Disbursements from the Bank Account. The Escrow Agent shall release the Escrow Amount in incremental amounts pursuant to written instructions provided by the Company and the Placement Agent in accordance with the Disbursement Schedule set forth in Schedule A hereto. If the entire Escrow Amount is not disbursed within two (2) years from the date hereof, the balance of the Escrow Amount shall be returned to the Company
Disbursements from the Bank Account. The Escrow Agent shall hold the Escrow Funds in accordance with the terms of this Agreement and the Subscription Agreement. The Escrow Agent shall receive a disbursement approval form signed by the Subscriber Representative for any disbursements made from the Escrow Account, provided, however, that the Subscriber Representative shall not give such approval if the funds in the Escrow Account never reach the Minimum Purchase Offering (as defined in the Subscription Agreement) of $300,000. If the entire Escrow Funds are not disbursed within six months from the date hereof, the balance of the Escrow Funds will be returned to the subscribers accordingly.
Disbursements from the Bank Account. Pursuant to Section 5.5 of the Subscription Agreement, the Company shall employ a Chief Financial Officer who is English-speaking and has experience with financial reporting companies under Xxxxxxxx-Xxxxx and other federal or state securities laws, who shall meet the approval and requirements of the Placement Agent and the Investor Representative (a “Qualified CFO”). Such approval shall not be unreasonably withheld. To secure the hiring of a Qualified CFO, the Company has agreed that the Escrowed Amount be held in the Escrow Account unless and until a Qualified CFO has been appointed. Upon the Company’s appointment of a Qualified CFO, the Investor Representative and Placement Agent shall execute and deliver to the Escrow Agent written instructions to release the Escrow Amount to the Company (“Instructions to Release CFO Holdback”). Within one (1) Business Day following its receipt of Instructions to Release CFO Holdback (with wire instructions attached), the Escrow Agent shall distribute the Escrow Amount in accordance with such written instructions. If the entire Escrow Amount is not disbursed within two (2) years from the date hereof, the balance of the Escrow Amount shall be returned to the Company.
Disbursements from the Bank Account. 4.1 Pursuant to Section 5.4 of the Subscription Agreement, no later than three (3) months after the Final Closing of the Offering (the “Nomination Period”), the Company shall nominate and effectuate the nomination of a five (5) member Board of Directors, of which a majority shall be independent (as the term is defined for Securities and Exchange Commission purposes and NASDAQ rules and regulations) (the “New Board”). As soon as the Company nominates and effectuates the nomination of the New Board, the Investor Representative shall execute and deliver to the Escrow Agent written instructions to release the New Board Holdback to the Company (“Instructions to Release New Board Holdback”). Within one (1) business day following its receipt of Instructions to Release New Board Holdback (with wire instructions attached), the Escrow Agent shall distribute the New Board Holdback in accordance with such written instructions.
Disbursements from the Bank Account. The Escrow Agent shall hold the Escrow Funds in accordance with the terms of this Agreement. The Subscriber Representative will appoint an individual (the “IR Representative”) to designate the disbursement of the Escrow Funds to an investor relations firm chosen by the Subscriber Representative. The Escrow Agent shall receive a disbursement approval form signed by the IR Representative for any disbursements made from the Escrow Account. If the entire Escrow Funds are not disbursed within two (2) years from the date hereof, the balance of the Escrow Funds will be returned to the Issuer.
Disbursements from the Bank Account. The Escrow Agent shall hold the Escrow Funds in accordance with the terms of this Agreement.
Disbursements from the Bank Account. Pursuant to Section 5.5 of the Subscription Agreement, the Company shall employ a Chief Financial Officer who is English-speaking and has experience with financial reporting companies who shall meet the approval and requirements of the Placement Agent (a “Qualified CFO”). Such approval shall not be unreasonably withheld. To secure the hiring of a Qualified CFO, the Company has agreed that the Escrowed Amount be held in the Escrow Account unless and until a Qualified CFO has been appointed. Upon the Company’s appointment of a Qualified CFO, the and Placement Agent shall execute and deliver to the Escrow Agent written instructions to release the Escrow Amount to the Company (“Instructions to Release CFO Holdback”). Within one (1) Business Day following its receipt of Instructions to Release CFO Holdback (with wire instructions attached), the Escrow Agent shall distribute the Escrow Amount in accordance with such written instructions. If the entire Escrow Amount is not disbursed within two (2) years from the date hereof, the balance of the Escrow Amount shall be returned to the Company.
Disbursements from the Bank Account. The Escrow Agent shall release the IR Escrow Amount in incremental amounts pursuant to written instructions provided to it by the Company and Placement Agent to an investor relations firm which is represented by the Investor Representative and Placement Agent and chosen by the Company. If the entire IR Escrow Amount is not disbursed within two (2) years from the date hereof, the balance of the IR Escrow Amount will be returned to the Company.
Disbursements from the Bank Account. The Escrow Agent shall release the IR Escrow Amount in incremental amounts pursuant to written instructions provided to it by the Company to an investor relations firm appointed by the Company subject to the consent by the Investor Representative, which consent it shall not unreasonably withhold. If the entire IR Escrow Amount is not disbursed within two (2) years from the date hereof, the balance of the IR Escrow Amount will be returned to the Company. Under no circumstances shall the Escrow Amount be disbursed to anyone other than the Company unless the Company or the Company’s investor relations firm provides written instructions to such effect.
Disbursements from the Bank Account. The Escrow Agent shall hold the Escrow Funds in accordance with the terms of this Agreement. The Escrow Agent shall release the IR Escrow Amount in incremental amounts, pursuant to written instructions by the Issuer, to the investor relations firm retained by the Company pursuant to that certain Subscription Agreement dated as of the date hereof, by and among the Company and the Subscribers. If any of the IR Escrow Amount has not been disbursed as of the date which is three (3) years from the date hereof, the balance of the IR Escrow Amount will be returned to the Issuer.
