Common use of Quest II Clause in Contracts

Quest II. Quest II shall have the right so long as Quest II and Quest International are the Holders of not less than 164,000 shares of Series C Convertible Preferred Stock (as adjusted for any stock dividends, combinations or splits with respect to such Stock after the date hereof), to designate in writing to the Secretary of the Company one individual for election to the Board of Directors; provided, however, in the case of a classified Board of Directors, that if the term of office of such Designee does not expire at such meeting then Quest II may not designate any such individual.

Appears in 2 contracts

Samples: Stockholders' Agreement (Cell Pathways Holdings Inc), Stockholders' Agreement (Cell Pathways Inc)

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Quest II. Quest II shall have the right so long At any time as Quest II and Quest International are the shall be Holders of not less than 164,000 shares of Series C Convertible Preferred Stock (as adjusted for any stock dividends, combinations or splits with respect to such Stock after the date hereofStock), then the right of Quest II to designate in writing to the Secretary of the Company one an individual for election to the Board of Directors; provided, however, in the case of a classified Board of Directors, that if the term of office of such Designee does not expire at such meeting then Quest II may not designate any such individualDirectors shall immediately cease.

Appears in 2 contracts

Samples: Stockholders' Agreement (Cell Pathways Inc), Stockholders' Agreement (Cell Pathways Holdings Inc)

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