Common use of Automatic Share Reserve Increase Clause in Contracts

Automatic Share Reserve Increase. The number of Shares available for issuance under the Plan will be increased on the first day of each Fiscal Year beginning with the 2023 Fiscal Year, in an amount equal to the least of: (i) [●] Shares, (ii) 5% of the total number of shares of all classes of common stock of the Company outstanding on the last day of the immediately preceding Fiscal Year, and (iii) a lesser number of Shares determined by the Administrator.

Appears in 6 contracts

Samples: Business Combination Agreement (Digital Transformation Opportunities Corp.), Business Combination Agreement (Digital Transformation Opportunities Corp.), Business Combination Agreement (Digital Transformation Opportunities Corp.)

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Automatic Share Reserve Increase. The number of Shares available for issuance under the Plan will be increased on the first day of each Fiscal Year beginning with the 2023 Fiscal Year, in an amount equal to the least of: (i) [●[ ] Shares, (ii) 5% of the total number of shares of all classes of common stock of the Company outstanding on the last day of the immediately preceding Fiscal Year, and (iii) a lesser number of Shares determined by the Administrator.

Appears in 3 contracts

Samples: Business Combination Agreement (Digital Transformation Opportunities Corp.), Business Combination Agreement (Digital Transformation Opportunities Corp.), Business Combination Agreement (Digital Transformation Opportunities Corp.)

Automatic Share Reserve Increase. The number of Shares available for issuance under the Plan will be increased on the first day of each Fiscal Year beginning with the 2023 Fiscal Year, in an amount equal to the least lesser of: (i) [●] Shares, (ii) 5% of the total number of shares of all classes of common stock of the Company outstanding on the last day of the immediately preceding Fiscal Year, and (iiiii) a lesser number of Shares determined by the Administrator, provided, however, that the maximum number of additional Shares available for issuance pursuant to this Section 3(b) shall be 30,000,000.

Appears in 1 contract

Samples: Business Combination Agreement (Digital Transformation Opportunities Corp.)

Automatic Share Reserve Increase. The number of Shares available for issuance under the Plan will be increased on the first day of each Fiscal Year beginning with the 2023 2012 Fiscal YearYear (i.e. the fiscal year commencing July 1, 2011), in an amount equal to the least of: of (i) [●] 20 million Shares, , (ii) 54.0% of the total number of shares of all classes of common stock of the Company outstanding Shares on the last day of the immediately preceding Fiscal Year, and Year or (iii) a lesser such number of Shares determined by the AdministratorBoard.

Appears in 1 contract

Samples: Restricted Stock Unit Award Agreement (Telenav, Inc.)

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Automatic Share Reserve Increase. The number of Shares available for issuance under the Plan will be automatically increased on the first day of each Fiscal Year beginning with the 2023 Fiscal Year, in an amount equal to the least of: smallest of (i) [●] Shares, five percent (ii5%) 5% of the total number of shares of all classes of common stock of the Company outstanding Shares on the last day of the immediately preceding Fiscal Year, and (ii) [●] Shares, and (iii) a lesser such number of Shares determined by the AdministratorBoard.

Appears in 1 contract

Samples: Merger Agreement (Flexible Solutions International Inc)

Automatic Share Reserve Increase. The number of Shares available for grant and issuance under the Plan will shall be increased on the first day January 1 of each Fiscal Year beginning with of 2022 through 2031, by the 2023 Fiscal Year, in an amount equal to the least of: lesser of (ia) [●] Shares, five percent (ii5%) 5% of the total number of shares of all classes of the Company’s common stock of the Company issued and outstanding on the last day of the immediately preceding Fiscal YearDecember 31 (rounded down to the nearest whole share), and or (iiib) a such lesser number of Shares shares determined by the AdministratorBoard.

Appears in 1 contract

Samples: Merger Agreement (890 5th Avenue Partners, Inc.)

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