Participation in the Program. 1.1. On [DATE] the Founders and the Company signed a MOU in which SBC, the Founders and the Company confirmed their mutual understanding on the possible participation by the Company in the Program. On [DATE] SBC granted the Company the right to participate in the Program. 1.2. At its sole discretion, SBC shall have the right, to require the Founders and the Company to leave the Program at any time. The Company shall be present on the Program's Demo Day ("Demo Day") but at its sole discretion, SBC has a right to deny the Company to be present if SBC is of the opinion that Company does not meet the quality level and standard required for a company in its program to be present at Demo Day. In such case the Company may ask SBC to transfer back the Shares (at cost of the Company) after receipt by SBC of the full Cash Price. 1.3. If, after selection in the Program, for any reason, the Company declines to participate in, or withdraws from the Program, then the Company shall issue as many shares in the share capital of the Company to SBC so that SBC holds 4% of the issued share capital of the Company, in spite of the fact that the Company does not participate in the Program, and no cash award is made to the Company by SBC. The issue of shares to SBC in these circumstances will be in consideration for the Company’s participation in and attendance at the final selection days, and the presentation of the Company in the final selection.
Appears in 4 contracts
Samples: Shareholder Agreements, Shareholder Agreements, Shareholder Agreement
