Exercise of Tag-Along Right. (i) The Selling Member and each Tag-along Class A Member timely electing to participate in the Tag-along Sale pursuant to Section 10.5(d)(ii) shall have the right to Transfer in the Tag-along Sale the number of Units (and applicable Unit Equivalents, if any) equal to the product of (x) the aggregate number of Units (and applicable Unit Equivalents) that the Proposed Transferee proposes to buy as stated in the Sale Notice and (y) a fraction (A) the numerator of which is equal to the number of Units on a Fully Diluted Basis then held by the Selling Member or Tag-along Class A Member, as applicable, and (B) the denominator of which is equal to the number of Units on a Fully Diluted Basis then held by the Selling Member and all of the Tag-along Class A Members (such amount the “Tag-along Portion”).
(ii) Each Tag-along Class A Member shall exercise its right to participate in a Tag-along Sale by delivering to the Selling Member a written notice (a “Tag-along Notice”) stating its election to do so and specifying the number of Units and/or Unit Equivalents (up to its Tag-along Portion) to be Transferred by it no later than twenty (20) Business Days after receipt of the Sale Notice (the “Tag-along Period”).
(iii) The election of each Tag-along Class A Member set forth in a Tag- along Notice shall be irrevocable, and such Tag-along Class A Member shall be bound and obligated to consummate the Transfer on the terms and conditions set forth in this Section 10.5.
Exercise of Tag-Along Right. The Tag-Along Participants may, subject to the limitations set forth in this Section 1(c), in the aggregate Transfer to the proposed Transferee identified in the Transfer Notice up to a percentage (the “Tag-Along Percentage”) of the Tag-Along Participants’ aggregate beneficial ownership of Equity Securities equal to the percentage of the Equity Securities beneficially owned by the Transferring Stockholder represented by the number of Tag-Along Securities set forth in the Transfer Notice by giving written notice (the “Tag-Along Acceptance Notice”) to the Transferring Stockholder within fifteen (15) Business Days after receipt of the Transfer Notice, stating that such Tag-Along Participant elects to exercise its tag-along right under this Section 1 and stating the maximum number of Equity Securities sought to be Transferred by such Tag-Along Participant; provided that, in the event the Tag-Along Participants in the aggregate seek to sell more Equity Securities than are permitted by this Section 1(c), then the amount to be sold shall be allocated among the Tag-Along Participants on a pro rata basis based upon the number of Equity Securities beneficially owned by each or in such other manner as may be mutually agreed by the participating Tag-Along Participants. Each Tag-Along Participant shall be deemed to have waived its tag-along right hereunder if it fails to give the Tag-Along Acceptance Notice within the prescribed time period. The proposed Transferee of Tag-Along Securities will not be obligated to purchase a number of Equity Securities exceeding that set forth in the Transfer Notice and, in the event such Transferee elects to purchase less than all of the additional Equity Securities sought to be Transferred by the Tag-Along Participants, the number of Equity Securities to be Transferred by the Transferring Stockholder shall be reduced to the Transferring Stockholder’s Pro Rata Portion and the number of Equity Securities to be Transferred by the Tag-Along Participants in the aggregate shall be reduced to the Tag-Along Participants’ aggregate Pro Rata Portion.
Exercise of Tag-Along Right. The Tag-Along Right may be exercised by a Selling Member by giving written notice to the Initiating Seller (the “Tag-Along Notice”) within 15 days following such Selling Member’s receipt of the Notice of Proposed Sale to Members (the “Tag-Along Period”). Each Member who does not deliver a Tag-Along Notice to the Initiating Seller within the Tag-Along Period shall be deemed to have waived all of such Member’s rights under this Section 12.2 with respect to inclusion of such Member’s Units in such proposed Sale, and the Initiating Seller, subject to the participation of the Selling Members, if any, shall have the right, for a 180-day period after the expiration of the Tag-Along Period (or for such longer period of time as may be required to obtain any final regulatory approvals, which the Initiating Seller agrees to use its reasonable best efforts to obtain) to Transfer the Units specified in the Notice of Proposed Sale to the Proposed Transferee at a per Unit purchase price no greater than the maximum (and no less than the minimum) per Unit purchase price set forth in the Notice of Proposed Sale and on other principal terms which are not materially more favorable to the Initiating Seller and the Selling Members than those set forth in the Notice of Proposed Sale.
Exercise of Tag-Along Right. Upon the receipt of a Tag-Along Notice by the Management Investor or a Related Transferee (or if any such individual is deceased, to the decedent’s personal representative), each Holder shall have the right (such right, a “Tag-Along Right”), exercisable in its sole discretion, to sell to the respective Third Party up to the same percentage of the total number of Holder’s Shares held by such Holder on the date of the Tag-Along Notice (whether or not the restrictions on Transfer of Common Stock have lapsed) as the percentage of the total number of shares of Common Stock held by the Selling Fortress Entities as of the date of the Tag-Along Notice that such Selling Fortress Entities are selling in the Third Party Sale (the “Third Party Sale Percentage”), at the same price and on the same terms and conditions as such Selling Fortress Entities have agreed to with such Third Party; provided, however, that each such Holder shall not be permitted to sell any unvested Holder’s Shares; provided further, such Selling Fortress Entities shall use their reasonable, good faith efforts to provide (I) that the only representation and warranty which such Holder shall be required to make in connection with the Third Party Sale is a representation and warranty with respect to such Holder’s own ownership of the Holder’s Shares to be sold by it and its ability to convey title thereto free and clear of liens, encumbrances and adverse claims, (II) that the liability of such Holder with respect to any representation and warranty made in connection with the Third Party Sale is the several liability of such Holder (and not joint with any other person) and that such liability is limited to the amount of proceeds actually received by such Holder in the Third Party Sale and (III) each Holder with either an opinion of counsel to the effect that the Third Party Sale is not in violation of applicable federal and state securities or other laws or, if such Holder is not provided with an opinion with respect to the matters contemplated by this clause (III), an indemnity from such Selling Fortress Entities for any such violation. If any Third Party Sale in respect of which a Holder has exercised its Tag-Along Right is in the form of a merger transaction, such Holder agrees to vote its Holder’s Shares in favor of such merger and not to exercise any rights of appraisal or dissent afforded under applicable law.
Exercise of Tag-Along Right. If, upon the occurrence of a Participation Trigger, none of the Selling XxXxx Entities invoke their Drag Along Rights pursuant to Section 6.02, then before consummating the sale, each Stockholder shall have the right (subject to the regulatory approvals) ("Tag Along Right"), exercisable upon written notice to the Selling XxXxx Entities within 10 business days after the delivery of the Drag/Tag Notice, to participate in the Selling XxXxx Entities' Transfer of Drag/Tag Shares. Such written notice shall constitute the Stockholder's election to cause the transferee to purchase, at the Drag/Tag Price and on the terms and conditions as those received by the Selling XxXxx Entities, a portion of the Stockholder's Stock equal the product of the Stockholder's Percentage times the number of Drag/Tag Shares.
Exercise of Tag-Along Right. The Tag-Along Right may be exercised by any Tag-Along Investor by delivery of a written notice (the "Tag-Along Notice") to the Transferor along with delivery of a copy of the written notice to the Warrant Agent within 10 days following receipt by the Warrant Agent of the Sale Notice. The Tag-Along Notice shall state the amount of shares of Warrant Shares that such Tag-Along Investor proposes to include in such transfer to the proposed purchaser (as determined in this Section 3.2), plus the amount of additional Warrant Shares, if any, that such Tag-Along Investor would be willing to sell to the proposed purchaser in the event that any of the other Tag-Along Investors elect not to exercise their Tag-Along Rights in whole or in part.
Exercise of Tag-Along Right. Each Minority Shareholder may serve a notice (Tag Along Notice) on MCE on or before the date 15 Business Days after the date the Proposed Sale Notice is deemed given in accordance with clause 39 specifying that it wishes to Transfer to the Proposed Purchaser a fraction of its Securities up to (but not to exceed) such fraction of its Securities as is equal to the fraction given by the following formula: TS = ES – RS ES Where: TS or Tagging Securities is the fraction of the Securities entitled to be sold by the Minority Shareholder under this clause 25. RS is the Effective Interest in Securities held by MCE following completion of the Transfer of the Sale Securities to the Proposed Purchaser. ES is, if MCE holds prior to the date of such Transfer an Effective Interest in Securities:
(a) greater than 50.1, 50.1; or
(b) less than 50.1, that lower amount.
Exercise of Tag-Along Right. Each Shareholder wishing to exercise its Tag-Along Right with respect to the Relevant Shares shall so notify the Selling Shareholder(s) in accordance with the notice provision set forth in Article 12 within a period of Calendar days from receipt of the Tag-Along Notice (the "Tag-Along Exercise Notice") by the Company. If no Tag-Along Exercise Notice is submitted by a Shareholder within the period of Calendar days from receipt of the Tag-Along Notice by the Company, the Tag-Along Right of that Shareholder shall be deemed to have been forfeited with respect to the respective Tag-Along Event (but not for any other or subsequent Tag-Along Event). If the proposed acquirer refuses to accept the purchase of the Shares from the Shareholders who provided a Tag-Along Notice, the Selling Shareholder(s) shall be prohibited from Transferring the Relevant Shares to the proposed acquirer.
Exercise of Tag-Along Right. If any Employee Shareholder desires to exercise his Tag-Along Right under this Section 4, then such Employee Shareholder shall notify Metretek Technologies in writing within ten (10) days after receipt of the Tag-Along Notice that he will sell to either the Prospective Purchaser or to Metretek Technologies, at Metretek Technologies's option, a number of Shares on the same terms and conditions as the Selling Stockholder set forth in the Tag-Along Notice. If the Tag-Along Purchaser will not purchase all of the Shares which the Employee Shareholder wishes to sell pursuant to this Section 4, then the number of Shares which the Employee Shareholder may Transfer pursuant to this Section 4 shall be equal to the product obtained by multiplying (x) the total number of Shares being purchased by the Tag-Along Purchaser, by (y) a fraction, (i) the numerator of which is the total number of Shares owned by the Employee Shareholder, and (ii) the denominator of which is the total number of Shares then outstanding.
Exercise of Tag-Along Right. The tag-along right provided for in this Section 5.02 may be exercised by the Warrantholder by delivery of a written notice to the Company, the Seller and the Third Party (the "Acceptance Notice") within ten (10) Business Days following receipt of the Transferor Tag-Along Notice (the "Tag-Along Period"). The Acceptance Notice shall state the maximum number of Transferring Shares that the Warrantholder wishes to include in such transfer to the Third Party.
