the terms of the Stipulation shall be treated as vacated nunc pro tunc.

 

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