Consent of Spouses of Management Holders Clause Samples
The 'Consent of Spouses of Management Holders' clause requires that the spouses of individuals who hold management positions in a company formally agree to certain terms or actions related to the management holder's interests in the company. Typically, this involves the spouse acknowledging and consenting to restrictions on the transfer or disposition of shares, or agreeing to be bound by specific provisions in the event of divorce or death. By obtaining spousal consent, the clause helps prevent future disputes over ownership or control of shares, ensuring that the company's agreed-upon management and ownership structure remains intact.
Consent of Spouses of Management Holders. The spouses of the individual Management Holders are fully aware of, understand and fully consent and agree to the provisions of this Agreement and its binding effect upon any community property interests or similar marital property interests in the Common Shares they may now or hereafter own, and agree that the termination of their marital relationship with any Management Holder for any reason shall not have the effect of removing any Common Shares of the Company otherwise subject to this Agreement from the coverage of this Agreement and that their awareness, understanding, consent and agreement are evidenced by their signing this Agreement. Furthermore, each individual Management Holder agrees to cause his or her spouse (and any subsequent spouse) to execute and deliver, upon the request of the Company, a counterpart of this Agreement, or an Adoption Agreement substantially in the form of Exhibit A or in a form satisfactory to the Company and each Principal Stockholder whose Proportionate Percentage is 5% or more.