Minimum Shareholding. Executive shall be required at all times to hold a number of vested shares of Common Stock having a fair market value equal to or greater than three times his Base Salary (the “Minimum Shareholding Requirement”); provided, however, that the Minimum Shareholding Requirement shall not be in effect until the first time that Executive holds shares having such a fair market value (i.e., when a sufficient number of shares of the Restricted Stock Award have vested (together with any shares that he purchases) such that he owns shares having a fair market value equal to or greater than three times his Base Salary). Prior to exceeding the threshold, Executive may not sell or otherwise dispose of any shares of Common Stock, and any such sale or other disposition of his shares of Common Stock shall be null and void. In addition, once Executive is required to maintain the Minimum Shareholding Requirement, the portion of any sale or other disposition of his shares of Common Stock that would result in Executive falling below the Minimum Shareholding Requirement shall be null and void. Executive hereby acknowledges and agrees that he shall promptly execute any reasonable documentation required by the Company to establish that he is subject to the Shareholding Requirement. Notwithstanding anything to the contrary elsewhere, it shall not be a violation of this Section 4(b) for Executive to sell shares of Common Stock (including where the Company withholds a sufficient number of shares of Common Stock upon the vesting of any equity award) to pay any tax liability resulting from the vesting of any equity award, including but not limited to the Restricted Stock Award.
Minimum Shareholding. On April 1, 2017, the Corporation adopted minimum share ownership rules designed to align the interests of officers and shareholders. Accordingly, the Officer undertakes to hold shares with a minimum value equal to one (1) times his base salary as of the latest date of the following dates:
Minimum Shareholding. (a) Notwithstanding anything to the contrary of other provisions set forth in this Article 1, each Party together with its Affiliates shall own a minimum of 33.5% of the outstanding shares of the Company at any time (the “Minimum Shareholding”) and shall not pledge, hypothecate or otherwise use its shares as security, or grant options over its legal and beneficial interest in these 33.5% of the outstanding shares (“Encumbrance”), with the understanding that if a Party transfers its shares in the Company to an Affiliate as contemplated by Subsection 1.4-3 above, the Transferring Party shall be relieved from the Minimum Shareholding obligation and the Affiliate shall forthwith adhere to the Minimum Shareholding obligation.
Minimum Shareholding. The Board may impose in respect of any Specified Area that a minimum number of a class or classes of shares must be held before the Company will deliver any irrigation Water or enter into a supply contract with a land owner in that Specified Area.
Minimum Shareholding. You are not qualified to be or to remain a member unless you hold at least 1 Common Share issued by the Credit Union or an amount as required in the By- Laws the Credit Union.
Minimum Shareholding. Executive shall be required at all times to hold a number of vested shares of Common Stock having a fair market value equal to or greater than three (3) times Executive's Annual Base Salary (the “Minimum Shareholding Requirement”); provided, however, that the Minimum Shareholding Requirement shall not be in effect until the first time that Executive holds Common Stock having such a fair market value (i.e., when a sufficient number of shares of the Common stock granted pursuant to this Agreement have vested such that he owns (together with any Common Stock that he purchases) Common Stock having a fair market value equal to or greater than the Minimum Shareholding Requirement). Prior to exceeding the threshold, Executive may not sell or otherwise dispose of any shares of Common Stock vested pursuant to this Agreement (but may dispose of shares purchased on the open market), and any such sale or other disposition of his shares of Common Stock shall be null and void. Notwithstanding anything to the contrary elsewhere, it shall not be a violation of this Section 6.2 for Executive to sell shares of Common Stock (including where the Company withholds a sufficient number of shares of Common Stock upon the vesting of any equity award) to pay any tax liability resulting from the vesting of any equity award.
Minimum Shareholding. 2.16 Clause 2 shall only operate for the benefit of an Investor and be capable of enforcement by that Investor in each case in circumstances where such Investor (and/or members of the Investor’s Group) holds more than 0.5% of the Fully Diluted Ordinary Stock Capital.
Minimum Shareholding. 20.1 In accordance with the Company’s Remuneration Policy, the Executive is required to build and maintain a minimum shareholding in the Company’s shares with a value at least equivalent to 300% of the amount of the Executive’s base salary at the date of this Agreement (as set out in clause 3.1 of this Agreement) or, if different, any other minimum amount specified by the Company’s Remuneration Committee from time to time (the ‘Minimum Shareholding’).
Minimum Shareholding. The Parties represent and warrant that they shall ensure that they maintain their equity shareholding in VGCB such that:
Minimum Shareholding. The board may determine from time to time the minimum number of Shares or Shares of any class that must be held by any shareholder. Upon the board determining a minimum holding, it shall give details to all shareholders affected by that determination. Board powers in respect of minimum and maximum holdings The board may from time to time give notice to any shareholders who are holding less than a minimum holding of any class of Shares, as determined by the board, that it will exercise its powers under this clause 4.13. The powers which may be exercised by the board are: to give that shareholder a time period of not less than three months within which that shareholder must acquire more Shares of the class so notified, so as to bring the number of Shares held by that shareholder up to the required minimum holding amount; and if the shareholder does not increase his, her or its holding of Shares to that minimum holding within the time period specified by the board, to: require that shareholder to sell the Shares of that class held by that shareholder within a time period specified by the board, and the board may arrange for the sale of those Shares for that purpose; or require the surrender or redemption of the Shares of that class held by that shareholder. For the purposes of clause 4.13 the shareholder concerned is deemed to have appointed each of the Company's directors severally as that shareholder’s attorney to execute all documents relating to the sale, transfer, surrender or redemption of such Xxxxxx. The proceeds of sale, repurchase or redemption of the Shares in accordance with clause 4.13, less all reasonable costs incurred by the Company in respect thereof, shall be held by the Company in trust for the shareholder concerned and paid to the shareholder. Issue of Shares
