Executive Management Stockholder Block Sample Clauses
The Executive Management Stockholder Block clause restricts or regulates the ability of executive management personnel who are also stockholders to transfer, sell, or otherwise dispose of their shares. Typically, this clause may require executives to obtain company approval before selling shares, or it may impose holding periods during which sales are prohibited. Its core function is to maintain stability in the company’s ownership structure and prevent sudden changes in control or market perception that could arise from large share sales by key insiders.
Executive Management Stockholder Block. For purposes of this Agreement, an "Executive Management Stockholder Block" means the decision by the Company's Executive Management Stockholders (as that term is defined in the Stockholders Agreement, dated as of July 23, 1998, among the Company and the stockholders party thereto, as the same may be amended or modified from time to time) to not consent to an initial public offering by the Company of its Common Stock; provided, however, that an Executive Management Stockholder Block shall not be deemed to have occurred if a decision or action by the Board of Directors or the holders of the Company's Series A Convertible Preferred Stock, $.001 par value, prevents the consummation of such an initial public offering.
Executive Management Stockholder Block. The Executive may terminate employment because the Company, solely due to an Executive Management Stockholder Block, fails to consummate an initial public offering of its common stock within one (1) year of the Commencement Date.
Executive Management Stockholder Block. In the event that the Executive's employment is terminated by the Executive pursuant to clause (d) of Section 4 above during the ninety (90) day period following the date of such Executive Management Stockholder Block, then:
i) the Company shall pay the Executive the sum of 100% of the Executive's Annual Base Salary in twelve equal monthly installments; and
ii) all Company stock options and stock awards will vest and such stock options shall remain exercisable until the original term of the stock option.