Common use of Limitation on Exercise of Exchange Rights Clause in Contracts

Limitation on Exercise of Exchange Rights. The Exchange Rights shall expire with respect to any Common Units for which an Exchange Exercise Notice has not been delivered to the General Partner on January 1, 2050. Exchange Rights may be exercised at any time prior to January 1, 2050, subject to the limitations contained herein and in the General Partner's Articles of Incorporation (the "Ownership Limit"). For purposes of computing the Ownership Limit as of any date, each Limited Partner and its Affiliates shall be deemed to own all shares of Common Stock issuable to such Limited Partner and its Affiliates upon the exercise of stock options granted on or before such date under the Stock Incentive Plan. If an Exchange Exercise Notice is delivered to the General Partner but, as a result of the Ownership Limit, the Exchange Rights cannot be exercised in full, the Exchange Exercise Notice shall be deemed to be modified such that the Exchange Rights shall be exercised only to the extent permitted under the Ownership Limit; with the exercise of the remainder of such Exchange Rights being deemed to have been withdrawn.

Appears in 2 contracts

Samples: Sky Merger Corp, Sky Merger Corp

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Limitation on Exercise of Exchange Rights. Exchange Rights may be exercised at any time prior to the dissolution of the Partnership, subject to the Ownership Restrictions. The Exchange Rights shall expire with respect to any Common Partnership Units for which an Exchange Exercise Notice has not been delivered to the General Partner on January 1, 2050. Exchange Rights may be exercised at any time or prior to January 1, 2050, subject to the limitations contained herein and in date that the General Partner's Articles of Incorporation (the "Ownership Limit")Partnership is dissolved. For purposes of computing the Ownership Limit Restriction as of any date, each the Limited Partner and its Affiliates shall be deemed to own all shares of Class A Common Stock Shares issuable to such the Limited Partner and its Affiliates upon the exercise of stock options granted on or before such date under any equity compensation plan of the Stock Incentive PlanGeneral Partner. If an Exchange Exercise Notice is delivered to the General Partner but, as a result of the Ownership LimitRestriction, the Exchange Rights cannot be exercised in full, the Exchange Exercise Notice shall be deemed to be modified such that the Exchange Rights shall be exercised only to the extent permitted under the Ownership Limit; Restriction, with the exercise of the remainder of such Exchange Rights being deemed to have been withdrawnbe an offer to sell such Offered Partnership Units to the General Partner for the Cash Purchase Price.

Appears in 1 contract

Samples: Cleveland Indians Baseball Co Inc

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Limitation on Exercise of Exchange Rights. The Exchange Rights shall expire with respect to any Common Units for which an Exchange Exercise Notice has not been delivered to the Managing General Partner on January 1, 20502051. Exchange Rights may be exercised at any time after the first anniversary of the date hereof and from time to time thereafter prior to January 1, 20502051, subject to the limitations contained herein and in the Managing General Partner's Articles Declaration of Incorporation Trust, as amended (the "Ownership Limit"). For purposes of computing the Ownership Limit as of any date, each Limited Partner and its Affiliates shall be deemed to own all shares of Common Stock Shares issuable to such Limited Partner and its Affiliates upon the exercise of stock options granted on or before such date under the Stock Share Incentive Plan. If an Exchange Exercise Notice is delivered to the Managing General Partner but, as a result of the Ownership Limit, the Exchange Rights cannot be exercised in full, the Exchange Exercise Notice shall be deemed to be modified such that the Exchange Rights shall be exercised only to the extent permitted under the Ownership Limit; , with the exercise of the remainder of such Exchange Rights being deemed to have been withdrawn.

Appears in 1 contract

Samples: Prime Group Realty Trust

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