Common use of Default by one or more of the Selling Stockholders or the Company Clause in Contracts

Default by one or more of the Selling Stockholders or the Company. If a Selling Stockholder or Selling Stockholders shall fail at a Date of Delivery to sell and deliver the number of Option Securities which such Selling Stockholder or Selling Stockholders are obligated to sell hereunder, then the Company shall be obligated to issue, from authorized and unissued shares of Common Stock of the Company, such number of shares as equal the Option Securities as to which the Selling Stockholders defaulted. No action taken pursuant to this Section 10B shall relieve any Selling Stockholder so defaulting from liability, if any, in respect of such default.

Appears in 1 contract

Samples: Purchase Agreement (Orexigen Therapeutics, Inc.)

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