Redemption of Insider Shares. If the Underwriters do not exercise all or a portion of the over-allotment option, the Company will redeem up to an aggregate of 375,000 ordinary shares held by Sang-Xxxx Xxx, the Company’s Chairman and Chief Executive Officer, such that the Company’s officers and directors, in the aggregate, hold no more than a 20% ownership interest in the Company (assuming no purchases by the Company’s officers or directors in the Company’s IPO).
Appears in 3 contracts
Samples: Underwriting Agreement (Korea Milestone Acquisition CORP), Underwriting Agreement (Korea Milestone Acquisition CORP), Underwriting Agreement (Korea Milestone Acquisition CORP)
Redemption of Insider Shares. If the Underwriters do not exercise all or a portion of the over-allotment option, the Company will redeem up to an aggregate of 375,000 ordinary shares held by Sang-Xxxx Xxx, the Company’s Chairman and Chief Executive Officer, such that the Company’s officers and directors, in the aggregate, hold no more than a 20% ownership interest in the Company (assuming no purchases by the Company’s officers or directors in the Company’s IPO).. _________ __, 2008
Appears in 1 contract
Samples: Underwriting Agreement (Korea Milestone Acquisition CORP)
