Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2023 | Updated by FindLaw Staff
For purposes of this chapter, the following definitions apply:
(a) “California-headquartered company” means a corporation or other business form organized for the transaction of business that has its headquarters in California. For multinational corporations, the term means the United States-based headquarters is in California. For purposes of this definition, headquarters means the location where the corporation's executive management and key managerial and support staff are located, and from where the corporation is managed.
(b) “Climate Innovation Program” means the activities described in this chapter.
(c) “Financial incentive” includes, but is not limited to, a contract, grant, or other appropriate funding measure.
(d)(1) “Liquidity Event” means an event during the term of a financial incentive under this program, or within 10 years after the financial incentive ends for any reason, in which the recipient has an Initial Public Offering.
(2) If the recipient has a change in ownership that results in a greater than 50- percent change in the company's capitalization table the commission, at its sole discretion, may determine that the particular change in ownership constitutes a “Liquidity Event”. The change in ownership that results in greater than 50-percent change in the company's capitalization table includes both single-event changes or cumulative changes greater than 50-percent.
(3) In the case of a recipient whose stock is publicly traded before receiving the financial incentive, the commission may determine alternate conditions that would constitute a “liquidity event.”
(e) “Regenerative agriculture” means agricultural practices that focus on the health of the ecological system as a whole and not solely on high-production yields.
Cite this article: FindLaw.com - California Code, Public Resources Code - PRC § 25625.1 - last updated January 01, 2023 | https://codes.findlaw.com/ca/public-resources-code/prc-sect-25625-1/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)