LAPSING OF CONSULTING TERM PRIOR TO IPO Sample Clauses

LAPSING OF CONSULTING TERM PRIOR TO IPO. In the event that the IPO has not occurred by the end of the Consulting Term (the "Consulting Term Lapse Date"), then Consultant shall have the right (but not the obligation) to sell any shares issued pursuant to the GAI Contribution Agreement or purchased hereunder back to Gaming Holdings at a price equal to the fair market value of such shares on the Consulting Term Lapse Date, as determined by an independent appraisal firm mutually agreed to by and between Gaming Holdings and Consultant, with the costs of such appraisal being paid by the Company (the "Consulting Term Lapse Put Right"). The Consulting Term Lapse Put Right must be exercised in writing by Consultant within thirty days following the Consulting Term Lapse Date or it shall become void and without further effect. If the Consulting Term Lapse Put Right is exercised, and Gaming Holdings does not satisfy its obligation to purchase shares subject to the Consulting Term Lapse Put Right within seven days following receipt of Consultant's written notice of exercise thereof, the Consultant shall have the right to require the Company (rather than Gaming Holdings) to purchase such shares at fair market value. If the Company purchases such shares, the Company and Gaming Holdings hereby agree that Gaming Holdings shall promptly thereafter purchase such shares from the Company for a purchase price of $1.
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Related to LAPSING OF CONSULTING TERM PRIOR TO IPO

  • Termination of Consulting Period Notwithstanding any other provision hereof, the Consulting Period and Consultant’s services as a consultant hereunder shall terminate, and, except as otherwise specifically provided herein, this Agreement shall terminate:

  • Termination of Consulting Agreement As of the Effective Date, the Consulting Agreement is hereby terminated and is of no further force or effect.

  • Term of Consultancy Company hereby agrees to retain the Consultant to act in a consulting capacity to the Company, and the Consultant hereby agrees to provide services to the Company commencing on the Effective Date and ending 6 MONTHS from the Effective Date unless terminated pursuant to Section 8 of this Agreement.

  • Term and Effect Prior to Change in Control (a) Except as otherwise provided herein, the term of this Agreement shall include: (i) the period commencing on the Effective Date and ending December 31, 2023, plus (ii) any and all extensions of the term made pursuant to paragraphs (b) and (c) of this Section 4 (the “Term”).

  • Retention of Consultant The Company hereby retains the Consultant, and Consultant agrees to be retained by the Company, upon the terms in, and subject to the conditions of, this Agreement.

  • Consulting Term Subject to the terms and conditions hereof, the Company agrees to retain the Consulting Director for a term of three (3) years commencing as of the date Consulting Director's retirement from the Board of Directors of the Company ("Effective Date"). The Company may not terminate the Consulting Director's service agreement prior to the end of the three-year term unless such termination is due to a Termination for Cause as defined herein.

  • Compensation Following Termination of Employment In the event that Executive's employment hereunder is terminated, Executive shall be entitled to the following compensation and benefits upon such termination:

  • Termination of Employment Following a Change in Control Notwithstanding the provisions of Section 6.3 hereof to the contrary, if the Employee’s employment by the Company is terminated by the Company in accordance with the terms of Section 4 of the Termination Agreement and the Employee is entitled to benefits provided in Section 5 of the Termination Agreement, the Company shall pay to the Employee, in a lump sum in cash within 30 days after the Date of Termination, the aggregate of the Employee’s Base Salary (as in effect on the Date of Termination) through the Date of Termination, if not theretofore paid, and, in the case of compensation previously deferred by the Employee, all amounts of such compensation previously deferred shall be paid in accordance with the plan documents governing such deferral. Except with respect to the obligations set for forth in the Termination Agreement, notwithstanding any provisions herein to the contrary, all other obligations of the Company and rights of the Employee hereunder shall terminate effective as of the Date of Termination.

  • Definition of Change in Control For purposes of this Agreement, a “Change in Control” shall mean the occurrence of any of the following events:

  • Compensation Following Termination In the event that Executive’s employment hereunder is terminated, Executive shall be entitled only to the following compensation and benefits upon such termination:

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