Common use of Limitation on Reverse Stock Splits Clause in Contracts

Limitation on Reverse Stock Splits. Following Closing, Purchaser, as the controlling shareholder of the Company, will not permit the Company to effect any reverse stock split following Closing unless Thomas G. Kimble, ax xxxxxxxxxxxxxx of the Company's current shareholders, consents to any such reverse stock split in writing in advance; provided, that the Company shall be entitled to effect up to but no more than a 10 to 1 reverse stock split on a basis of 1 post split share for each 10 (or fewer) pre-split shares without such approval. This provision shall be binding upon any permitted successors or assigns of Purchaser and shall automatically terminate at the time the Company enters into a Going Public Transaction in accordance with the terms of this Agreement.

Limitation on Reverse Stock Splits. Following Closing, Purchaser, as the controlling shareholder of the Company, will not permit the Company to effect any reverse stock split following Closing unless Thomas G. Kimble, ax xxxxxxxxxxxxxx of the Company's current shareholders, consents to any such reverse stock split in writing in advance; provided, that the Company shall be entitled to effect up to but no more than a 10 17.5 to 1 reverse stock split on a basis of 1 post split share for each 10 17.5 (or fewer) pre-split shares without such approval. This provision shall be binding upon any permitted successors or assigns of Purchaser and shall automatically terminate at the time the Company enters into a Going Public Transaction in accordance with the terms of this Agreement.

Limitation on Reverse Stock Splits. Following Closing, Purchaser, as the controlling shareholder stockholder of the Company, will not permit the Company to effect any reverse stock split following Closing unless Thomas G. Kimble, ax xxxxxxxxxxxxxx as representative of the Company's current shareholderscurrexx xxxxxxolders, consents to any such reverse stock split in writing in advance; provided, that the Company shall be entitled to effect up to but no more than a 10 to 1 reverse stock split on a basis of 1 post split share for each 10 (or fewer) pre-split shares without such approval. This provision shall be binding upon any permitted successors or assigns of Purchaser and shall automatically terminate at the time the Company enters into a Going Public Transaction in accordance with the terms of this Agreement.

Limitation on Reverse Stock Splits. Following Closing, Purchaser, as the controlling shareholder stockholder of the Company, will not permit the Company to effect any reverse stock split following Closing unless Thomas G. Kimble, ax xxxxxxxxxxxxxx xx xxxxxxxxxxxxxe of the Company's current shareholdersstockholders, consents to any such reverse stock split in writing in advance; provided, that the Company shall be entitled to effect up to but no more than a 10 to 1 reverse stock split on a basis of 1 post split share for each 10 (or fewer) pre-split shares without such approval. This provision shall be binding upon any permitted successors or assigns of Purchaser and shall automatically terminate at the time the Company enters into a Going Public Transaction in accordance with the terms of this Agreement.

Limitation on Reverse Stock Splits. Following Closing, Purchaser, as the controlling shareholder of the Company, will not permit the Company to effect any reverse stock split following Closing unless Thomas G. Kimbleother than a one-time reverse stock split on a basis not greater than 1-for-7, ax xxxxxxxxxxxxxx and no shareholder of record of the Company's ’s common stock on the effective date of such split shall have his, her or its total share ownership reduced below 100 shares, unless the Individual Officers, as representatives of the Company’s current shareholders, consents consent to any such a larger reverse stock split in writing in advance; provided, that the Company shall be entitled to effect up to but no more than a 10 to 1 reverse stock split on a basis of 1 post split share for each 10 (or fewer) pre-split shares without such approval. This provision shall be binding upon any permitted successors or assigns of Purchaser and shall automatically terminate at the time the Company enters into a business combination transaction with a corporation or other business entity with current business operations (a “Going Public Transaction in accordance with the terms of this AgreementTransaction”).